Written Answer to PQ on CPF Measures against Scam Losses
NOTICE PAPER NO. 2248 OF 2023 FOR THE SITTING ON 03 OCTOBER 2023
QUESTION NO. 5027 FOR WRITTEN ANSWER
MP: Mr Leong Mun Wai
To ask 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 the CPF Board will consider implementing security measures such as proactive screening and delays for high-risk transactions and allowing members to freeze online transactions.
1. Since late June 2023, CPF Board and GovTech have introduced Singpass Face Verification (SFV) as a step-up authentication challenge for certain CPF e-services.
2. 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.
3. 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.
4. 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.