On 10 October 2024, the Singapore Police Force and the Monetary Authority of Singapore issued a joint advisory alerting the public to a surge in scams where perpetrators impersonate bank officers and government officials. The scam variant has seen at least 100 reported cases in September 2024, resulting in a total financial loss of $6.7 million. The advisory also outlines the method and practices used by the scammers to educate the public and provide precautionary steps for the public to avoid falling victim to such scams.
The Singapore’s advisory describes how victims fall for such scams. In a scam which begins with an unsolicited phone call to potential victims, and the scammer is impersonating a bank officer from major Singaporean banks, such as DBS, OCBC, UOB, or Standard Chartered Bank. The scammer typically claims that either suspicious activities or unauthorized transactions have been detected in the victim’s bank account, prompting them to verify these transactions.
When the victim denies knowledge of these activities, the call is escalated to a second individual impersonating a government official, supposedly from either the Singapore Police Force or the Monetary Authority of Singapore. In some cases, this interaction occurs through a video call, with the scammer presenting themselves in a police or government setting, complete with fake uniforms, badges, and official-looking backgrounds. To make the scam more convincing, fake documents or warrants may be presented. The victim is then accused of involvement in criminal activities such as money laundering and instructed to transfer money to a designated “safety account” under the guise of aiding an investigation.
These scammers takes advantage of victims’ fear and confusion. As the victims are threatened with criminal accusations, they are pressured into transferring their funds to these so-called safety accounts. The scammers often move the communication to messaging platforms such as WhatsApp, where they continue to deceive their victims. The realization that they have been scammed typically only occurs when victims find that the scammers are no longer reachable or when they attempt to verify the status of their case with the banks or authorities.
The Singapore Police Force and the Monetary Authority of Singapore urges the public to adopt three critical steps:
- Add security features such as International Call Blocking, Two-Factor Authentication (2FA), or Multifactor Authentication to secure accounts. Tools like Money Lock on bank accounts can help protect savings from unauthorized transactions.
- Verify any suspicious activity by checking with trusted sources, including using tools like ScamShield to confirm the legitimacy of messages or phone numbers. Importantly, the advisory stresses that the police will never request a transfer of funds to a “safety account” at the start of an investigation.
- Report the scam to the authorities, family, and friends. Victims should block suspected scam accounts, contact their bank immediately to stop fraudulent transactions, and file a police report.
The Singapore advisory emphasises and discussed the importance of community awareness in combating scams. It encourages the public to stay informed through official channels such as the ScamShield website and hotline, reminding everyone that working together is crucial to protecting the community from these crimes.
If anyone has information related to such scams, they are urged to contact the Police Hotline or submit an online report. Urgent police assistance can be sought by dialing ‘999’. The Singapore advisory claims that all information provided to aid and help the government authority to tackle such scams will be kept confidential, and resources will be made available for individuals to verify scam-related concerns.
