An elderly man in Singapore would have lost S$1.5 million to an investment scam, had the Singapore Police Force (SPF) and Standard Chartered Bank (SCB) not intervened in time on Jan. 11, 2024.

Made several "large-sum" transfers

According to a Jan. 16 police news release, the police's Anti-Scam Centre (ASC) and Standard Chartered Bank were alerted after the man made multiple transfers to different bank accounts, The Straits Times reported.

SPF said the transfers were of a "large sum", but did not reveal the exact figure.

The man made these transfers after a foreign acquaintance promised him quick returns on investment opportunities.

It is unclear if any of these transactions were successful.

Upon detecting the transfers, the ASC informed the man via SMS to be wary of scams while the Standard Chartered Bank anti-fraud team temporarily suspended the man's access to digital banking.

SPF said the intervention by the ASC and SCB officers' helped the victim avoid losses totalling about S$1.5 million.

Be alert

SPF said scammers usually approach targets through social media platforms or instant messaging and dating applications for investment scams.

The scammers would then promote investment schemes such as those involving cryptocurrency, foreign exchange or stocks, portraying them as lucrative opportunities.

Victims who invested in the purported schemes realise they have been scammed only when they find they cannot withdraw their money.

SPF advised the public to check and clarify information against sources, such as the Financial Institutions Directory, the Register of Representatives and the Investor Alert List on the Monetary Authority of Singapore’s website before making any investment decisions.

The public should also alert their friends and family about potential scams and report fraudulent transactions to their bank immediately.

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