Singapore’s major banks will automatically pause or block digital transfers that move more than half of an account’s balance within a day, introducing new safeguards to prevent scammers from emptying high-value accounts.
The measure, taking effect on 15 October, applies to current and savings accounts, including joint accounts, with balances of at least S$50,000.
It forms part of enhanced fraud surveillance by the Domestic Systemically Important Banks (D-SIBs), which include DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered.
When banks detect that an account is being rapidly drained due to a potential scam, transactions may be held for a 24-hour cooling period or rejected immediately.
The safeguard applies to all digital banking transactions made through mobile apps and internet banking, while branch and ATM withdrawals remain unaffected.
Customers may experience delays in payments or fund transfers, including legitimate ones, as banks increase monitoring.
They are advised to plan time-sensitive transactions, such as share purchases, in advance to avoid potential charges.
How the New Safeguard Will Work
The safeguard will be triggered when a transaction, together with withdrawals in the past 24 hours, moves more than half of an account’s balance.
The triggering and subsequent transactions will then be held or rejected.
During the 24-hour hold, customers will be notified through their mobile or internet banking platforms and can cancel transactions if they realise they have been scammed.
Legitimate transfers will be released automatically once the period ends, while rejected transactions can be reinitiated after verification with the bank.
In urgent cases, customers can verify transactions at branches, ATMs or through contact centres.
Recurring payments such as standing instructions, recurring GIRO or eGIRO payments, and bill payments to recognised billing organisations will be exempt to minimise disruption.
The Association of Banks in Singapore (ABS) said the enhanced surveillance complements existing anti-scam controls under the Shared Responsibility Framework, which sets out the obligations of banks and telcos in phishing cases.
Beyond the 50 percent safeguard, banks may also hold or reject transactions based on other risk factors.
Scam cases in Singapore fell by 26 percent in the first half of 2025, while total losses dropped 12.6 percent.
Despite the decline, scams remain a concern. ABS said major banks’ security measures helped prevent about S$78 million in potential scam losses in the first seven months of the year.
Banks will also roll out in-app push notifications for acknowledgement by digital token users when banks make outbound calls, assuring customers that the calls are genuine.
Ong-Ang Ai Boon, Director, The Association of Banks in Singapore, said,
“Banks are committed to putting in place robust safeguards to protect customers. They have been consistently investing in and implementing various anti-scam measures, such as fraud surveillance, cognitive breaks and Money Lock.
However, scams remain a scourge on society and the methods adopted by scammers continue to grow in sophistication. The measures announced today will help to protect phishing scam victims and stop fraudulent withdrawals before it is too late. This societal safeguard may result in some friction, and we seek customers’ patience and understanding.”
Ho Hern Shin, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore (MAS), said,
“Customers may face delays when conducting larger value transactions, but these safeguards have been put in place to protect them from transfers that may subsequently turn out to be fraudulent.
MAS will continue to work with banks to minimise the impact on legitimate transactions.”
Featured image: Edited by Fintech News Singapore, based on image by diloka107 via Freepik
