Safeguards to Prevent Loss of CPF Savings Through Malware-related Scams
- Since January 2023, over 700 malware scam reports have been received, with nine cases involving CPF withdrawals and a net loss of $124,000, leading to added safeguards like Singpass Face Verification for CPF e-services.
- The scams typically involve victims downloading malware-infected apps from unauthorised sites and enabling accessibility services, which allows scammers to control their phones and steal credentials for unauthorised withdrawals.
- The government is working with banks and other agencies on parallel initiatives, including a Shared Responsibility Framework and a public consultation paper in Q3 2024, to further protect against such frauds and explore insurance options.
- Victims of these scams are primarily aged 55 to 80, and while the new face verification measure may add some inconvenience, it is deemed necessary to prevent losses, with ongoing public education on vigilance and safe app downloads.