Singapore Strengthens Its Anti-Scam Framework
From October 15, 2025, Singapore’s seven major banks will implement a new digital transaction safeguard mechanism designed to curb financial scams and protect customers’ assets.
According to an announcement by the Association of Banks in Singapore (ABS), the new system applies to digital transfers where:
- The account balance exceeds S$50,000, and more than half of the account balance is transferred out within 24 hours.
When this threshold is triggered, the transaction will either be delayed by 24 hours or automatically rejected, giving potential scam victims a “cooling-off period” to detect suspicious activity and prevent losses.
The Seven Participating Banks
The safeguard will be rolled out across Singapore’s domestic systemically important banks (D-SIBs):
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DBS Bank
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OCBC Bank
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United Overseas Bank (UOB)
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Citibank
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HSBC
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Maybank
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Standard Chartered Bank
The measure covers current, savings, and joint accounts.
However, it does not apply to physical withdrawals made over the counter or via ATMs, which remain unaffected.
24-Hour “Cooling-Off” Mechanism
Under the new rule, customers will be immediately notified if their transfer is delayed or rejected.
During this 24-hour window:
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If the customer realizes they may have been scammed, they can cancel the transaction to prevent funds from leaving the account.
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If the transfer is legitimate, the transaction will proceed automatically once the cooling-off period ends.
For urgent transfers, customers can still complete the transaction through alternative methods such as:
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Visiting a bank branch
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Using an ATM
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Contacting customer service for verification
Each bank will determine its own process for such cases.
A Stronger Shield Against Scams
The ABS highlighted that this initiative complements the Shared Responsibility Framework (SRF), introduced in December 2024, which requires banks and telecommunications companies to share responsibility for preventing phishing scams.
In addition to transaction size, banks may also flag or block transfers based on other risk indicators, such as unusual device logins or suspicious behavioral patterns.
Impact and Early Success
Singapore’s anti-scam ecosystem has shown promising results.
In the first seven months of 2025, local banks successfully prevented approximately S$78 million in scam-related losses.
Compared to the same period last year:
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Scam cases fell by 26%
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Total losses dropped by 12.6%
This demonstrates that tighter digital safeguards and cross-sector collaboration are already making a measurable difference.
Possible Delays for Legitimate Transfers
Customers should note that even legitimate large transfers might experience temporary delays after the new rule takes effect.
The ABS advises users to:
✅ Plan ahead for urgent transactions (e.g., stock trading or property payments)
✅ Inform business partners or vendors if payment delays are possible
✅ Monitor notifications from your bank carefully
These steps can help minimize inconvenience and ensure smoother financial operations.
Practical Scam-Prevention Tips
With scams growing more sophisticated, every user should stay vigilant.
Here are some key reminders:
- Never click on links in unsolicited messages or emails
- Do not share your banking or Singpass credentials
- Hang up immediately on suspicious calls claiming to be from banks or government agencies
- Always verify information through official channels or websites
Financial security is everyone’s responsibility.
By staying alert and understanding how new safeguards work, individuals and businesses can protect themselves from evolving cyber threats.
At Tassure, we continue to monitor regulatory developments and share essential updates that help our clients stay compliant and secure in Singapore’s fast-changing digital economy.
References
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Association of Banks in Singapore (ABS) – Banks to Launch Enhanced Safeguards from 15 Oct 2025
https://abs.org.sg/docs/library/banks-to-launch-enhanced-safeguards-from-15-oct-2025-to-better-protect-accounts_.pdf -
Channel News Asia (CNA) – Banks to Hold or Reject Large Transfers as New Anti-Scam Measures Begin Oct 15
https://www.channelnewsasia.com/singapore/banks-hold-reject-transfers-scam-cna-explains-5385921 -
The Straits Times – Singapore Banks to Implement New Scam Safeguards on All Digital Transactions from Oct 15
https://www.straitstimes.com/business/spore-banks-to-implement-new-scam-safeguards-on-all-digital-transactions-from-oct-15
