SINGAPORE: New measures to protect people from being victimized by scammers were announced by the Central Provident Fund (CPF) Board on Monday morning (Nov 20). This included setting S$2,000 as the daily default withdrawal limit for members aged 55 and above.
However, this limit may be adjusted online to any amount, including S$0 and up to S$200,000. But increases to the S$2,000 daily withdrawal limit are subject to Singpass Face Verification (SFV) and a 12-hour cooling period. This is implemented to prevent unauthorized adjustments.
Members may also disable online withdrawals by activating the CPF Withdrawal Lock. This immediately sets their online daily withdrawal limit to S$0, meaning withdrawals can only be made in person at CPF Service Centres. To reverse this and activate online withdrawals again, members need to increase their daily withdrawal limit, which is also subject to SFV and may take up to 12 hours before taking effect.
“Introducing a default daily limit for online CPF withdrawals is part of CPF Board’s ongoing efforts to safeguard CPF savings against fraudulent withdrawals online. This is on top of our existing precautionary measures, which include SFV as a step-up authentication challenge for certain CPF e-services.
In addition, CPF members can be assured that their CPF savings can only be paid to bank accounts that are verified as belonging to them. They will also be notified immediately of any CPF withdrawals,” the announcement said, noting that the new measures will take effect starting from Nov 30.
Aside from the daily online withdrawal limit, members who update their contact details with the CPF Board from Nov 30 onward will also be subject to SFV and the 12-hour cooling period.
Moreover, from Dec 31, 2023, and onward, changes to bank account details will also be subject to SFV, and new bank accounts will only be activated after the bank confirms that the account belongs to the member. This process may take up to two working days, but members can view and update their bank account used to receive payouts under CPF schemes via the CPF website. When CPF members withdraw money, update the daily withdrawal limit, or update their contact or bank account details, they will receive notifications via SMS or email.
Read related: MOM warns public against new scam: ‘CPF Top up Scheme OFFER’ via WhatsApp
“While these precautionary measures may cause some inconvenience for CPF members, we seek their understanding that it is better to be safe than sorry, especially in today’s environment,” the CPF Board added, reminding members to stay vigilant against scammers and their latest tactics.
“If members suspect that they have fallen prey to a scam involving their CPF savings, they should contact CPF Board, in addition to getting their bank to immediately freeze their bank accounts, resetting their Singpass password, and setting their CPF daily withdrawal limit to $0. They should also make a Police report immediately,” the announcement added.
Read about the new security measures in full here.
Read also: CPF Board issues warning about scam email requiring wage information from employers /TISG