Security Measures to Prevent Scams Siphoning Off Funds from CPF Accounts
Ministry of ManpowerSpeakers
Summary
This question concerns security measures to prevent CPF scam losses, with Mr Leong Mun Wai asking about reimbursement frameworks, transaction limits, kill switches, and proactive screening for high-risk transactions. Minister for Manpower Dr Tan See Leng replied that Singpass Face Verification was introduced in June 2023 for certain e-services as a step-up authentication challenge. He highlighted that withdrawals are restricted to amounts above the Full Retirement Sum, paid only to verified bank accounts, and alerted via notifications, preventing direct losses from the system. The Board is currently evaluating industry solutions and public suggestions to strengthen safeguards while assisting the Police in investigating unauthorized withdrawal cases. Minister for Manpower Dr Tan See Leng concluded that the CPF Board continues to work with other agencies and banks to increase protection for members.
Transcript
31 Mr Leong Mun Wai asked the Minister for Manpower in respect of scams siphoning out funds from CPF accounts (a) whether the CPF Board has a reimbursement framework or provides any assistance to such scam victims; (b) why has the CPF website not implemented security measures commonly implemented by banks, such as transaction limits and kill switches; and (c) whether CPF Board will consider implementing security measures, such as proactive screening and delays for high-risk transactions, and allowing members to freeze online transactions.
Dr Tan See Leng: Since late June 2023, CPF Board and GovTech have introduced Singpass Face Verification as a step-up authentication challenge for certain CPF e-services.
On top of this, members can only withdraw CPF savings above the Full Retirement Sum. Such withdrawals are paid directly into a verified member-owned bank account and CPF Board sends a notification via SMS and/or email to alert the member for any CPF withdrawals. All of the withdrawals were paid to the members’ bank accounts. With these measures, there have been no CPF savings lost directly from the CPF system.
Notwithstanding, we recognise that scammers could move on to other methods. Hence, CPF Board is carefully considering solutions that have been implemented by the industry, alongside others that were suggested by the public, to further strengthen safeguards against scams. For security reasons, we are unable to provide details of the solutions that are under development. CPF Board will continue to work closely with other Government agencies and banks to increase the protection for members.
For the scam victims of unauthorised CPF withdrawals, CPF Board is providing all the necessary assistance to help the Police in their efforts to investigate these cases and track down those responsible for scams.