Standard Chartered Bank Singapore has become the first bank in Singapore to offer complimentary digital scam protection insurance to its clients.
The bank’s MyWay savings account is the first retail savings product in Singapore to include a complimentary Digital Scam Protection Insurance, which safeguards clients’ hard-earned savings.
It is also the Bank’s first savings product globally to offer this added value. This ensures funds of up to S$50,000 in their account are protected in the unfortunate event of digital theft, due to unauthorised electronic transfer of money arising from phishing and malware scams.
Standard Chartered Bank global and Singapore head for deposits, mortgages & payments Mr Usman Khalid said that at the heart of their approach is putting clients first. “Beyond offering clients competitive returns on their deposits as they plan for retirement, we wanted to also provide peace of mind and help our clients safeguard those later years.,” he said. The Bank has been aiding various multi-agency collaborations so that fraud awareness can be addressed in the community as well. Over the past six months, in partnership with IMDA, the bank has empowered close to 300 seniors with knowledge and skills to navigate the online space confidently and safely through monthly digital clinics. Furthermore, the bank regularly amplifies initiatives by the Singapore Police Force and the Association of Banks in Singapore and participates in anti-scam roadshows to raise awareness and remind clients to remain vigilant.
Standard Chartered Bank will be rolling out a series of online videos that showcases common scams and provides strategies to combat them. These videos, featuring influencers and filmed in English and Mandarin, aim to effectively reach diverse demographics.