Singapore 7 Major Retail Banks to Implement Enhanced Fund Transfer Safeguard for Current & Savings Account with at Least S$50,000 ($38,000) from 15th October 2025, Transfer of Funds via Digital Channels (Bank Apps & Internet Banking) to be Held for 1 Day (24 Hours) or Rejected if Withdrawals Exceed 50% of Account Balance in Last 1 Day (24 Hours), 7 Retail Banks are DBS, OCBC, UOB, Citibank, HSBC, Maybank & Standard Chartered Bank Which are also Classified as Singapore Domestic Systemically Important Banks (D-SIBs)
4th October | Hong Kong
The Association of Banks in Singapore (ABS) has announced Singapore 7 major retail banks will be implementing enhanced fund transfer safeguard for current & savings account with at least S$50,000 ($38,000) from 15th October 2025, with transfer of funds via digital channels (bank apps & internet banking) to be held for 1 day (24 hours) or rejected if withdrawals exceed 50% of account balance in the last 1 day (24 hours). The 7 retail banks are DBS, OCBC, UOB, Citibank, HSBC, Maybank & Standard Chartered Bank, which are also classified as Singapore Domestic Systemically Important Banks (D-SIBs). Announcement (3/10/25): “ Major retail banks will implement enhanced fraud surveillance on all digital transactions from 15 October 2025 to further protect customers from scams. When banks detect that an account is being quickly emptied of its funds due to a potential scam, some transactions may be held for a 24-hour cooling period before being released, or rejected immediately. Customers may experience delays in digital payments and transfers, including for legitimate transactions, as banks step up their checks to protect customers. Customers are advised to plan time-sensitive banking transactions (e.g. for share purchases) in advance to avoid incurring fees and charges due to any delay. The enhanced fraud surveillance on all digital transactions to be implemented on 15 October 2025 will complement banks’ existing anti-fraud measures, including the fraud surveillance duty earlier implemented as part of the Guidelines on the Shared Responsibility Framework (SRF) for phishing scams. Apart from situations where an account is quickly emptied due to a potential scam, banks have other fraud detection parameters and may hold or reject transactions based on other risk factors. Accounts and transactions protected by the enhanced safeguard – Current and savings accounts, including joint accounts, with balances of at least $50,000 will be protected by this safeguard (the “Account”). The safeguard will kick in if a material threshold is hit – that is, when a transaction, together with withdrawals over the past 24 hours, results in more than 50% of an Account’s balance to be transferred out. The transaction that triggers this threshold, and all subsequent transactions out of the Account, will either be held for 24 hours or rejected. The safeguard will apply to all digital banking transactions done through bank apps and internet banking. Non-digital banking transactions, including cash withdrawals at bank branches and ATMs, will not be affected.” More info below:
“ Singapore 7 Major Retail Banks to Implement Enhanced Fund Transfer Safeguard for Current & Savings Account with at Least S$50,000 ($38,000) from 15th October 2025, Transfer of Funds via Digital Channels (Bank Apps & Internet Banking) to be Held for 1 Day (24 Hours) or Rejected if Withdrawals Exceed 50% of Account Balance in Last 1 Day (24 Hours), 7 Retail Banks are DBS, OCBC, UOB, Citibank, HSBC, Maybank & Standard Chartered Bank Which are also Classified as Singapore Domestic Systemically Important Banks (D-SIBs) “
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What customers should do when transactions are held for 24 hours or rejected
When transactions are held or rejected, customers will be informed immediately on their mobile banking app or internet banking platform, with instructions on the next steps to take.
a. 24-hour cooling period
- The 24-hour cooling period serves as a cognitive break for scam victims who initiated and authorised the transactions. It provides time for victims to cancel the transaction should they subsequently realise that they have been scammed. Banks will advise their customers on how to cancel transactions, including through mobile or internet banking or contact centre. Upon cancellation, the transaction will not be processed, and funds will remain in the victim’s account.
- Customers need not take any action if the transactions are legitimate. Funds will be automatically released after the cooling period.
- In exceptional circumstances where customers urgently need transactions to be processed during the 24-hour cooling period, they will need to verify their transactions with the bank. This can be done at their bank’s branches, ATMs or by calling the contact centre, depending on the options offered by their bank. Banks will advise their customers about their respective options.
b. Immediate rejections
- When a legitimate transaction is rejected, customers can re-initiate the transaction if the transaction is subsequently verified with the bank. As banks adopt different ways to engage customers to verify the legitimacy of transactions, they will be advising their customers accordingly.
Exemptions and other measures to minimise disruptions to legitimate transactions – To minimise disruptions to legitimate transactions, the following are examples of digital banking transactions that will be exempted from the safeguards. They will not be held for 24 hours, or rejected, even if the material threshold is hit:
- Recurring standing instructions
- Recurring GIRO/eGIRO payments
- Bill payments to organisations classified as billing organisations by the bank
The need for more safeguards
- Scams remain a concern even as scam cases in Singapore declined by 26% in 1H 2025, compared to the previous year, with the amount lost to scams also falling 12.6%2. The banking industry will continue, together with MAS and law enforcement, to review, implement and strengthen measures to protect customers from scams. This sustained and ongoing effort has yielded results: security measures by the major retail banks have collectively averted scam losses of $78 million in the first seven months of the year.
- In addition to the enhanced fraud surveillance that will be implemented this month, major retail banks will roll out further measures in the coming months. One new initiative is that banks will send in-app push notifications for acknowledgement to customers who are digital token users when making outbound calls to them. This provides assurance to customers that bank calls that they receive are indeed from their banks.
- While the safeguards being introduced will step up protection of consumers, the fight against scams ultimately depends on a vigilant and discerning public.
Further details on the enhanced fraud surveillance safeguard may be found on the ABS website. Individual banks will be sharing more information about their enhanced fraud surveillance measures with their customers in the lead up to 15 October 2025.
Mrs Ong-Ang Ai Boon, Director, The Association of Banks in Singapore: “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. In the fight against scams, customer vigilance remains paramount – never share personal or account credentials, be wary of suspicious links in SMSes and emails, and verify their banks’ contact details before getting in touch with their bank.”
Ms Ho Hern Shin, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore (MAS): “We welcome banks’ commitment to strengthening customer protection against potential scams. 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 Association of Banks in Singapore – The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities and other stakeholders towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding and trust among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking communities in Singapore. Today, ABS has a membership of over 150 local and foreign banks.
Singapore 7 Major Retail Banks to Implement Enhanced Fund Transfer Safeguard for Current & Savings Account with at Least S$50,000 ($38,000) from 15th October 2025, Transfer of Funds via Digital Channels (Bank Apps & Internet Banking) to be Held for 1 Day (24 Hours) or Rejected if Withdrawals Exceed 50% of Account Balance in Last 1 Day (24 Hours), 7 Retail Banks are DBS, OCBC, UOB, Citibank, HSBC, Maybank & Standard Chartered Bank Which are also Classified as Singapore Domestic Systemically Important Banks (D-SIBs)
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