DBS introduces new 'Mobile Wallets' security toggle to protect customers from phishing

DBS Bank is launching a new "Mobile wallets" security feature within its digibank app's Payment Controls to combat phishing fraud. The feature prevents scammers from adding stolen card details to mobile wallets by requiring customers to manually enable the function before adding cards.

The mobile wallet toggle is disabled by default and automatically turns off after 10 minutes if no card is added. When customers attempt to add a card, they receive a push notification prompting them to enable the feature in Payment Controls, then must enter a one-time password sent via SMS in two separate messages to introduce a deliberate pause for verification.

According to Singapore Police Force data, over 650 reports of phished card credentials being added to mobile wallets were filed in the final quarter of 2024, resulting in at least SGD 1.2 million in losses.

DBS has expanded its anti-scam features to include enhanced digiVault capabilities and upgraded anti-malware tools for Android devices that detect remote access, USB debugging, and screen-sharing activities. The bank has conducted over 300 anti-scam workshops reaching 90,000 people and plans continued community education through neighbourhood events.

The initiative represents collaboration between DBS, Singapore Police Force, Cyber Security Agency of Singapore, and the Monetary Authority of Singapore to address rising mobile wallet phishing incidents.