Shared Responsibility Framework: New anti-scam rule coming into effect Oct 15 — banks can now hold or reject large transfers!
- Megan Soo
- Oct 12
- 3 min read
From October 2025, a new safeguard empowers banks to hold or reject big digital transfers when over 50% of an account’s funds are being moved out in a 24-hour period — but only for accounts with S$50,000 or more. This is a response to rising scam losses, giving victims and banks a “cognitive break” before funds disappear.
What
Starting October 15, 2025, banks in Singapore will have the authority to hold or reject digital transfers from accounts with balances of at least S$50,000 if the proposed withdrawal (combined with other withdrawals in 24 hours) exceeds 50% of the account balance.
Who
Affected accounts: Current and savings accounts (including joint accounts) with balances ≥ S$50,000.
Banks involved: Major retail banks — DBS, OCBC, UOB, Citibank, HSBC, Maybank, Standard Chartered — will implement this enhanced fraud surveillance.
Exemptions: Some types of digital transactions, such as recurrent standing instructions (GIRO, billing) may be exempted.
When
Implementation begins October 15, 2025.
Where
Nationwide, across Singapore, applied through digital banking platforms (mobile apps & internet banking).
Why
To strengthen safeguards against scams and fraud by adding a “cooling period” or blocking large and rapid withdrawals — which are common patterns in scam attacks. The goal is to give customers, banks, and law enforcement time to detect suspicious activity.
How
When a withdrawal plus other transfers in a 24-hour window exceed 50% of funds in accounts ≥ S$50,000, the transaction in question and subsequent transfers may be held for 24 hours or rejected.
The customer will be alerted via banking app or internet platform, with guidance on what to do next.
Legitimate transactions will be released after the cooling period. If urgent, customers may have to verify with the bank (branches, call centre, ATM) to expedite.
🏠 What It Means for Singapore Households & Buyers
This change is mostly about banking & fraud protection, but it also has indirect effects for anyone holding or moving large sums — including property buyers, sellers, and investors.
Potential Upsides / Benefits
More protection from scam losses
If someone’s account is being drained quickly (a pattern typical in scams), these safeguards can block or delay the transfer and give victims a chance to intervene. It adds a safety net to digital transactions.
Peace of mind for large financial moves
For those doing big transfers — deposit payments, downpayments, escrow sums — this ensures there’s an extra layer of security. A transfer you didn’t authorize may get caught rather than lost instantly.
Encourages more cautious behavior
With a “cooling buffer,” people may think twice before authorizing large or suspicious transfers — improving overall vigilance in the system.
Potential Downsides / Challenges
Possible delays in legitimate transfers
If you’re trying to move large sums for property, renovation, or investments, your transaction might be held or rejected temporarily — which could disrupt timing, especially for tight deadlines.
Need to plan ahead for big transfers
Time-sensitive deals (e.g. purchase payments, cross-bank transfers) may be affected. Buyers and sellers will need to anticipate and buffer for delays.
Inconvenience and uncertainty
Some users may get frustrated when their legitimate transaction is held or rejected, even if it’s necessary for the safeguard.
Threshold issues
The S$50,000 floor and the 50% rule may raise questions:
What about someone with $60,000 trying to transfer $31,000? That is >50% and might get held.
Some may try splitting transfers under the threshold to circumvent.
Extra verification steps
Legit transactions during the cooling period might require additional verification (in person, phone) which can be cumbersome, especially for elderly or less tech-savvy users.
Tips for Property Buyers & Homeowners
Plan your transfers early: If you need to move funds for downpayments or settlement, initiate them ahead of deadlines to avoid getting caught by the hold period.
Watch your account balance: If your account is above S$50,000, be more cautious with transfers exceeding half your balance in a day.
Verify with your bank proactively: If a hold is triggered, bank verification can release legitimate funds faster.
Don’t keep excessive idle cash: If your deposits are routinely triggering alerts, consider holding only what you need in transactional accounts and using other vehicles (fixed deposits, CPF, etc.) for the rest.
For property buyers and sellers, this means every large transaction must now be timed correctly — don’t leave things to last minute. While the measure adds friction, it also increases protection for your money. Smart planning and awareness will help you navigate this safely.
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