Standchart eSaver

[vsvs24]

Where u read this from?

Banks to have real-time fraud detection from mid-2025 under new scam prevention framework
https://www.straitstimes.com/singap...-mid-2025-under-new-scam-prevention-framework

Financial institutions will have up to mid-2025 to implement new fraud surveillance measures.

These include real-time fraud surveillance systems that block unauthorised transactions.

Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day.

Such transactions must be blocked until the bank confirms the transaction with the customer, or the bank must send a notification to the customer and hold the transaction for at least 24 hours.

Fail to do so, and the bank will be required to pay the victim in full, said IMDA and MAS.

“This is in recognition of the severe impact on scam victims if their accounts are drained without their knowledge,” said the regulators.

 

[EveMuffins]

that's 1 day of interest lost at bank B if bank A hold the outgoing transaction for at least 24 hrs. then ADB at bank A/B will be affected as well if merry go round.

<Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day.
Such transactions must be blocked until the bank confirms the transaction with the customer, or the bank must send a notification to the customer and hold the transaction for at least 24 hours.>

 

[Froggyman]

that's 1 day of interest lost at bank B if bank A hold the outgoing transaction for at least 24 hrs. then ADB at bank A/B will be affected as well if merry go round.

<Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day.
Such transactions must be blocked until the bank confirms the transaction with the customer, or the bank must send a notification to the customer and hold the transaction for at least 24 hours.>

Lose of interest may be not a big issue but sometime people transferring money for some payment will be.
go back to physical token at least Can block the hack-in scam. Hopefully banks can call within 2 hours for verification .

 

[Mickey01]

Lose of interest may be not a big issue but sometime people transferring money for some payment will be.
go back to physical token at least Can block the hack-in scam. Hopefully banks can call within 2 hours for verification .

Banks to have real-time fraud detection from mid-2025 under new scam prevention framework
https://www.straitstimes.com/singap...-mid-2025-under-new-scam-prevention-framework

Financial institutions will have up to mid-2025 to implement new fraud surveillance measures.

These include real-time fraud surveillance systems that block unauthorised transactions.

Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day.

Such transactions must be blocked until the bank confirms the transaction with the customer, or the bank must send a notification to the customer and hold the transaction for at least 24 hours.

Fail to do so, and the bank will be required to pay the victim in full, said IMDA and MAS.

“This is in recognition of the severe impact on scam victims if their accounts are drained without their knowledge,” said the regulators.

can imagine the number of blocked/hold transactions and number of calls from the banks' anti fraud team during month end merry go round. At present even RMs are not able to unfreeze the transactions/accounts.

Currently there is a bank which freeze the transfers and also disable the browser/app login until the verification is done by the bank (the pop up message indicate "resolve within the next business day)

 

[vsvs24]

Banks might not have the manpower to call to verify. So might take the easy way out and just hold for 24 hrs. Worse if they want to verify and hold till they are free to verify.

Banks have upto 16 Jun to implement this which means could be earlier.

So if there are instruments with similar rates that do not need moving around, might want to consider.

Esaver rate at 2.9% is low.

SSB for Mar has av 10 yrs 2.97% (first 2 yrs slightly lower but yr 3 to 10 higher than esaver). Tbill still hovering around 3% for now. GXS boost 2.98% upto 60k.

 

[fr33d0m]

more likely that banks will discourage merry-go-round by not having such product in the first place.

 

[vsvs24]

more likely that banks will discourage merry-go-round by not having such product in the first place.

CIMB the first. Already stop their bonus interest program. No more Feb cycle.

 

[sglandscape]

CIMB the first. Already stop their bonus interest program. No more Feb cycle.

Would know for sure tomorrow, since Sat and Sun were non working day. But am not optimistic. Now left with SCB esaver, HSBC EGA, and for those willing to lock up the funds DBS 3%.

 

[sglandscape]

more likely that banks will discourage merry-go-round by not having such product in the first place.

The merry go round is to likely help them save money if customers forget to merry go round. Also it's the only way for them to pay a higher rate. Otherwise the rates may be like Maribank or GXS, all below 3%.

 

[vsvs24]

Would know for sure tomorrow, since Sat and Sun were non working day. But am not optimistic. Now left with SCB esaver, HSBC EGA, and for those willing to lock up the funds DBS 3%.

If they left it as Jan, then got chance. But they already updated webpage to remove the bonus interest columns. Won't have to do this change if they are going to continue.

 

[Froggyman]

more likely that banks will discourage merry-go-round by not having such product in the first place.

No need for requirement of fresh funds will be the best since everyone just transfer here there to make it fresh

 

[yslvlys]

So have to do multiple transfers of 50k instead of 100k or 200k straight

 

[qrcode]

looks like the new public rate is slightly better than the marathon rate.

 

[lasnoblur]

Esaver public rate for Feb 25 to mar 25 is out.

Isit safe to transfer out / merry go round ?

I have not received the bonus interest for Jan. Checked for dec and realized it's only credited on 7 Jan, means need wait till 7 Feb ?

 

[havetheveryfun]

Esaver public rate for Feb 25 to mar 25 is out.

Isit safe to transfer out / merry go round ?

I have not received the bonus interest for Jan. Checked for dec and realized it's only credited on 7 Jan, means need wait till 7 Feb ?

yes they changed the crediting date few months back same as when marathon was first announced

 

[Goodintentions]

Banks to have real-time fraud detection from mid-2025 under new scam prevention framework
https://www.straitstimes.com/singap...-mid-2025-under-new-scam-prevention-framework

Financial institutions will have up to mid-2025 to implement new fraud surveillance measures.

These include real-time fraud surveillance systems that block unauthorised transactions.

Banks must detect when large sums – more than half of a balance of at least $50,000 – are rapidly drained from an account over a day.

Such transactions must be blocked until the bank confirms the transaction with the customer, or the bank must send a notification to the customer and hold the transaction for at least 24 hours.

Fail to do so, and the bank will be required to pay the victim in full, said IMDA and MAS.

“This is in recognition of the severe impact on scam victims if their accounts are drained without their knowledge,” said the regulators.

There should have been an exception when the money is transferred to the same person's own accounts. How is laundering or even scamming supposed to take place when no money is actually transferred out to third parties??

Once again PAP no brains. Only want to cripple SG depositors, not the banks. The worse is when start of month is a PH like May Day, or a weekend, end up being delayed up to three days!

Banks win, customer loses from such a sh*tty arrangement. PAP just laugh from residents losing out again.

 

[twosix]

There should have been an exception when the money is transferred to the same person's own accounts. How is laundering or even scamming supposed to take place when no money is actually transferred out to third parties??

Once again PAP no brains. Only want to cripple SG depositors, not the banks. The worse is when start of month is a PH like May Day, or a weekend, end up being delayed up to three days!

Banks win, customer loses from such a sh*tty arrangement. PAP just laugh from residents losing out again.

by then probably no need to play merry go round due to low interest rates.

 

[sglandscape]

There should have been an exception when the money is transferred to the same person's own accounts. How is laundering or even scamming supposed to take place when no money is actually transferred out to third parties??

Once again PAP no brains. Only want to cripple SG depositors, not the banks. The worse is when start of month is a PH like May Day, or a weekend, end up being delayed up to three days!

Banks win, customer loses from such a sh*tty arrangement. PAP just laugh from residents losing out again.

What you have suggested makes 100% sense, and MAS should be more prescriptive in giving examples in this. Also think the banks err on the side of caution and when they design the systems likely didn't think so far ahead.

If its same name, the risk is practically very low since the money cannot be spent. If it's subsequently transferred to a corporate account or third party, only then the risk arises.

 

[vsvs24]

Outgoing banks can't be sure the receiving bank belongs to the customer. Because the name allows for nicknames to be used.

 

[reflecx]

Bonus interest for Jan is in