Singapore MAS & Police Issue Public Alert of Increase of Government Official Impersonation Scams on Banks with $7.8 Million Losses from 63 Cases Reported in 2024 June, Impersonators Posing as MAS, Police & Banking Staff Typically from Singapore 3 Local Banks DBS, OCBC & UOB on the Pretext of Verifying Transactions or Assisting in Investigations
31st July 2024 | Hong Kong
The Singapore Police Force (SPF) & Monetary Authority of Singapore (MAS) have jointly issued a public alert of increase of Government Official Impersonation Scams on banks with $7.8 million losses (S$10.6 million) from 63 cases reported in 2024 June. The impersonators have posed as MAS, police & banking staff typically from Singapore 3 local banks DBS, OCBC & UOB, on the pretext of verifying transactions or assisting in investigations. Announcement (27/7/24): “The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) would like to alert members of the public to a recent uptick in Government Official Impersonation Scams featuring the impersonation of banks. In June 2024, there have been 63 cases reported, with total losses amounting to at least $10.6 million. In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from one of the local banks (i.e. DBS, OCBC, UOB). The scammer would then 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 transfer the call to a second scammer who would pose as a government official (usually from SPF or MAS). The second scammer would accuse the victim of being involved in criminal activities such as money laundering and ask the victim to transfer monies to specified bank accounts under the pretext of assisting in investigations. The scammers would assure the victims that the accounts were ‘safety accounts’ designated by the government. In some cases, the victim is transferred to a third scammer for ‘further investigations’ and asked to transfer more monies to specified bank accounts. Victims would only realise that they had been scammed when the scammers become uncontactable or when they subsequently verify the situation with the banks or SPF through official channels.” More info below:
“ Singapore MAS & Police Issue Public Alert of Increase of Government Official Impersonation Scams on Banks with $7.8 Million Losses from 63 Cases Reported in 2024 June, Impersonators Posing as MAS, Police & Banking Staff Typically from Singapore 3 Local Banks DBS, OCBC & UOB on the Pretext of Verifying Transactions or Assisting in Investigations “
Government officials will never ask members of the public to do the following over the phone or through text message:
- a. Transfer money to bank accounts;
- b. Request for their personal, banking, SingPass or CPF related information;
- c. Ask to click on links that lead to bank websites; or
- d. Ask to install apps or software from third party websites.
Members of the public are also encouraged to adopt the following precautionary measures:
- a. ADD – Add security features (e.g. enable International Call Blocking options on mobile devices, enable Two-Factor Authentication (2FA) or Multifactor Authentication for online accounts, Money Lock your bank accounts to further secure a portion of your savings).
- b. CHECK – Check for scam signs with official sources (e.g. call the Anti-Scam Helpline on 1800-722-6688 or visit www.scamalert.sg ), or with someone you trust. Never disclose your personal information (including SingPass and CPF-related information), internet banking and social media account details, and One-Time Passwords (OTP) to anyone through phone, email or SMS/messaging applications. Always monitor the transaction alerts sent by your bank.
- c. TELL – Tell the authorities, family, and friends if or when you encounter scams. Report and block any suspected scam accounts and chat groups. If you suspect that you have fallen victim to a scam, call your bank immediately to report and block any fraudulent transactions as well as make a police report.
If you have any information relating to such crimes or if you are in doubt, please call the Police Hotline at 1800-255-0000, or submit a report online at www.police.gov.sg/i-witness . All information will be kept strictly confidential. If you require urgent Police assistance, please dial ‘999’.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Singapore MAS & Police Issue Public Alert of Increase of Government Official Impersonation Scams on Banks with $7.8 Million Losses from 63 Cases Reported in 2024 June, Impersonators Posing as MAS, Police & Banking Staff Typically from Singapore 3 Local Banks DBS, OCBC & UOB on the Pretext of Verifying Transactions or Assisting in Investigations
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