There have been 9 recent cases involving $124k in losses. Read more at straitstimes.com.
SINGAPORE - Insurance to assist in the recovery of CPF money lost to scams is being considered under a framework that involves financial institutions, telcos and other entities.
Said Dr Lim: “In usual banking-related frauds, insurance plays a big part in helping to recover fraudulent monies. And in this case, CPF is both a mandatory saving scheme, but is also a very, very big supplier. The victim, using an Android phone, clicks on advertisements on social media where an item is sold cheaplyto buy the item. A malware is installed on the phone when the file has been downloaded.
Dr Tan said on Tuesday that based on investigations, there have been nine cases involving unauthorised CPF withdrawals, resulting in $124,000 lost in CPF savings. As a precaution, CPF Board and GovTech said they have introduced Singpass face verification during login to protect vulnerable members who access CPF e-services.
Dr Tan said there were many reasons why passwords could have been stored in the phones, like being kept in the notes.
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