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A 70-year-old man in Singapore lost about S$71,000 in two hours after he allegedly clicked on a malicious fake Google Play application on his phone.

The man, known as Loo (not his real name), told Shin Min Daily News that he had received a call from a DBS Bank staff at around 9am on Jan. 29.

The staff informed Loo that from 3am to 5am, multiple transfers of money were made from his account to foreign countries.

The amount transferred totalled S$71,000. 

Only about S$2,000 was left in his account.

Loo told the staff to freeze his account immediately.

Lost his pension in the process

Loo's S$30,000 pension, which he received in January, was lost.

More than S$6,000 was also charged to his credit card, which he has not repaid.

He subsequently reported the matter to the police and handed his phone over to them for investigation.

"The police said if the money has been transferred to a foreign country, I can't get it back. It is my hard earned money and it really hurts for it to be transferred away like this. This matter has caused me and my wife many sleepless nights," Loo told Shin Min.

Loo also insisted that he did not receive a one-time password (OTP), nor was he redirected to any alternative links.

This left him wondering how his account was compromised.

Loo said he shared his story to warn others.

Phone was compromised: police

Responding to Mothership's queries, a DBS spokesperson said police investigations revealed that Loo's phone was compromised by malware.

This can happen when one downloads applications laced with malware from unauthorised sites.

The malware allow hackers to "take control" of a mobile device to perform fraudulent online transactions.

"Given these circumstances, consumers will have to bear responsibility for exposure to malware, which led to their phones being compromised," the DBS spokesperson said. 

However, the spokesperson also mentioned that the bank has reached out to Loo to make a goodwill offer.

"Consumers can also consider seeking assistance from the Financial Industry Disputes and Resolution Centre Ltd. (FIDReC), which is an independent and impartial mediation party, and can be assured that DBS will fully support the review process," the spokesperson added. 

The Singapore police and the Cyber Security Agency of Singapore issued a joint statement on April 11 warning the public about downloading applications from third party or dubious sites.

They also advised the public on the steps to follow to be adequately protected.

Top photo via Shin Min Daily News