Singapore’s leading banks will soon introduce a new safeguard designed to protect customers from large-scale digital scams.
Starting 15 October, banks will automatically hold or block any transfer that moves more than 50% of an account’s balance within a single day, according to FinTech Singapore.
The rule applies to current and savings accounts, including joint accounts, with balances of at least S$50,000. The move is part of strengthened anti-scam efforts led by the Domestic Systemically Important Banks (D-SIBs), which include DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered.
Under the new system, if a customer initiates a transfer that—combined with withdrawals in the previous 24 hours—exceeds half of their account balance, the transaction will be delayed or rejected. When triggered, transfers may be held for a 24-hour “cooling-off” period or stopped immediately. During this time, customers will be notified through their mobile or internet banking platforms and will be able to cancel suspicious transactions if they suspect fraud.
According to the Association of Banks in Singapore (ABS), the measure complements the Shared Responsibility Framework, which sets out the responsibilities of banks and telcos in phishing cases. Recurring payments such as GIRO, eGIRO, or bill payments to recognised organisations will remain unaffected to minimise disruption.
While branch and ATM withdrawals will not be impacted, customers may experience short delays for legitimate digital transfers as banks step up surveillance. They are advised to plan time-sensitive payments, such as share purchases, in advance to avoid any inconvenience.
ABS said that although scam cases in Singapore fell by 26% in the first half of 2025 and total losses declined by 12.6%, fraud prevention remains a top priority. The country’s major banks helped prevent an estimated S$78m in potential scam losses in the first seven months of the year.
The latest safeguard builds on other measures such as cognitive breaks and the Money Lock feature, which help customers pause and review transactions before completion. Banks will also begin introducing in-app push notifications requiring customers to confirm the authenticity of bank calls, further strengthening customer protection.
The Association of Banks in Singapore director Ong-Ang Ai Boon 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.”
Monetary Authority of Singapore (MAS) deputy managing director (financial supervision) Ho Hern Shin 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.”
The 50% safeguard reflects a growing emphasis on proactive fraud detection, combining technology and consumer education to tackle sophisticated scam operations before they cause significant losses.
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