SFV and a 12-hour cooling period now required to access CPF account information
The Central Provident Fund Board (CPF) has rolled out significant updates, including a revised daily withdrawal limit and strengthened security measures in hopes of safeguarding the financial interests of members, particularly those aged 55 and above.
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In a strategic move, CPF also set the default online withdrawal limit for members aged 55 and above to S$2,000 per day. This daily limit is adjustable online, ranging from $0 to $200,000, with a mandatory Singpass Face Verification (SFV) process and a 12-hour cooling period to prevent unauthorised adjustments.
Furthermore, the introduction of the CPF Withdrawal Lock feature empowers members to instantly set their daily withdrawal limit to $0, effectively disabling online withdrawals. In such cases, withdrawals can only be processed at CPF Service Centres.
Reactivating withdrawals mandates members to increase the daily limit, requiring SFV authentication and a 12-hour delay for the changes to take effect.
As part of these enhanced security protocols, SFV and the 12-hour cooling period will also be mandatory when members update their contact details starting November 30, 2023. Similar verification procedures will be applied for changes to bank account details by the end of December 2023.
Additionally, new bank accounts will only be activated post-confirmation by the respective banks. This process may take up to two working days.
CPF members will also receive notifications via SMS or email for every withdrawal made, alterations to the daily withdrawal limit, or modifications to contact or bank account details.
To facilitate these changes, members must first update their contact details online before adjusting the daily withdrawal limit or updating bank account details. Notifications confirming changes will be sent after the 12-hour cooling period or after bank account verification.
The implementation of a 12-hour cooling period allows members enough time to take preventive action against unauthorised alterations or updates. Notably, notifications regarding contact detail updates will be forwarded to both the old and new mobile numbers or email addresses provided.
For victims of scams or unauthorised access, CPF advises immediate action, including contacting the board to freeze accounts, resetting passwords, setting the daily limit to $0, and filing a police report for necessary legal recourse.
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