In an effort to combat scams, Singapore banks are rolling out an enhanced digital fraud surveillance system beginning October , . The system is designed to prevent accounts from being quickly drained by scammers.
Under the new rule, if an account transfers more than of its balance within a -hour window, the transaction will either be rejected or trigger a cool-off period. The ABS cautioned that this safeguard could cause delays for legitimate payments and transfers.
The ABS recommends that customers allow extra time for time-critical transactions. If a transaction is urgently needed during the cooling period, customers must contact their bank (via branches, ATMs, or phone) to verify and release the funds.
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