Singapore Banks Step Up Scam Defenses From Oct 15

From October 15, Singapore’s biggest banks will roll out new safeguards on digital transactions to protect customers from increasingly sophisticated scams. The move comes just weeks after the Singapore Police Force announced that 15 individuals would be charged for suspected roles in scam-related money mule activities. Twelve men and three women, aged between 18 and 35, were arrested in connection with scams ranging from impersonation and job fraud to e-commerce cons and loan schemes, with total losses exceeding S$8.8 million.

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Scams are not slowing down. They have grown more aggressive and more convincing, making it difficult even for savvy customers to tell a legitimate transaction from a fraudulent one. In response, banks are stepping in to close the gaps with stronger protections.

WHAT YOU SHOULD KNOW

DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered will enforce stricter rules on digital banking starting October 15. The safeguards apply to current and savings accounts, including joint accounts, with balances of at least S$50,000. If a transaction causes more than half of an account’s funds to be withdrawn within 24 hours, the safeguard is triggered. That transaction and any that follow will either be held for 24 hours or rejected outright. This pause gives victims a vital window to cancel the transfer if they realize they have been scammed.

These measures apply only to digital banking channels such as mobile apps and internet banking, while cash withdrawals at branches and ATMs remain unaffected. The Association of Banks in Singapore, which announced the move on October 3, has cautioned that customers may experience delays in legitimate digital payments and transfers, particularly for large or time-sensitive transactions like property purchases or stock trades. Customers are advised to plan such transfers ahead of time to avoid unexpected costs.

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While the new rules may cause some inconvenience, the scam cases highlight why they are necessary. Security measures already in place prevented an estimated S$78 million in scam losses during the first seven months of this year. Singapore’s financial system is not immune to the global wave of scams, but it has chosen to act decisively. Customers may have to trade a little convenience for peace of mind, and in the fight against scams, that trade-off may well be worth it.

Sources: 1,2, & 3

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The S$1 Million Dream: Can You Retire at 50?

For some Singaporeans, the dream of financial independence is not just a distant fantasy but a tangible goal. A recent survey conducted by CIMB Singapore in collaboration with the Nanyang Centre for Marketing and Technology reveals that 63% of respondents aim to achieve financial freedom between 40 and 60 years old. More than half believe that reaching at least S$1 million would free them from financial worries, and nearly three-quarters consider this target realistic. Yet only 43% feel confident in their ability to manage finances effectively to reach this milestone.

The study, which gathered insights from over 500 residents aged 26 to 60 in December 2024, also highlighted the anxieties that accompany these aspirations. Among those aged 40 to 50, 47% report feeling often or always anxious about their financial future. The obstacles are familiar: high living costs, family responsibilities, and limited income streams. Surprisingly, gaps in financial literacy persist. While insurance ranks among the top three tools for building wealth, alongside savings and stocks, 39% of respondents remain unsure of its effectiveness as an investment vehicle.

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Financial analyst Albert Tan suggests that early and disciplined planning can turn this dream into reality. A 25-year-old aiming to retire at 50, investing $1,000 monthly with annual increases of 3%, could potentially accumulate over S$1 million by their target age, assuming a 7% annual return. Tan notes that this approach does not account for other life priorities such as property purchases or family expenses, and relies on consistent wage growth, which is not guaranteed for everyone.

CPF savings remain a critical pillar in the retirement plan. Securing the Full Retirement Sum in a CPF Special or Retirement Account by age 55 could provide a reliable monthly payout of around S$1,700 from 65, supporting long-term financial stability.

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Ultimately, achieving financial freedom by 50 may be ambitious. However, with consistent investing, income growth strategies, and prudent CPF planning, it is far from impossible. For Singaporeans willing to map out their financial journey early, what once seemed like a distant dream could become a carefully planned reality.

Sources: 1,2, & 3

 

 

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Unlock Free Lounge Access with Your Credit Card

For frequent jetsetters, nothing feels more indulgent than stepping away from the crowded terminal and into the calm of an airport lounge. More than a waiting area, it is a sanctuary where you can settle into a plush seat, sip a complimentary drink, enjoy a hot meal, and even catch up on work without the usual airport frenzy.

This experience is no longer reserved for business class tickets or elite frequent flyers. With the right credit card, you can unlock a global network of lounges that quietly elevate your travel routine.

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At the top of the scale sits the American Express Platinum Card, often regarded as the gold standard for those who value both breadth and luxury. Cardholders earn 0.69 miles per S$1.60 spent locally and enjoy unlimited worldwide lounge access. The exclusivity comes at a steep cost with an annual fee of S$1,744, but for those who fly often, the comfort and convenience often outweigh the price.

For travelers seeking balance between cost and perks, the Citi PremierMiles Card has long been a crowd favorite. It offers 1.2 miles per local dollar and 2.2 miles per overseas dollar, along with two complimentary Priority Pass lounge visits per year at more than 1,300 airports. The annual fee of S$196.20 makes it a practical choice for those who may not travel every month but still want comfort when they do.

The DBS Altitude Visa Signature Card delivers strong value, especially for those who maximize overseas spending. Cardholders earn 1.3 miles per local dollar and up to five miles per overseas dollar, paired with two complimentary Priority Pass lounge visits each year. With an annual fee of S$196.20, it is a solid option for travelers who want their everyday spending to translate into meaningful travel rewards.

At the entry level, the Standard Chartered Journey Credit Card with an annual fee paying version extends a taste of premium travel. It earns 1.2 miles per local dollar and two miles per overseas dollar, plus two Priority Pass lounge visits annually. The annual fee of S$196.20 makes it an approachable choice for younger professionals or occasional travelers who want to enjoy the benefits of lounge access without overcommitting.

