Singapore Authorities Seized $1.3 Million & Froze More Than 300 OCBC Bank Accounts Related to Scam Proceeds From Illegal Activities & Money Laundering
21st August 2024 | Hong Kong
In 2024 August, Singapore authorities had been reported to have seized $1.3 million (S$1.8 million) and froze more than 300 OCBC bank accounts related toscam proceeds from illegal activities & money laundering. On 16th August 2024, Singapore Police Force had released a statement: “The Singapore Police Force (SPF), in collaboration with the Hong Kong Police Force (HKPF) and INTERPOL, had successfully crippled a transnational money laundering syndicate operating in Hong Kong, which was responsible for laundering criminal proceeds deriving from Technical Support Scams perpetrated in Singapore and other scams in Hong Kong. Between January and July 2024, the SPF had received 185 reports pertaining to Technical Support Scams, resulting in total losses of at least SGD 17.9 million. In this scam variant, the victims would receive screen pop-ups on their laptops or desktops, claiming that their electronic devices had been compromised by malware and to seek immediate help from Microsoft or Apple technical support. The pop-up alerts would contain contact number(s) for victims to call for technical support. When victims called the number(s), scammers impersonating Microsoft or Apple tech support employees would claim that the victims’ devices had been compromised by “hackers” and were being used for illegal activities. Following this, the scammers would instruct victims to access websites and/or download software that would grant scammers remote access to their devices. Subsequently, the scammers would direct the victims to log into their i-Banking accounts on the pretext of helping to apprehend the “hackers”. When victims did so, the scammers would capture the victim’s internet banking ID and password. Thereafter, the scammers would use the remote access function to perform unauthorised transactions using the victim’s bank account. In some cases, the scammer would guide victims to create cryptocurrency accounts or provide One-Time Passwords to authorise i-Banking transactions. Victims would only realise that they had been scammed when they discovered unauthorised transfers or deductions from their bank accounts.”
“ Singapore Authorities Seized $1.3 Million & Froze More Than 300 OCBC Bank Accounts Related to Scam Proceeds From Illegal Activities & Money Laundering “
Singapore Authorities Seized $1.3 Million & Froze More Than 300 OCBC Bank Accounts Related to Scam Proceeds From Illegal Activities & Money Laundering
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
