DBS rolls out self-managed card payment control features
Users will be able to set spending limits and block cards, amongst other features.
DBS Singapore’s cardholders are now able to personally select and manage the security access on their card accounts, the bank said in a press announcement.
Singapore’s banking giant has unveiled a new suite of payment control features available to all 3.6 million debit and credit cardholders in the Lion City. This includes letting principal cardholders stipulate spending limits in their cards, receive instant alerts when a transaction is blocked, and control the ability to make contactless or mobile wallet payments with local and overseas merchants, amongst other options.
Other new features include enabling or disabling online e-commerce transactions on all local or overseas websites; enabling or disabling cash advances; and lock and unlock their cards.
“The new self-managed card payment control features serve as multiple locks that cardholders can choose to activate in order to block unauthorised transactions,” said Anthony Seow, head of payments and platforms, DBS. “They add to the existing data analytics tools, as well as monitoring and surveillance systems that form our multi-layered defence to effectively screen, thwart and deter fraudulent activities.”
Since its pilot launch on 11 August, close to 20,000 customers had already activated and made use of the six new card payment control features, DBS shared. The ability to disable cash advances, as well as overseas "face to face" transactions, are reportedly the top-most popular functions.
Customers will also be able to immediately digitally authenticate e-commerce payments at 3D-Secure merchants, where they will receive a push notification to authenticate a transaction via their DBS Digital Token.