In a bid to protect its members against scams, the Central Provident Fund Board (CPFB) will limit CPF daily online withdrawals for those above 55 to S$2,000.
This will take effect on 30 Nov, along with other new anti-scam measures.
On top of the new and existing measures, members can also manually activate more stringent protective features, such as completely disabling online withdrawals.
Although the Board recognises the inconvenience the new measures may cause some members, they noted that it is better to be “safe than sorry”.
The CPFB announced these new measures in a press release on Monday (20 Nov).
Source: Google Maps
Starting from 30 Nov, they will be rolling the new features out progressively, so as to better protect their members from scams.
Firstly, the Board will impose a default online CPF withdrawal limit of $2,000 a day on all CPF members aged 55 and above to “prevent fraudulent online withdrawals”.
After that, members can manually adjust the limit to any amount between S$0 and S$200,000 via the CPF online portal.
However, to increase the limit, members will have to undergo Singpass Face Verification (SFV) and a 12-hour cooling period. This is to prevent unauthorised adjustments, said the CPFB.
They can also completely disable online withdrawals by activating the CPF Withdrawal Lock. It instantly sets the daily withdrawal limit to S$0.
This way, members can only make physical withdrawals at any CPF Service Centre.
Should they wish to reactivate online withdrawals, they can simply increase their online withdrawal limits, subject to SFV and the 12-hour cooling period.
Secondly, the CPFB will also require members to undergo SFV and the 12-hour cooling period when they update their personal details from 30 Nov.
Source: CPF Board, for illustration purposes only.
SFV will also be in place by the end of December for updates to bank account details. However, the changes may take up to two working days, as the Board has to verify that the bank account belongs to the member.
CPF members will receive email or SMS notifications whenever they make a withdrawal, or perform any of the above changes.
Likewise, they will receive alerts when the changes take place after the cooling periods or bank verifications.
The cooling period provides members sufficient time to take action in the event of an unauthorised transaction, said CPFB.
Additionally, notifications on updates to contact details will be sent to both their old and new mobile number or email address.
Although the Board recognises the inconvenience the new measures may cause some members, they noted that it is better to be “safe than sorry”.
“CPF Board will continually review our measures to achieve the right balance between convenience and security,” they added.
They also reminded members to remain vigilant and stay up to date with the latest scam tactics.
Should you suspect you have fallen prey to a scam involving you CPF savings, the CPFB recommends these immediate steps:
Also Read: Victims Lose Nearly S$100K Of CPF Savings After Trying To Buy Seafood On Social Media
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Featured image adapted from Google Maps.
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