The maximum daily online withdrawal limit from Central Provident Fund (CPF) accounts will be reduced from S$200,000 to S$50,000 starting September 25, as part of efforts to enhance protection against scams.
New Measure to Limit Potential Losses
The CPF Board announced on Thursday, August 22, that the reduction in the online withdrawal limit is aimed at providing a stronger deterrent against scammers. By lowering the limit, the board hopes to minimize potential losses in the event of a scam, offering greater security to account holders.
Existing Anti-Scam Measures
In addition to the new limit, other anti-scam measures are already in place. These include a default daily withdrawal limit of S$2,000, enhanced authentication processes, and a mandatory 12-hour cooling period when updating contact or bank account details or increasing withdrawal limits. These measures are designed to provide multiple layers of security to protect CPF members from fraudulent activities.
Rising Scam Cases Highlight Need for Action
The decision to lower the withdrawal limit comes amid a significant rise in scam cases in Singapore. According to the Singapore Police Force (SPF), 26,587 scam cases were reported in the first half of this year, an increase from 22,853 cases during the same period last year. The total financial losses from these scams surged from S$309.4 million in the first six months of 2023 to S$385.6 million this year.
Strengthening Security for CPF Members
The CPF Board’s move to reduce the online withdrawal limit reflects the growing concern over scams and the need to bolster security measures. By implementing this change, the board aims to better protect CPF members’ savings and ensure that their funds are less vulnerable to fraudulent schemes.
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