Singapore Banks Roll Out New Safeguards
From 15 October 2025, Singapore’s major retail banks will activate enhanced fraud surveillance on all digital transactions, introducing stronger safeguards designed to stop accounts from being drained by scammers.
Under the new measures, if banks detect suspicious activity – particularly when an account is rapidly emptied – certain transactions will either be held for 24 hours or rejected outright.
This delay, described as a «cognitive break,» is intended to give scam victims a chance to realise and cancel fraudulent transactions, the Association of Banks in Singapore (ABS) announced.
Accounts Protected by the Safeguard
The safeguards will apply to current and savings accounts with balances of at least $50,000, including joint accounts.
They will be triggered when transactions exceed 50 percent of an account’s balance within 24 hours, after which the suspicious transaction and all subsequent ones will be paused or declined.
Impact on Customers
Legitimate users may face delays in digital transfers and payments, including for time-sensitive activities like share purchases. Customers can verify urgent transactions with their bank if needed.
Routine payments such as recurring GIRO, standing instructions, and bill payments will be exempt from the new safeguards.
Industry Push Against Scams
Although scam cases in Singapore fell 26 percent in the first half of 2025, losses remain significant. Banks’ collective measures have already helped avert $78 million in potential scam losses in the first seven months of the year.
New steps, including in-app push notifications to verify bank calls, will be introduced in the coming months.
Call for Vigilance
Ong-Ang Ai Boon, Director of the Association of Banks in Singapore, stressed that while banks continue to invest heavily in fraud prevention, «customer vigilance remains paramount – never share personal credentials, be wary of suspicious links, and always verify bank contacts.»
The Monetary Authority of Singapore (MAS) also endorsed the move, noting that delays in large transactions are a small price to pay for stronger protection.
