In a significant move to enhance financial security, the Central Provident Fund (CPF) Board of Singapore has announced new measures to protect its members from scams. Starting 30 November 2023, the default daily online withdrawal limit will be capped at S$2,000 for all CPF members aged 55 and older.
Adjustable Withdrawal Limits
While the default limit is set at S$2,000, CPF members have the flexibility to adjust this limit online to any amount between S$0 and S$200,000. To bolster security, any increase in the withdrawal limit will require Singpass Face Verification (SFV) and a 12-hour cooling-off period.
Withdrawal Lock Feature
CPF members can choose to activate the CPF Withdrawal Lock, setting their daily withdrawal limit to S$0. This option completely disables online withdrawals, requiring members to make withdrawals in person at CPF Service Centres. Reactivating online withdrawals will also involve SFV authentication and a 12-hour wait period.
Comprehensive Protection
The CPF Board emphasizes that these measures are part of their ongoing efforts to safeguard CPF savings against fraudulent online withdrawals. The implementation of SFV as a step-up authentication challenge for certain CPF e-services further strengthens the security framework.
Notifications and Updates
Members will receive immediate notifications via SMS or email for any withdrawals, updates to daily limits, or changes in contact details. The board also plans to apply SFV and a 12-hour cooling period for updating contact details from 30 November 2023. By the end of December 2023, changes to bank account details will be subjected to SFV, with new bank accounts activated only after confirmation from the bank, taking up to two working days.
Advisory on Scam Vigilance
The CPF Board advises members to remain vigilant and stay updated with the latest scam tactics. In case of suspected fraud involving CPF savings, members should contact the CPF Board, freeze their bank accounts, reset their Singpass password, set their CPF daily withdrawal limit to $0, and file a police report immediately.
Conclusion
These new measures by the CPF Board reflect a proactive approach to financial security, providing robust protections for members while maintaining flexibility and convenience in managing their CPF savings. As digital financial transactions become more prevalent, such safeguards are vital in preventing fraud and ensuring the financial well-being of CPF members.
Also learn about Addressing the Surge in Scams in Singapore.
