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Written Answer by Minister for Manpower Dr Tan See Leng to PQ on Daily Withdrawal Limits for CPF Funds

NOTICE PAPER NO. 1135 OF 2022 FOR THE SITTING ON 9 MAY 2022
QUESTION NO. 2908 FOR WRITTEN ANSWER

MP: Mr Gerald Giam Yean Song

To ask the Minister for Manpower whether the CPF Board imposes any daily withdrawal limits for CPF funds that members are eligible to withdraw; and (b) whether the CPF Board has a threshold beyond which extraordinarily large withdrawal sums are subject to enhanced scrutiny to safeguard against scams.

Answer:

  1. CPF Board takes a serious view towards safeguarding members against scams. At the same time, the CPF Board recognises that we should not unnecessarily inconvenience members for the vast majority of transactions that are legitimate. This is why we do not impose any daily withdrawal limits or thresholds. However, CPF Board will only pay to a member’s bank account after verification that the bank account belongs to the member.
  2. CPF Board has put in place several measures to give members a greater peace of mind against illegitimate transactions. First, before any CPF withdrawals are authorised, CPF Board authenticates the identity of the person making the withdrawal request to ensure he or she is the owner of the CPF accounts involved. This is done by verifying against the member’s identification card for face-to-face requests or through the use of Singpass two-factor authentication for online requests.
  3. Second, CPF members receive a notification via email or SMS for any withdrawal of CPF monies from their accounts. Members are encouraged to update their latest mobile number or email address via the CPF website by logging in with their Singpass so they do not miss out on such notifications.
  4. Third, CPF Board verifies that a bank account indeed belongs to the member before making any payment.
  5. CPF Board’s safeguards are in line with existing practices in the financial industry such that banks do not impose limits for transactions between verified accounts held by the same person within the same bank. As outlined in Minister Lawrence’s Ministerial Statement in February 2022, Monetary Authority of Singapore (MAS) and the banks are looking to introduce further measures for significant changes to their accounts such as fund transfers that are large relative to their overall balances. CPF Board will review these safeguards regularly to ensure that they are effective and align with industry practices, where applicable.
  6. Citizen vigilance is imperative in the fight against scams. Members should take necessary precautions to guard against potential scams when they receive unsolicited calls and refrain from giving away their Singpass or internet banking credentials. CPF Board staff are also trained to assist members to respond to scam cases. When in doubt, always verify the authenticity of the information with CPF Board through multiple online and offline channels.