Customers of OCBC Malaysia can now lock the funds in their existing current, savings and fixed deposit accounts using a new anti-scam feature called OCBC Money Lock to safeguard against unauthorised transfers.

Serving as an additional layer of defence against malware and phishing scams, OCBC Money Lock ensures that locked funds cannot be digitally transferred or used for local and overseas transfers covering:

• transfers between a customer's own accounts,
• new or existing payment arrangements such as DuitNow,
• Interbank GIRO (IBG), standing instructions or future-dated transfers,
• bill or credit card payments,
• fixed deposit placements or investments,
• cheque payments,
• insurance purchases or payments,
• loan or tax repayments, and
• ATM withdrawals or transfers.

According to OCBC Malaysia Managing Director & Head of Consumer Financial Services Mr Sammeer Sharma, OCBC Money Lock provides a strong layer of additional protection against malware and phishing scams, allowing customers to protect their funds without disrupting daily transactions.

“Scammers are constantly evolving. OCBC Money Lock gives our customers the power to fight back — by locking away their money and keeping it safe. Since its launch in Singapore in November 2023, OCBC Money Lock has empowered 245,000 customers to securely lock away over SGD20 billion as at the end of 2024, testifying to how much people have come to appreciate the peace of mind it brings. As a prime mover in anti-scam offerings, we are pleased to bring OCBC Money Lock here to Malaysia to enhance the protection we offer to our customers,” he said.

He added that customers are advised to plan their cash flow carefully by considering their regular expenses, upcoming needs, and emergencies, and should lock only excess funds that they know will not likely be needed in the near term.

Customers can transact as usual with the remaining balances that are not locked in their account. If the remaining balances are insufficient, they must unlock their funds before carrying out their transactions. They do not need to open a new bank account to use OCBC Money Lock as the feature is readily available for all new and existing OCBC current, savings and fixed deposits accounts.

Funds locked in the chosen account are aggregated with those that are not locked to calculate the interest or profit earned. As a result, customers will not miss out on the bonus interest or profit earned on their account balances for performing everyday banking transactions with accounts such as the popular OCBC 360 Account/ OCBC 360 Account-i.

Locking of funds can be done quickly and easily via the OCBC Malaysia Mobile Banking app or Internet Banking. Customers only need to select a deposit account and then decide the amount they wish to lock, in multiples of RM10.The minimum amount that can be locked is RM10.

To ensure scammers cannot easily unlock the locked funds, unlocking cannot be done using the OCBC Malaysia Mobile Banking app or Internet Banking. To securely release their locked funds, customers must call the OCBC Customer Service Hotline at +603 8317 5000 or visit any OCBC branch. The service extends to customers operating from overseas, guaranteeing seamless and convenient access no matter where they are.

Following is a summary of how a customer may lock funds through OCBC Money Lock.

OCBC Malaysia Mobile Banking app

Step 1: Log in to the OCBC Malaysia Mobile Banking app and tap on the preferred account

Step 2: Tap on "Money Lock" and select "Lock your funds"

Step 3: If the customer has more than one current and/or savings account, they should select the account they wish to lock and tap "Next"

Step 4: Review the locked amount and tap on "Lock funds"

Step 5: Tap on "Confirm"

OCBC Internet Banking

Step 1: Log in to OCBC Internet Banking and tap on "Money Lock" under "Customer service"

Step 2: Tap on "Money Lock" and select "Lock your funds"

Step 3: Set the preferred account and amount and tap on "Next"

Step 4: Review the locked amount and tap on "Lock funds"

Step 5: Tap on "Confirm"

A customer may then view the amount of funds locked on the OCBC Malaysia Mobile Banking app or via OCBC Internet Banking.

OCBC Malaysia comprises OCBC Bank (Malaysia) Berhad and its Islamic banking subsidiary OCBC Al-Amin Bank Berhad. OCBC Malaysia is part of the OCBC Group, the second largest banking group by assets in the Southeast Asia region, with a strong presence in ASEAN-Greater China.