☠️ In Singapore 🇸🇬, several major banks have introduced a new rule aimed at strengthening the fight against financial fraud.

☠️ In Singapore 🇸🇬, several major banks have introduced a new rule aimed at strengthening the fight against financial fraud.

Starting October 15, some systemically important banks will automatically block or temporarily hold any transfer that moves more than 50% of an account’s total balance within a single day.

➡️ The initiative comes from D-SIB (Domestic Systemically Important Banks), which include DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered.

➡️ The rule applies to current and savings accounts, including joint accounts, with a minimum balance of SGD 50,000.

➡️ Under the new protocol, if a client initiates a transfer whose amount (including funds withdrawn in the previous 24 hours) exceeds half of their account balance, the transaction will be declined or delayed for one day.

➡️ Regular payments such as GIRO, eGIRO, and bill payments to accredited organizations will continue without interruption.

➡️ The Association of Banks in Singapore (ABS) explained that this measure complements the “Shared Responsibility Framework,” which defines the obligations of banks and telecommunications companies in phishing cases.

➡️ According to official data, the number of fraud cases in Singapore fell by 26% during the first half of 2025, while total losses dropped by 12.6%.

#news #Asia #scam

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