Singapore’s major banks will introduce new anti-scam safeguards from 15 October, automatically blocking or delaying transfers that move more than half of an account’s balance within a 24-hour period.
The measure, designed to protect customers from rapidly escalating scams, applies to current and savings accounts with balances of at least S$50,000, claims FinTech Singapore.
The move comes as part of strengthened fraud surveillance by the Domestic Systemically Important Banks (D-SIBs), which include DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered. The system will automatically hold suspicious digital transfers for a 24-hour “cooling” period or reject them outright if deemed high-risk.
These new measures apply to all digital transactions made via mobile and online banking channels, while branch and ATM withdrawals remain unaffected. Customers may experience short delays, even with legitimate transfers, as banks step up monitoring. They are advised to plan time-sensitive activities, such as share purchases, in advance to avoid disruptions or potential charges.
Under the new safeguard, a trigger occurs when a single transaction or a combination of withdrawals within 24 hours moves more than 50% of the account’s total balance. Once triggered, all subsequent transactions may be paused or declined until the customer verifies them. During the 24-hour hold, customers will be notified through their digital banking apps and can cancel the transaction if they suspect fraud. Legitimate transactions will be released automatically once verified, while rejected ones can be reinitiated after confirmation.
To ensure continuity for essential payments, recurring transfers such as standing instructions, GIRO and eGIRO payments, and bill payments to recognised organisations will be exempt from this safeguard. In urgent cases, customers can verify transactions in person at bank branches, ATMs, or through customer service hotlines.
The Association of Banks in Singapore (ABS) stated that this enhanced surveillance complements the existing Shared Responsibility Framework, which outlines the roles of banks and telecommunications providers in combating phishing scams. Beyond the 50% safeguard, banks will continue to monitor and act on other risk indicators in real time.
The measures follow a 26% fall in scam cases in Singapore during the first half of 2025, alongside a 12.6% decline in total financial losses. According to ABS, the major banks’ existing defences prevented an estimated S$78m in potential scam losses between January and July 2025.
Banks will also introduce in-app notifications requiring customer acknowledgement when bank representatives make outbound calls, helping users verify call authenticity and reduce phishing risks.
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.”
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