DBS to impose 12-hour cooling period for adding new payees, raising daily transfer limits

DBS implements a 12-hour cooling period for adding new payees and raising transfer limits to bolster account security against scams. Read more at straitstimes.com.

SINGAPORE – From March 7, DBS digital banking users will need to wait 12 hours before they can add a new transfer recipient, increase daily transfer limits for local and overseas transactions, or update contact details.

Currently, these transactions can be completed instantly.

The cooling period is part of the bank’s efforts to bolster account security against increasingly sophisticated scams, said DBS in an e-mail sent to its customers on Feb 20.

The measure is meant to be a critical security safeguard, giving users time to detect and stop unauthorised account activity.

“For instance, a scammer attempts to add a new transfer recipient or increase your transfer limits. Transfers to new recipients or transactions above your existing limits will only be allowed after the 12-hour cooling period has ended,” said the bank.

“During this time, alerts will be sent to your bank-registered contact details so you can review the request and report it immediately if it was not made by you.”