Older People Might Need Face Verification to Log into Their CPF Accounts

By
Rachel Goh
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Last Updated on 2023-07-03 , 9:21 am

While the age of technology is convenient, it comes with the drawback of scammers finding more ways to scam people.

A joint advisory by Central Provident Fund (CPF) Board, GovTech and the Singapore Police Force (SPF) released on 29 June said that older people may need face verification to log into their CPF accounts.

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Here’s what you need to know if you’re lucky enough to withdraw your CPF funds.

CPF Login may Require Face Verification

CPF Board and GovTech said that they have introduced Singpass face verification to vulnerable groups.

Vulnerable groups include Android users and those aged 55 and above.

The statement said, “While this may make it less convenient for members to access CPF online services, we seek CPF members’ understanding that it might be better to be safe than sorry.”

Those interested to learn more about face verification for Singpass, CPF members can contact the Singpass helpdesk at 6335-3533 between 9 am and 6 pm.

In addition, people can visit www.go.gov.sg/Singpass-faq or visit any Singpass counter to learn more.

Reason Behind the Decision

According to the advisory, victims lost about $8 million in over 700 reported malware-related scams this year.

We’re barely halfway through the year, so this statistic is pretty concerning.

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The authorities were prompted to introduce Singpass face verification as it was discovered that at least eight of these scams involved CPF savings.

The authorities noted that the aggregate net loss amounts to $124,000.

It was reported that at least two Android users lost $99,800 of their CPF savings in June.

While the original police advisory did not state the victims’ ages, it is a known fact that CPF members can begin withdrawing some of their savings when they turn 55.

They had encountered advertisements marketing groceries on social media platforms like Facebook and contacted these businesses.

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According to the authorities, the victims were enticed by the discounts that were being promoted.

After contacting these businesses, the victim would be told that an app is needed to complete the purchase.

The victim would then receive a link to download an Android Package Kit (APK) from a non-official app store.

When the APK is downloaded and installed, the malware is installed on the victim’s phone.

Unfortunately, the malware allows the scammer to gain control over the phone.

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This also means that the scammer can steal banking information stored in the phone, allowing them to remotely log into the victim’s banking apps and change payment limits, add money mules as payees and transfer money to these mules.

The scammer would also be able to log every keystroke.

Furthermore, the scammer can delete evidence like SMS and email notifications of the bank transfer, so the victim didn’t even know that their savings have been wiped out.

The scammer can also log into the victim’s CPF account through Singpass to withdraw money.

The advisory noted, “Although CPF withdrawals can only be paid to a bank account verified to belong to the CPF member, the scammer can subsequently transfer the money from that bank account using stolen banking credentials from the phone.”

On 24 June, it was reported that nine people were arrested between 19 to 23 June for suspected involvement in such scams. 

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Rachel Goh
Email: [email protected]