New banking safeguards on digital banking transactions will be implemented on October 15th. If you are a customer of DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered, and have at least $50,000 in your bank balance, this new safeguard will apply to you. Any withdrawals over a 24-hour period that result in at least 50 percent of the account balance being transferred out will be held for 24 hours or rejected by the bank.
This delay will allow potential victims to cancel the transaction if they realise they’ve been scammed, or will give them a chance to verify their transaction with the bank.
This is just the latest move by banks to counter the persistent, evolving scam activity that targets Singaporeans. According to the latest scam statistics released by the Singapore Police Force, self-effected transfers made up 78.8% of scams in the first half of 2025. In most of these cases, scammers did not gain direct control of the victim’s accounts but manipulated victims into performing monetary transactions via deception and social engineering.
Read Also: 5 Types Of New Scams Singaporeans Need To Be Careful To Avoid
These are just the latest measures introduced by banks to protect customers and their savings accounts from scams and other criminal behaviour. Over the years, many safeguards were introduced as technology progressed and scams became more sophisticated. Here is a non-exhaustive list, starting from the earliest.
#1 Introduction Of Chip Cards For Debit And Credit Cards
In March 2010, the Association of Banks in Singapore (ABS) announced that, by April 2011, magnetic stripe cards would be replaced by cards that contain an EMV chip. Back then, about 70% of payment cards had a magnetic stripe.
These stripes contained card information that could be easily read and copied by criminals using the right equipment. Known as skimming, it was notorious for being used at F&B outlets, since it was common to have a server receive the card, and take it out of sight while processing payment.
By July 2012, all magnetic stripe transactions for Singapore-issued cards would cease, ensuring there would be no more potential for fraud via this practice.
#2 One-Time Passwords For Digital Transactions
Also in March 2010, ABS made it mandatory for all transactions that didn’t require a physical card (i.e. Card Not Present transactions, or CNP) to implement a One-Time Password (OTP) system.
These OTPs would be either sent via SMS, or would use a hardware token, such as the physical internet banking tokens that banks used to require.
The OTP was the forerunner of the multi-factor authentication (MFA) system commonly used today that includes biometrics.
While OTPs definitely helped to prevent several scam attempts, they also forced scammers to become even more sophisticated with their methods, using malware, phishing sites, and plain deception to encourage victims to share their OTPs with them unwittingly.
As early as 2011, ABS issued an advisory warning to customers about receiving OTPs when they did not log in.
#3 New And Replacement Debit Cards And ATM Cards To Require Activation
It may seem ridiculous by today’s standards, but it wasn’t until July 2012 that new debit cards and ATM cards were deactivated when issued. That means that before that date, cards that arrive in the mail could be opened by anyone with access and used immediately without your knowledge.
Since replacement physical cards are often mailed by the bank when an existing card is about to expire, an unscrupulous individual could have direct access to your savings account.
This is especially shocking since debit cards, which act like credit cards but are linked to your savings account, could be used by anyone who finds the card. Even if this fraudulent behaviour was quickly discovered and reported, it would still lead to a huge inconvenience, since access to your funds is restricted during the investigation.
#4 High Risk Internet Banking Transactions Would Require New Tokens
For those of us who remember, the earliest internet banking tokens were simple devices with only one button that would generate a 6-digit OTP. By 2013, however, there was a need for a new type of token, one that could provide enhanced security against online threats.
Unlike the simple one-button devices of the past, these often had a numerical keypad, since you would need to key in an OTP to generate a new password. These security measures would be needed for high-risk transactions such as setting up a new third-party payee and ad-hoc fund transfers. These were considered high-risk as scammers often conned victims, through impersonation tactics, into transferring money into an unknown bank account.
#5 Removal Of Clickable Links In Emails Or SMSes Sent To Retail Customers
At the start of 2022, following a series of phishing scams via SMS targeting bank customers, it was announced that banks would no longer be sending clickable links in emails or SMSes.
The phishing scams also led to banks encouraging customers to use mobile banking apps for their transactions and to move away from internet banking via the bank’s websites. This is because a mobile app interface is much harder for a scammer to imitate than a phishing website designed to look like a bank’s legitimate website.
#6 Emergency Self-Service “Kill Switch” For Bank Accounts
2022 also saw the introduction of a self-service “kill switch” that bank customers could use to suspend their accounts quickly if they believed they had been compromised. While the kill switch differs slightly from bank to bank, the OCBC kill switch, for example, allows you to immediately freeze all current and savings accounts, OCBC app access, and ATM, debit, and credit cards.
It disables all transactions, including cash withdrawals and deposits, bill payments, GIRO and NETS transactions. The kill switch can be activated via the OCBC hotline, OCBC ATM, or via the OCBC mobile app.
The introduction of the kill switch emphasises how quickly scams can sometimes take place, allowing victims to promptly protect their bank accounts as soon as they suspect they have been compromised.
Read Also: [2025 Edition] Best Savings Accounts for Working Adults in Singapore
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