Scam numbers have hit new highs in the first half of 2024, with over 26,500 reported cases.
CPFB advised members who intend to make large withdrawals to plan in advance, such as withdrawing more than $50,000 over multiple days.
The board had set a default daily withdrawal limit of $2,000 in November 2023, with CPF members needing to access the CPF website to raise the limit to $200,000.Currently, CPF members can adjust the limit to any amount from $0 to $200,000, subject to enhanced authentication measures and a 12-hour cooling period so they can react in the event of unauthorised adjustments.
For example, if one has a $180,000 withdrawable balance and intends to withdraw all of it, he can do so by withdrawing $50,000 daily for three consecutive days and $30,000 on the fourth day.Scam numbers have hit new record highs in the first half of 2024, with over 26,500 reported cases and at least $385.6 million lost.
A spokesman for CPFB said: “These were attributed mainly to government official impersonation scams and investment scams. It said: “While the withdrawals were all authorised by the victims, the impact on the victims can be significant, particularly if they had increased their daily withdrawal limit to make larger online withdrawals.
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