Tan See Leng on safeguards for CPF savings against malware-related scams

The Government will continue to review and monitor the trends of malware-related scams and work closely with the banks to introduce more precautionary measures where necessary. Police will spare no effort in tracking down those responsible for such scams and will take tough action against them. Anyone with information on such crimes should contact the police immediately. Manpower Minister Tan See Leng highlighted the need to be vigilant in reply to an MP’s questions in Parliament on Tuesday (Jul 4). He pointed out that since January this year, the police received more than 700 reports of victims having downloaded malware onto their phones, with more than S$8 million worth of savings lost through unauthorised withdrawals. Nine of these cases involved unauthorised CPF withdrawals, amounting to a net loss of S$124,000 in CPF savings. Dr Tan said the ninth case did not result in the loss of CPF savings as the police managed to stop the transfer of the money from the bank account of the CPF member. He stressed the need to be vigilant, such as updating phones regularly with the latest security features.