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In the end, the value of free lounge access depends on how often you fly and how much you prize comfort before takeoff. For some, unlimited entry is worth every dollar of the fee. For others, a couple of complimentary visits each year provide the right balance. What is clear is that modern credit cards are reshaping the way we travel, making airport lounges less of an exclusive privilege and more of a practical perk.

Sources: 1 & 2

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Are Watches Good Investments in Singapore?

In a city where wealth and taste often go hand-in-hand, watches have become more than mere instruments of time. They are symbols of achievement, status, and a discreet yet powerful way to showcase success. Some wear them for the satisfaction of being noticed, others see them as treasured collectibles, while serious investors treat them as tangible assets with the potential to grow in value.

Knight Frank’s Attitudes Survey 2021 highlighted just how strong this sentiment is. Among ultra-high-net-worth families in Singapore, watches ranked as the most popular passion investment. Nearly eight in ten families surveyed expressed a preference for collecting timepieces over art, cars, or wine. Auction houses have taken note. According to Alexandre Bigler, VP and Head of Watches at Christie’s Asia Pacific, Singaporean buyers have been a steady and vital part of the market over the past five years.

Local tastes reflect both tradition and innovation. Legendary names such as Patek Philippe and Rolex remain dominant with models like the Nautilus, Daytona, and Submariner continuing to command long waiting lists and impressive resale premiums. At the same time, watch collectors grew interest in independent makers such as MB&F, F P Journe, and Richard Mille.

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From an investment perspective, watches have a unique appeal. Their value is not tied closely to stock market swings, and high demand models have historically held firm even in downturns. A luxury watch is also a portable asset that can easily be carried or even passed on as a family heirloom. Market figures reinforce this confidence. The global luxury watch market was valued at S$53 billion in 2022 and is projected to expand to S$80 billion by 2030.

However, investors must be cautious. You see, the secondary market is crowded with counterfeits, making authentication essential. Liquidity is also uneven. A Rolex Submariner might attract buyers within days, while a lesser known watch could take years to sell at the right price. Maintenance and servicing costs can also reduce profits. For used watches, factors such as brand reputation, condition, rarity, and model popularity play a decisive role in long term value.

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So, are watches good investments in Singapore? The short answer is yes. For those with expertise and appreciation for fine craftsmanship, a carefully chosen timepiece is not only a marker of success but also one of the smartest investments you can wear.

Sources:1,2, & 3

 

 

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CPF Changes in 2025: What Young Singaporeans Should Know

As Central Provident Fund (CPF) marks its 70th anniversary, several key policy changes are being rolled out in 2025 to strengthen long-term financial security for Singaporeans. While many of these updates target older workers and retirees, younger adults are encouraged to understand these changes early to plan effectively for the future.

CPF CONTRIBUTIONS FOR SENIOR WORKERS INCREASED

Since earlier this year, CPF contribution rates for employees aged above 55 to 65 have gone up by a total of 1.5 percentage points. This includes an additional 1% from employees and 0.5% from employers. The aim is to help senior workers build stronger retirement savings as more choose to work beyond age 55. For younger workers, this underscores CPF’s commitment to retirement adequacy for all age groups.

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CPF SALARY CEILING HAS INCREASED

The CPF monthly salary ceiling has increased to S$7,400, up from S$6,800 previously. This change means that a larger portion of higher earners’ wages is now subject to CPF contributions. The ceiling will be raised again to S$8,000 in 2026. Although this change primarily affects those with higher salaries, it benefits long-term savings by increasing CPF contributions over time. This is something younger professionals can factor into their career and income growth.

SPECIAL ACCOUNT CLOSURE AT AGE 55

CPF members turning 55 this year will see their Special Account (SA) automatically closed. Funds are first transferred to the Retirement Account (RA), up to the Full Retirement Sum (FRS), where they continue to earn attractive long-term interest. Any remaining withdrawable balance is moved to the Ordinary Account (OA) and earns a lower interest rate.

Members can still transfer OA savings to their RA, up to the Enhanced Retirement Sum (ERS), to enjoy higher CPF LIFE payouts. Investments under the CPF Investment Scheme-Special Account are not affected and can be retained. Upon maturity or sale, the proceeds will first go to the RA, and any excess will be credited to the OA.

ENHANCED RETIREMENT SUM NOW S$426,000

The Enhanced Retirement Sum (ERS) has been increased to S$426,000, or four times the Basic Retirement Sum. Members who top up to this new limit at age 55 could receive CPF LIFE payouts of approximately S$3,300 per month from age 65, compared to around S$2,500 previously.

Even for those still far from retirement, it’s useful to understand how topping up early can maximize compound interest. CPF’s online tools like the Retirement Payout Estimator and Retirement Dashboard help members plan based on their age and financial goals.

EXPANDED MATCHED RETIREMENT SAVINGS SCHEME

Improvements have also been made to the Matched Retirement Savings Scheme (MRSS). There is no longer an age cap, and eligible members can receive government matching grants of up to S$600 per year for five years, totaling S$2,000.

Young adults can also support older family members by topping up their RA, helping them qualify for these matching grants while enjoying personal tax relief.

70TH CELEBRATION OF CPF

At CPF’s 70th anniversary celebration on July 5 and the launch of its commemorative book “Save & Sound: 70 Years of CPF”, Senior Minister Lee Hsien Loong reflected on CPF’s key role in every Singaporean’s life (i.e., from home ownership and family support to retirement). He also noted that Singapore’s CPF system is internationally recognized as one of the most effective in the world.

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For younger Singaporeans, this is the time to stay informed, track contribution limits, plan top-ups early, and help family members maximize their CPF benefits. To learn more, visit cpf.gov.sg or follow CPF’s official platforms.

Sources: 1 & 2

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