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Business Times
13 hours ago
- Business
- Business Times
MOF says SRS withdrawal process ‘can be improved', will work with banks on this
[SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to smoothen account holders' process of withdrawing funds from their account. The response comes shortly after The Straits Times (ST) published a letter on its Forum page on Monday (Jun 16) by account holder Francis Yeoh, who described the current process as inconvenient, as it requires an individual to be physically present at a bank. The SRS is a voluntary scheme that was created to complement the Central Provident Fund (CPF), and to help Singaporeans save more for their retirement by allowing them to contribute up to a maximum of S$15,300 into accounts operated by DBS, OCBC and UOB. In late 2024, a proposed framework aimed at expanding and streamlining the SRS was shelved after the three local banks withdrew their joint application. This prompted the Competition and Consumer Commission of Singapore to halt a review it was to undertake on the framework, which sought to improve access to SRS products and boost competition among providers. Unlike withdrawals, contributions to SRS, which are eligible for tax relief, can be processed digitally. In his letter, Yeoh noted that the process of requiring individuals to be physically present at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He added that this seems 'misaligned with Singapore's push for digitalisation'. On the ability to make digital withdrawals, the CPF Board told The Business Times (BT) that this is supported by a 'digital-first, not digital-only' approach – offering members convenient digital access while retaining non-digital alternatives. A spokesperson said that robust security measures are in place for all online transactions, including Singpass two-factor authentication, real-time SMS and e-mail alerts, and verification to ensure funds are credited only to bank accounts belonging to the member. Additional anti-scam measures include a default daily withdrawal limit of S$2,000 for members aged 55 and above (adjustable up to S$50,000), a CPF Withdrawal Lock feature, and a 12-hour cooling-off period for changes to withdrawal limits or account settings. Yeoh had asked why a similar level of digital convenience could not be extended to SRS withdrawals. 'As our population ages, more retirees will seek access to their SRS funds,' he noted. 'Requiring them to queue for hours to manage their retirement savings is inefficient, inconvenient and, frankly, unnecessary.' He added that he hopes the banks and the authorities can review this process. In response to Yeoh's letter, the Ministry of Finance's (MOF) director of communications and engagement Farah Abdul Rahim acknowledged on Friday that the current withdrawal process 'can be improved for greater convenience'. She said, however, that the current process of requiring account holders to be physically present at a bank when making a withdrawal enables SRS operators to give customised advice to the individual. 'This helps ensure that members are aware of their eligibility for tax concessions and/or penalties, if any, relating to the nature of their intended transaction.' BT has sought a comment from the Association of Banks in Singapore, of which the three local banks are members. Financial advisers told BT that the feedback was valid, and highlighted the need for more flexible withdrawal options. Dr Ben Fok, chief executive of Bill Morrisons Capital, noted that since both CPF and SRS are designed to provide retirement income, their withdrawal processes should be aligned to promote clarity and ease of use. He added that integrating both schemes into a single digital interface could help reduce confusion and ensure they work more seamlessly together – minimising the need for physical visits and improving overall user experience. 'This approach would support retirees in managing their retirement funds more efficiently, offering a seamless and convenient way to access their savings,' he felt. Christopher Tan, group chief executive of Providend, suggested that banks offer three tiers of access to cater to varying user preferences. The first would be a fully digital option, through which account holders can use the bank's mobile application or an online portal to transfer funds from their SRS account into their preferred bank account. A second option could involve submitting a physical application form, with the funds either sent by cheque or credited directly. The third option is for those who are less digitally inclined or prefer face-to-face service. For them, visiting a bank branch should remain an option.
CNA
20-05-2025
- Business
- CNA
CPF members making online nominations must use biometrics as part of anti-scam measures
SINGAPORE: Central Provident Fund (CPF) members making an online nomination will have to use their biometrics from May as part of additional security measures, the CPF Board said on Tuesday (May 20). The measures are on top of existing anti-scam measures, including the CPF Withdrawal Lock and a 12-hour cooling period for increases to the daily withdrawal limit for online withdrawals. The CPF Board also announced that all outbound calls have been consolidated into a single number. Since end-April, all calls from the CPF Board have been made from 6227 1188. For missed calls, CPF members will get a SMS or an email from an address ending with @ or @ with callback details. The board said the consolidation into a single number aims to help people easily verify the authenticity of calls from the authority. It has been whitelisted in the ScamShield application. This move builds on its efforts in December last year where outbound calls came from two numbers – 6227 1188 and 6202 3388. PREVENTING SCAMS Scammers impersonating government officials may cite personal information, such as names or NRIC numbers, to appear legitimate, said the CPF Board. "Do not automatically trust someone just because they have your personal information," it added. "Scammers may also call your mobile phone or landline to claim that there are issues with your CPF or Singpass account, or alleged criminal activities such as money laundering associated with your account, and request personal details." If personal details are needed, CPF Board staff will use Singpass to verify members' identities, it said. Government officials will never ask people to transfer money, disclose bank login details, install mobile apps from unofficial app stores or transfer calls to the police. CPF members aged 55 and above can enhance the security of their CPF savings by activating the CPF Withdrawal Lock, which disables online CPF withdrawals when they have no immediate plans to withdraw, the board said. Those who are receiving CPF payouts into their personal bank accounts can consider activating the banks' Money Lock to safeguard their bank savings. 'Members who suspect they have fallen prey to a scam involving their CPF savings should freeze their bank accounts, reset their Singpass password and activate the CPF Withdrawal Lock to disable online CPF withdrawals immediately,' the board said. 'They should also make a police report immediately and inform CPF Board.' In 2024, at least S$1.1 billion (US$850 million) was lost to scams – a 70.6 per cent rise from 2023, according to the Singapore Police Force (SPF) annual statistics. The total number of scam cases also rose by 10.6 per cent to 51,501 cases in 2024. Of these, self-effected transfers, where individuals willingly transferred money to scammers, accounted for 82.4 per cent last year.
Straits Times
20-05-2025
- Business
- Straits Times
CPF Board begins use of sole phone number for all outbound calls to combat scams
All calls made by the CPF Board have been from the number 6227-1188 since the end of April. ST PHOTO: NG SOR LUAN CPF Board begins use of sole phone number for all outbound calls to combat scams SINGAPORE – In an effort to combat government official impersonation scams, the CPF Board has started using a single phone number for all outbound calls. All calls made by the agency have been from the number 6227-1188 since the end of April, said a statement from the board on May 20 . 'This consolidation to a single number aims to help members easily verify the authenticity of calls from the CPF Board,' said the statement. The number is listed on the agency's website and whitelisted in the ScamShield application. 'This move builds upon CPF Board's earlier efforts in December 2024, where outbound calls were streamlined to two dedicated numbers (6227-1188 and 6202-3388) to enhance security,' the board said. Those who miss a call from CPF Board will receive a SMS or an e-mail from an address that ends with @ or @ with callback details. The agency also said that from May 2025 , Central Provident Fund members making an online nomination must perform enhanced authentication with biometrics, as an additional safeguard. 'The CPF Board will continue to collaborate with banks and other government agencies to monitor the evolving scams landscape, and review our safeguards to strike a good balance between convenience and security,' said the statement. It added that it would never ask members of the public to transfer money, disclose bank login details or install mobile apps from unofficial app stores over a phone call. CPF members who suspect they have been scammed should freeze their bank accounts, reset their Singpass password, activate the CPF Withdrawal Lock to disable online withdrawals immediately, and inform the police and CPF Board. Join ST's WhatsApp Channel and get the latest news and must-reads.
