Standard Chartered introduces digital scam insurance in Singapore

Standard Chartered Bank has updated its MyWay savings account for customers aged 55 and older. The new features include free digital scam insurance for the first year, covering up to S$50,000 against phishing and malware scams. The insurance does not cover authorized payment scams, such as love or investment scams. Additionally, the policy will cover reasonable legal costs for account holders pursuing action against scammers. The revamped account also offers higher interest rates and includes existing anti-scam features like a kill switch and “money lock.” The bank may consider extending the scam insurance to other savings products in the future.