February 01, 2024, 07:14 PM
At least S$13.3 million were lost to government official impersonation scams in December 2023.
In a joint advisory by the Singapore Police Force (SPF) and the Central Provident Fund (CPF) Board, at least 120 victims fell to such scams.
Out of the 120, three cases involved about S$488,000 being withdrawn from victims' CPF accounts from November to December 2023.
Scammers' mode of operation
The typical modus operandi of the government official impersonation scams is for victims to receive unsolicited calls from scammers impersonating bank officers.
These scammers would ask victims to validate allegedly suspicious banking transactions supposedly conducted by the victims.
When victims deny making such transactions or possessing such bank cards, the scammers would transfer the call to another scammer claiming to be a government official like the SPF or a Chinese official.
The second scammer would then accuse the victims of being responsible for criminal activities, such as fraud and money laundering.
Under various pretexts like supporting investigations or preventing the abuse of bank/ CPF accounts, scammers would instruct victims to transfer their monies to "security accounts", which are specified bank accounts supposedly designated by the "authorities".
The scammers may also request for the victims' banking credentials, credit card details, or one-time passwords.
For the cases involving CPF withdrawals, the scammers instructed victims to withdraw their CPF monies into their bank accounts before telling them to make further transfers or provide banking credentials.
Victims would only realise they have been scammed once scammers become uncontactable or when they verify their situation with the banks or with SPF through official channels.
"Government officials will never ask members of the public over the phone to (i) transfer monies to them; (ii) provide their banking credentials or CPF-related information such as CPF balances," SPF and CPF Board stressed.
CPF security measures
The CPF Board has implemented anti-scam security measures, such as setting a S$2,000 default daily limit for online withdrawals.
CPF members will also have the option to disable online withdrawals entirely by the CPF withdrawal lock.
CPF members will be subjected to Singpass Face Verification and a 12-hour cooling period to increase the daily withdrawal limit.
"These measures create friction for scammers and help to reduce losses, but ultimately, it is important that members of the public stay alert against the latest scam tactics and avoid falling prey."
If you like what you read, follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates.