Maybank SG prevents S$1.21m loss across 19 cases

The bank worked with the SPF to intervene in 19 scam cases.

Maybank Singapore said that it has helped prevent the loss of S$1.21m in scams between March 2023 and June 2024.

In a press release, the bank shared that it has worked with the Singapore Police Force (SPF) to intervene in 19 scam cases or attempted scam cases.

In one recent instance, the bank helped prevent a 75-year-old retiree from making a premature fixed deposit withdrawal of S$230,000 from his savings account.

The July 2 incident took place at Maybank’s Choa Chu Kang branch and saw the retiree attempting to make the withdrawal with the intention of helping his son buy an HDB flat.

A staff member, Lee Yong Jie, and Maybank’s Digital Banking Fraud Team refused to process the withdrawal unless the customer can provide supporting documents or a police statement stating that the customer is acting on their own behalf. Later, the customer realized that they have fallen into a fraud scam, according to Maybank.

More recently, Maybank has rolled out a money lock feature enabling customers to "lock" a part of their savings. These can only be unlocked by going to a bank branch or through select ATMs.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit