Singapore Banks to Implement New Measures to Combat Fraud
• Starting October 15th, Singaporean banks will implement new measures to combat fraud, potentially holding or rejecting transfers from accounts with at least S$50,000 if withdrawals exceed half the balance within 24 hours.
• This safeguard applies to digital banking transactions through apps and internet banking, but not to cash withdrawals at branches or ATMs.
• The 24-hour cooling period aims to provide a 'cognitive break' for potential scam victims, allowing them time to cancel fraudulent transactions.
• Customers may experience delays, and are advised to plan time-sensitive transactions in advance; however, recurring payments and bill payments to approved organizations are exempt.
• These measures, along with other initiatives like in-app notifications for digital token users, are part of a broader effort by banks to protect customers from scams.
https://www.channelnewsasia.com/sin...ct-transfers-anti-scam-measure-oct-15-5383281