At least S$10.6 million lost to bank & government official impersonation scams in Jun. 2024

At least S$10.6 million was lost to scammers posing as government officials and bank officers in June 2024.

The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) issued a joint advisory, stating that there has been a recent uptick in government official impersonation scams and reminding the public on how to combat them.

In June alone, 63 cases were reported, according to a press release dated Jul. 27.

Modus Operandi

According to the release, victims would receive unsolicited calls from scammers posing as bank officers from local banks.

They will ask the victim to verify banking transactions that the victim had allegedly conducted via their bank accounts.

When the victim denies knowledge of such transactions, the scammer would then transfer the call to a second scammer who would pose as a government official.

The second scammer would accuse the victim of being involved in criminal activities such as money laundering.

They would ask the victim to transfer money to a specified bank account under the pretext of assisting in investigations and would assure them that the accounts were safety accounts designated by the government.

In some cases, the victim is transferred to a third scammer for further investigations by officials and asked to transfer more money to specific bank accounts.

Victims eventually realised that they had been fooled when scammers became uncontactable or when they verified the situation with banks or the police.

Authorities would never ask for information via call or text

The authorities said that government officials would never ask members of the public to transfer money or request their personal or banking information over the phone or through text message.

The government would also never ask members of the public to click on links that lead to bank websites or install apps and software from third-party websites.

To protect themselves from scammers, the public is encouraged to add safety features and enable two-factor authentication for online accounts, as well as check for signs of scams with official sources.

Anyone with information on such scams may call the police hotline at 1800-255-0000 or submit information online here.

Top photo via Singapore Police Force