Under the new policy, members planning to withdraw more than $50,000 will need to do so over multiple days.
The Central Provident Fund Board will lower the maximum daily CPF withdrawal limit from S$200,000 to S$50,000 starting Sept 25. This change is designed to protect members from the rising scams involving CPF accounts, as announced on Aug 22.
For instance, if a member wishes to withdraw S$180,000, they would need to make daily withdrawals of S$50,000 for three days and an additional S$30,000 on the fourth day.The first half of 2024 saw a record 26,500 scam cases, with losses totalling over S$385.6 million. While CPF-related scams account for less than 0.1 per cent of these cases, the financial impact is still significant, estimated at over S$2.5 million based on current figures.
To address these concerns, CPFB believes that lowering the daily withdrawal limit will act as a deterrent to scammers and reduce potential losses. The majority of CPF members currently maintain a daily withdrawal limit of S$50,000 or less, with only a small number setting it higher. Those affected by the new limit will be notified in advance.
The CPFB is committed to collaborating with banks and other government agencies to monitor scam trends and refine security measures. Members who suspect they have fallen victim to a scam should immediately freeze their bank accounts, reset their Singpass password, and activate the CPF Withdrawal Lock to disable online withdrawals. They should also file a police report and notify the CPF Board without delay.
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