As digital banking adoption continues to accelerate in the Philippines, MariBank Philippines has introduced a new security feature designed to give customers greater control over protecting their savings from unauthorized transactions.
The digital bank has launched Money Lock, a feature that enables customers to secure a portion of their savings balance against outbound online transfers and other digital transactions, adding an extra layer of protection amid growing concerns over online fraud and financial scams.
The launch aligns with the requirements of the Anti-Financial Account Scamming Act (AFASA) and supports ongoing efforts by the Bangko Sentral ng Pilipinas (BSP) to strengthen safeguards within the country’s rapidly evolving digital financial ecosystem.
Giving customers greater control over their savings
With Money Lock, customers can designate a specific amount within their existing savings account to be protected from unauthorized digital activity.
Moreover, funds placed under Money Lock cannot be transferred or used for online transactions unless they are first unlocked through the bank’s verification process.
The feature is designed to help mitigate the risk of unauthorized transactions, even in situations where an account, device, or login credentials may have been compromised.
Unlike transferring money into a separate account, locked funds remain within the customer’s savings account and continue to earn daily interest, allowing customers to safeguard their money without sacrificing potential earnings.
Additional security features
In addition to Money Lock, MariBank offers a “Lock and Unlock Account and Funds” function that enables customers to immediately secure their account and balances in the event of a lost or stolen mobile device.
The feature provides customers with a rapid response mechanism to prevent unauthorized access while they take further steps to secure their account.
Supporting safer digital banking
The introduction of Money Lock comes as digital financial services gain wider adoption across the Philippines, driving demand for stronger security controls that can help consumers protect their funds against increasingly sophisticated scam tactics.
By expanding its suite of security features, MariBank aims to provide customers with greater peace of mind while reinforcing broader industry efforts to combat financial fraud and strengthen trust in digital banking services.
As cyber threats and online scams continue to evolve, banks are increasingly investing in security tools that not only detect suspicious activity but also empower customers to take a more active role in protecting their finances.
