Starting 15 October 2025, Singapore’s major banks will introduce a new anti-scam safeguard that automatically pauses or blocks digital transfers exceeding 50% of an account’s balance within a single day. The move aims to curb rapid fund movements linked to scams and better protect customers from large-scale fraudulent withdrawals.
New Banking Rule Explained
The new safeguard will apply to current and savings accounts with balances of at least S$50,000, including joint accounts. It is part of an enhanced fraud surveillance framework introduced by the Domestic Systemically Important Banks (D-SIBs) – namely DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered.
When a suspicious transfer or series of withdrawals exceed half of an account’s total balance, the system will automatically trigger a 24-hour hold or, in some cases, reject the transaction immediately. This cooling period gives account holders time to verify activity and cancel transactions if they suspect a scam.
| Aspect | Details |
|---|---|
| Effective Date | 15 October 2025 |
| Affected Accounts | Savings and current accounts (including joint accounts) with S$50,000 or more |
| Trigger Condition | Transfers exceeding 50% of account balance within 24 hours |
| Action Taken | 24-hour hold or transaction rejection |
| Notification | Customers alerted via mobile app or online banking |
| Exemptions | GIRO, eGIRO, and bill payments to recognised billing organisations |
| Verification Options | Bank branches, ATMs, or customer service centres |
While this safeguard adds a layer of protection, it may also cause delays in legitimate transfers. Customers planning urgent or time-sensitive payments, such as stock purchases or property transactions, are advised to prepare in advance.
How the 50% Transfer Rule Works
When a customer attempts to transfer funds that, combined with previous withdrawals in the past 24 hours, exceed half their total account balance, the system will hold or reject the transaction.
During the 24-hour period:
- Customers will be notified through mobile or online banking platforms
- They can cancel the transfer if they realise they are being scammed
- Legitimate payments will be released automatically after the hold ends
- Blocked transactions can be retried after verification with the bank
Recurring payments such as loan instalments, utility bills, or standing instructions will not be affected to minimise inconvenience.
Impact on Customers and Transactions
While the measure enhances security, it may create brief delays for high-value or urgent fund transfers. The Monetary Authority of Singapore (MAS) has acknowledged that some inconvenience is inevitable but necessary to safeguard against increasingly complex online scams.
Banks will continue to roll out in-app verification notifications that confirm whether a call or transaction request is genuine, further helping customers identify legitimate bank communications.
Statements from Financial Authorities
Ong-Ang Ai Boon, Director of the Association of Banks in Singapore (ABS), stated that the initiative represents a crucial step in strengthening Singapore’s anti-scam infrastructure. She noted that despite improvements, scam tactics continue to evolve, requiring constant adaptation by the banking sector.
Similarly, Ho Hern Shin, Deputy Managing Director (Financial Supervision) at MAS, emphasised that customer safety remains the top priority. She highlighted that while the new safeguard might temporarily slow down some large transactions, it will significantly reduce the risk of fraudulent transfers.
Why This Move Matters
Scams remain one of the top financial threats in Singapore, although cases dropped by 26% in the first half of 2025. According to ABS, banks successfully prevented around S$78 million in potential scam losses during the first seven months of the year. The 50% transfer safeguard builds upon these efforts by stopping high-risk transfers before money leaves an account.
What Customers Should Do
To adapt to this new measure, customers should:
- Review their regular payment schedules and plan large transfers in advance
- Keep mobile notifications enabled for faster scam alerts
- Use in-person verification channels when a transaction is flagged or delayed
- Stay vigilant against calls or messages requesting urgent fund transfers
From 15 October 2025, Singapore’s leading banks will introduce stronger protections by holding or blocking digital transfers exceeding half of an account’s balance. This nationwide safeguard reinforces Singapore’s commitment to fighting online scams and securing the financial wellbeing of all residents. While it may cause brief transaction delays, the policy represents a proactive move to keep customer funds safe in an increasingly digital economy.