UOB Thailand Introduces UOB Money Lock for Enhanced Security

UOB Thailand has launched a new security feature, UOB Money Lock, becoming the first foreign bank to offer such a solution to safeguard customers’ deposit accounts from unauthorized online transfers.

In response to rising concerns over online fraud in Asia, particularly Thailand, where 88% of the population is at risk of phone-based fraud schemes, UOB Money Lock provides an extra layer of protection. The feature locks money in designated deposit accounts, preventing outgoing digital transfers via mobile or internet banking without requiring customers to open new savings accounts. Customers must visit UOB branches or use ATMs for cash withdrawals while still being able to receive transfers and view transactions online.

Yuttachai Teyarachakul, Managing Director and Head of Personal Financial Services, emphasized that UOB Money Lock is designed to protect customers from unauthorized digital transactions. It offers additional time for customers to make careful withdrawal decisions, in line with current regulatory policies that aim to mitigate financial fraud risks.

While UOB continually strengthens its security measures, the bank also urges customers to remain vigilant, verifying information before conducting any transactions. The UOB Money Lock feature is now available at all UOB branches, via the UOB TMRW app’s Live Chat, or through the UOB contact center.