SINGAPORE — In the ongoing battle against online scams, the authorities might take up insurance policies to protect Singaporeans from Central Provident Fund (CPF) losses resulting from scams, Manpower Minister Tan See Leng said on Tuesday (July 4).
SINGAPORE — In the ongoing battle against online scams, the authorities might take up insurance to protect Singaporeans from Central Provident Fund losses resulting from scams, Manpower Minister Tan See Leng said on Tuesday .
“And in this case, CPF is both a mandatory saving scheme but also is a very, very big supplier, so it may be possible to secure a fairly competitive insurance rate for the purposes of doing this kind of additional protection.” Dr Tan on Tuesday said that although nine reports were made relating to CPF accounts, the authorities managed to stop the money from being successfully transferred out in one of the cases. The remaining cases involved a net loss of S$124,000 in CPF savings.He added, in response to Prof Lim, that the Government is considering insurance to protect victims against such losses.
“Thus far, we think that it is sufficient to effectively limit convenience in terms of the withdrawal of monies from the CPF accounts to their own bank accounts,” he added.
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