Editor’s note: Feature and policy moved in tandem this month—GXS shipped a user-level safeguard while the Protection from Scams Act commenced. Here’s how they intersect.
What’s new
GXS launched “Money Lock,” letting customers lock the funds inside up to eight Saving Pockets. A locked Pocket cannot be emptied without additional steps such as explicit unlock actions and, depending on bank design, extra verification or a cooling-off period. This is a productized version of a habit security experts recommend: segregate essential money from spending money so a single social-engineering event cannot drain everything at once.
The policy backdrop
On Jul 1, 2025, the Protection from Scams Act formally commenced. It gives law enforcement the power, under specific conditions, to issue Restriction Orders that temporarily limit a person’s ability to transfer, withdraw or borrow, if there is reasonable belief they are being scammed. The Act builds a “last line of defense” on top of bank-side controls, enabling faster freeze or throttle decisions with formal authorization when time matters.
Why it matters for consumers
A configurable lock lowers the cognitive load in stressful moments. Even if you are pressured on the phone, a locked Pocket buys you time; the extra step is a speed bump that can break the scammer’s script. Best practice is to place salary, rent and emergency funds inside locked Pockets and leave a smaller unlocked Pocket for daily spending. Check if the product supports whitelists for trusted payees, delayed unlocks, and notifications when lock status changes.
Why it matters for the industry
Banks and e-money institutions need a portfolio of interventions: transaction-level checks, heuristic holds for unusual payees, default limits on new devices, and now customer-initiated locks. Because the national policy tool (Restriction Orders) exists above the bank layer, good product design can reduce the need for heavy-handed freezes by preventing high-value transfers at source. Shared telemetry—without oversharing personal data—will be critical so that legitimate payments aren’t trapped while the system gets safer.
Operational questions to watch
How granular is the lock (Pocket-level only or account-wide)? Is there a time-delayed unlock to defeat “live coaching” scams? Does the bank allow customers to export a simple “safety settings” log for family members or caregivers? Finally, how do locks interact with cross-border rails like PayNow-UPI, where route behavior and chargeback frameworks may differ?
Bottom line
Scams evolve, so defenses must move from “advice after the fact” to “defaults that resist mistakes.” Money Lock is a practical step in that direction. The new law ensures there is a legal brake as well when risk spikes. Expect more banks to copy the pattern.
Sources:
GXS press room announcement on Money Lock (Aug 2025); Asian Banking & Finance coverage; IBS Intelligence coverage; Singapore MHA press release on the Protection from Scams Act commencement (Jun 30, 2025).
Citations: gxs.com.sgAsian Banking & FinanceIBS IntelligenceMinistry of Home Affairs
About the Author
Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
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