Written Answer to PQ on CPFB Measures against Scam Losses

NOTICE PAPER NO. 2281 OF 2023 FOR THE SITTING ON 6 NOVEMBER 2023
QUESTION NO. 5257 FOR ORAL ANSWER

MP: Ms Sylvia Lim

To ask the Minister for Manpower whether the CPF Board will give CPF members the option to take their CPF accounts offline to further safeguard themselves against loss through scams and malware fraud.

Answer:

1. CPF Board is actively working with other Government agencies and banks to safeguard members’ CPF savings from scams. CPF Board and GovTech introduced Singpass Face Verification as a step-up authentication challenge for certain CPF e-services in June 2023. In addition, CPF withdrawals are only paid into bank accounts after banks have verified that the bank account belongs to the member.

2. We are mindful that the nature of scams is constantly evolving and are committed to strengthening our safeguards. Hence, CPF Board is developing an additional suite of measures to protect CPF members’ savings, which includes options to limit or disable online withdrawals. We will provide more details in due course.