In a recent statement, the Ministry of Manpower (MOM) clarified that the Central Provident Fund (CPF) Board does not intend to introduce an insurance scheme for members against scam-related losses. This follows discussions in Parliament regarding recent CPF scam cases where S$124,000 was lost.

Minister for Manpower Tan See Leng had mentioned the possibility of insurance for recovering lost funds as part of a broader framework involving financial institutions and telecommunications companies. However, a MOM spokesman emphasized that the current framework focuses on enhancing roles and responsibilities of key parties to mitigate scam risks, rather than providing insurance.

The spokesperson stated that financial institutions and telcos must strengthen their accountability, and customers must remain vigilant. The framework will aim to establish mechanisms for sharing losses among the involved parties during scams.

The CPF scam cases, where malware enabled unauthorized withdrawals, were highlighted in a joint statement from the CPF Board, GovTech, and the police. To safeguard members, the CPF Board has implemented Singpass face verification during login for high-risk users, particularly targeting older individuals who may be more vulnerable to scams.

Despite these measures, the police have reported over 700 cases of malware-related scams resulting in losses exceeding S$8 million since January.