Starting November 30, 2023, the Central Provident Fund (CPF) will implement a default daily online withdrawal limit of S$2,000 for all members aged 55 and older. This initiative aims to enhance the security of CPF savings against potential fraud and unauthorized withdrawals.

CPF members can modify the default limit at any time, setting it between S$0 and S$200,000. However, to increase the limit, members must undergo Singpass facial verification, with a 12-hour cooling-off period to prevent unauthorized changes.

For those who prefer to disable online withdrawals entirely, the CPF Withdrawal Lock can be activated, setting the daily limit to S$0. In this case, withdrawals can only be made in person at CPF service centers.

Beginning in late December, changes to bank account details will also require Singpass facial verification, with activation taking up to two working days. Members will receive immediate notifications via SMS or email for any withdrawals or updates to their account.

The CPF Board emphasizes that these measures are vital for safeguarding members’ savings in a digital environment where scams are increasingly common. The introduction of a daily withdrawal limit aims to prevent fraudulent transactions and enhance account security.

In June, police reports indicated that two Android users lost S$99,800 of their CPF savings due to malware scams, underscoring the need for increased security protocols.

While these changes may cause some inconvenience, the CPF Board seeks understanding from members, stressing that protecting their savings is paramount. The Board is committed to continuously reviewing its security measures to strike a balance between convenience and safety.