CPF Board adopts a multi-pronged approach in safeguarding members' CPF savings from scams. This includes empowering members with self-help measures and working with other Government agencies and banks to enhance the overall ecosystem's scam detection capabilities. We prioritise security above convenience and continually review the evolving scam landscape and enhance our measures accordingly.

 

For example, in addition to our existing safeguards such as ensuring that CPF savings are credited to bank accounts that are verified to belong to the members, Singpass Two-Factor Authentication (2FA) and enhanced authentication measures, we have implemented a suite of measures in 2023 to empower our members to take fuller control of their online experience. These measures include:

 

 

A limit that all CPF members aged 55 and above can set to determine the maximum daily amount they want to withdraw online. The amount withdrawable by CPF members aged 55 and above remains subjected to the current withdrawal rules.

 

All CPF members aged 55 and above will have their online Daily Withdrawal Limit defaulted at $2,000 for a start. Members who prefer a different Daily Withdrawal Limit can adjust it up to a maximum of $50,000, at any time under Account settings. Increases to the Daily Withdrawal Limit may require enhanced authentication. There will also be a 12-hour cooling period to provide sufficient time for members to react in the event of unauthorised adjustments.

 

 

CPF members who wish to disable online withdrawals or do not plan to withdraw soon can consider activating the CPF Withdrawal Lock, which instantly sets the Daily Withdrawal Limit to $0. Please refer to the three simple steps to activate the CPF Withdrawal Lock.

 

To re-enable online withdrawals, members would need to increase the online Daily Withdrawal Limit under Account settings. This requires 12 hours to take effect and may require enhanced authentication. Online CPF withdrawals can be made after 12 hours from the time members re-adjust their Daily Withdrawal Limit upwards.

 

Alternatively, members can also make an appointment to withdraw in person at CPF Service Centres if they do not want to adjust their online limit. Generally, the next available appointment would be in a week’s time; subsequently, members will receive their withdrawn CPF savings in their bank account registered with us generally within five working days. To minimise any potential delay during the withdrawal process, we encourage members intending to make large withdrawals to plan in advance.

 

Please visit the FAQs below to find out more on the Daily Withdrawal Limit and the CPF Withdrawal Lock:

 

1. What type of CPF withdrawals does the Daily Withdrawal Limit apply to and how do I change the Daily Withdrawal Limit?
2. What is the CPF Withdrawal Lock, and how can I activate it?
3. Can I choose to opt-out of the Daily Withdrawal Limit?
4. What should I do if I need to withdraw more than the maximum online Daily Withdrawal Limit?

 

Members who are updating their contact details via the UCD e-form under Account settings will be subject to a 12-hour cooling period. Members may also be prompted to verify their identity before submitting the update form.

 

 

Members can update their bank account details with CPF Board to receive payments such as withdrawal of CPF savings and monthly payouts via my cpf digital services - Account settings with their Singpass.

 

Members may be prompted to verify their identity through enhanced authentication to update their bank account details. PayNow NRIC-linked bank accounts will be activated after a 12-hour cooling period, and all other bank accounts will generally take up to two working days to be activated after your bank confirms that the account belongs to you.

 

Please visit the FAQs below to find out more about the new “Update Bank Account” e-service: