Ms Sylvia Lim asked the Minister for Manpower whether 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.
Dr Tan See Leng: Central Provident Fund Board (CPFB) is actively working with other Government agencies and banks to safeguard members’ CPF savings from scams. CPFB 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.
We are mindful that the nature of scams is constantly evolving and are committed to strengthening our safeguards. Hence, CPFB is developing an additional suite of measures to protect CPF members’ savings, which include options to limit or disable online withdrawals. We will provide more details in due course.
Ministry of Manpower
6 November 2023
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=written-answer-na-14928
Office of the Leader of the Opposition 