In a major move to strengthen digital banking security, Singapore’s leading banks have announced tighter controls on high-value fund transfers. Starting from 20 October 2025, all customers must verify and update their banking details to avoid potential transfer delays, account holds, or temporary transaction freezes.
This initiative is part of a collective industry effort coordinated by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to combat rising phishing, scam, and unauthorized transaction cases that have affected several users this year.
Why the Sudden Change?
Over the past year, the country has witnessed an alarming surge in digital scams and fraudulent transfers. Cybersecurity teams across major banks, including DBS, OCBC, and UOB, have been working around the clock to safeguard customer accounts.
According to industry reports, Singapore residents lost more than S$334 million to online scams in the first half of 2025, prompting regulators to urgently tighten transfer procedures. These measures focus particularly on high-value transactions exceeding S$10,000, a range increasingly targeted by sophisticated scam networks.
Key Changes Effective From 20 October 2025
Once the policy comes into effect, banks will impose stricter approval protocols on high-value transfers to both local and overseas accounts. Customers who fail to update their details or verify their identity by the deadline may face temporary holds or processing delays on outgoing payments.
Here’s what the new guidelines will include:
- Mandatory account verification: Users must confirm personal and contact details through their bank’s official mobile app or online portal.
- Revised transfer thresholds: Some banks will lower the maximum daily transfer limit unless additional verification measures are completed.
- Enhanced two-factor authentication (2FA): Any large transfer will trigger a double verification step, requiring biometric or digital token confirmation.
- Delayed processing for unverified accounts: Transactions submitted from unverified or outdated accounts after 20 October may be automatically paused for security review.
Which Banks Are Affected?
Every major retail and commercial bank in Singapore has joined this initiative. The Monetary Authority of Singapore has confirmed that the following institutions are part of the coordinated rollout:
- DBS Bank
- OCBC Bank
- United Overseas Bank (UOB)
- Standard Chartered Bank Singapore
- CIMB Bank
- HSBC Singapore
Each bank will notify customers individually via mobile alerts, email reminders, or official app notifications encouraging them to verify their accounts.
How to Update Your Account Details
Customers are urged to complete their account verification well before 20 October to prevent automatic transfer limitations. The process can be completed easily through online or mobile banking:
- Login to your bank’s official app or website. Avoid using links from SMS messages or third-party sources.
- Navigate to the “Profile” or “My Account” section to review your contact details, linked devices, and registered phone numbers.
- Update your NRIC, address, or email details if they have changed in the past year.
- Enable two-factor authentication (digital token or biometric login) if not already active.
- Confirm and save the changes, then sign out and sign back in to ensure the updates are recognized.
For users who prefer in-person assistance, banks have extended customer service counters and introduced priority queues for account verification through October.
What Happens If You Miss the 20 October Deadline?
Failure to update your banking details by the 20 October cutoff could lead to several restrictions. Depending on your bank’s policy, you may face:
- Temporary transfer holds on high-value or cross-border payments.
- Transaction rejections if attempted from an unverified account.
- Additional security checks requiring in-person verification before approval.
- Limited access to mobile banking features until verification is completed.
Banks emphasize that these restrictions are preventive, not punitive, and aim to shield customers’ funds from potential cyberattacks and fraudulent activities.
What This Means for Business and Personal Users
For small businesses and freelancers who frequently send or receive large payments, this change could temporarily slow transaction flow if account updates are delayed. Companies are advised to verify all linked corporate accounts, authorized signatories, and payment devices as soon as possible.
Individual customers—especially those making property payments, investment transfers, or overseas education expenses—should complete updates before the rush. Delaying until the final week could result in service congestion or extended system verification times.
Security First: Part of Singapore’s Digital Banking Evolution
This move is part of Singapore’s broader “Safe Digital Banking Framework”, introduced to make the nation’s financial ecosystem more resilient. Over the next few months, more advanced features like AI-based fraud detection, real-time SMS warning alerts, and enhanced account monitoring will roll out.
Authorities encourage users to remain alert and report any suspicious links, fake calls, or unauthorized login attempts immediately.
Take Action Now
Singapore’s banking landscape is entering a stricter but safer phase. To avoid disruptions or locked transfers, every customer—individual or corporate—should review and update their banking information before 20 October 2025.
Your next high-value transfer could be delayed if your details aren’t verified, so act early. Visit your official bank platform today or contact your bank’s hotline for assistance.