Daily online CPF withdrawal limit capped at $2,000 from Nov 30 in bid to protect members from scams
In a proactive stride against online scams, CPF implements robust security measures for members 55 and up, including adjustable daily withdrawal limits and advanced facial recognition features.
In a digital age where online scams are rampant, CPF is stepping up its game to protect its members.
From November 30, if you're 55 or older, you'll see a new default daily limit of $2,000 on online CPF withdrawals. This move is all about keeping your hard-earned savings safe from fraudsters.
Here's a stark reminder of why these measures matter: Just in June, a couple of Android users lost nearly $100,000 from their CPF savings to malware scams.
So, while these new rules might add a few extra steps, they're there to keep your savings secure as you head towards those golden years.
But what if $2,000 doesn’t fit your needs?
No problem. You can hop online anytime and adjust the limit anywhere between $0 and a whopping $200,000. Just keep in mind, upping that limit requires a bit of facial recognition magic with Singpass and a 12-hour cooling-off period.
This extra step is CPF's way of making sure it's really you tweaking those limits, not some scammer.
For those who prefer the ultra-safe route, there's the CPF Withdrawal Lock.
Activate it, and your daily withdrawal limit drops to zero.
Need cash? You'll have to swing by a CPF service centre in person.
Want to go digital again? Just raise your limit with Singpass facial verification and wait out the 12-hour period.
From Nov 30, updating your contact details with CPF will also need the Singpass face check and the cooling period.
And by the end of December, changing your bank details gets an extra layer of security. New bank accounts linked to your CPF will only go live after your bank gives the green light – a process taking up to two working days.
This whole daily limit thing isn’t just a whim. It's a strategic move to shield your CPF savings from online theft. And hey, if you do make a withdrawal or tweak your details, you'll get an instant heads-up via SMS or email.
But what if you smell a scam? Contact CPF Board ASAP, freeze your bank accounts, reset your Singpass password, and dial down your CPF withdrawal limit to zero. And don’t forget - make a police report.
The CPF Board acknowledges these steps might be a bit of a hassle, but in today’s scam-happy world, better to be safe than sorry, right? They're all about striking that delicate balance between convenience and security.