On 12 March 2025, the Singapore Police Force (SPF), Monetary Authority of Singapore (MAS), and Cyber Security Agency of Singapore (CSA) have issued a Joint Advisory on Scams Involving Digital Manipulation, warning the public about scams using Artificial Intelligence (AI) to create deepfake media. These scams target businesses by impersonating high-ranking executives through manipulated video calls, deceiving employees into transferring corporate funds to fraudsters.
The advisory aims to create awareness about a new scam variant where fraudsters impersonate senior executives from victims’ companies using AI-generated digital manipulation. Victims receive unsolicited WhatsApp messages inviting them to a Zoom video call, where the scammers alter their appearance to mimic high-ranking executives. In some cases, fraudsters also impersonate MAS officials or potential investors.
Once engaged, victims are instructed to transfer corporate funds under false pretences, such as business payments, project financing, or investments. Some victims are also asked to disclose personal details, including NRIC and passport information. To reinforce the deception, victims are introduced to a second scammer, pretending to be a legal counsel, who sends fake documents such as Non-Disclosure Agreements or Board Letters to their personal email accounts. Victims typically realise they have been scammed when the fraudsters become uncontactable or upon verifying with their actual company executives.
The SPF, MAS, and CSA have urged businesses to adopt strict verification protocols to prevent falling victim to such scams. Key recommended measures include:
- Verifying video calls and messages purporting to be from senior executives through established internal communication channels.
- Being cautious of sudden or urgent fund transfer requests and confirming them directly with the relevant department.
- Analysing video call elements for signs of AI manipulation, including audio and visual inconsistencies.
- Never disclosing personal or confidential business information to unknown parties.
- Training employees on scam awareness, especially those handling corporate fund transfers.
- Immediately reporting suspected fraud to banks and law enforcement to block transactions and prevent financial loss.
The advisory, issued on 12 March 2025, elaborates on an emerging cybersecurity threat with the increasing use of AI-driven fraud tactics. The authorities emphasise that MAS does not request personal banking details or fund transfers, urging businesses and individuals to verify suspicious communications through official channels. The 24/7 ScamShield Helpline (1799) and ScamShield website (www.scamshield.gov.sg) have been provided as resources for further information.
(Source: https://www.mas.gov.sg/news/media-releases/2025/joint-pnr-by-spf-mas-and-csa)
