Singapore MAS & Police Issue Alert to Public on Rise of Government Official Impersonation Scams Posing as Banks & Government Officials with $89 Million Lost in 1,100 Cases from 2024 January to October, Scammers Impersonate Banks Including DBS, OCBC, UOB & Standard Chartered Bank
2nd December 2024 | Hong Kong
The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) have issued an alert to the public on the rise of government official impersonation scams posing as banks & government officials with more than $89 million (S$120 million) lost in more than 1,100 cases from 2024 January to October. The scammers impersonate banks including DBS, OCBC, UOB & Standard Chartered Bank. Singapore MAS (30/11/24): “The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) would like to alert members of the public to a recent rise in Government Official Impersonation Scams featuring the impersonation of banks and government officials. From January to October 2024, there have been at least 1,100 cases reported, with total losses amounting to at least $120 million. This is almost double – compared to at least 680 cases reported with total losses amounting to at least $67 million in the same period in 2023. In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from DBS, OCBC, UOB or Standard Chartered Bank. The scammer would inform the victim that a credit card has been issued under the victim’s name, or that there were suspicious or fraudulent transactions detected in the victim’s bank account, and would ask the victim to confirm these financial transactions. When the victim denies knowledge of such transactions, the scammer would transfer the call to a second scammer who would impersonate a government official (from SPF or MAS). These calls could at times be in the form of video calls, with the scammers dressed as SPF/MAS officers with fake badges, against a backdrop with the agency’s logo. The communication between the second scammer and the victim may subsequently be moved to messaging applications such as WhatsApp. In some instances, the scammers may provide fake warrant cards or fake official documents to lend credence to their deceit. The scammers would accuse the victim of being involved in criminal activities such as money laundering and ask the victim to transfer monies to “safety accounts” designated by the government to assist in investigations. Victims would only realise that they had been scammed when the scammers become uncontactable or when they seek verification of the status of their cases with the banks or SPF.” See below for Monetary Authority of Singapore (MAS) notice:
“ Singapore MAS & Police Issue Alert to Public on Rise of Government Official Impersonation Scams Posing as Banks & Government Officials with $89 Million Lost in 1,100 Cases from 2024 January to October, Scammers Impersonate Banks Including DBS, OCBC, UOB & Standard Chartered Bank “
Monetary Authority of Singapore (MAS) Notice
MAS would like to inform members of the public that banks will not transfer calls to any party outside the bank, such as the Police or Government officials. Members of the public are also encouraged to adopt the following precautionary measures against scammers:
- ADD – Add security features (e.g. enable International Call Blocking options on mobile devices, Two-Factor Authentication (2FA) or Multifactor Authentication for online accounts, or Money Lock your bank accounts to further secure a portion of your savings).
- CHECK – Check for scam signs with official sources such as the ScamShield helpline (1799). You can also check the legitimacy of suspicious messages, phone numbers and website links via the ScamShield app or visit the ScamShield website at www.scamshield.gov.sg. Police will never ask you to transfer your money into a “safety account” with banks or the SPF at the commencement of Police investigations. Never disclose your personal information (including SingPass and CPF-related information), internet banking and social media account details, and One-Time Passwords (OTPs) to anyone through phone, email or SMS/messaging applications. Always monitor the transaction alerts sent by your bank.
- 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.scamshield.gov.sg or call the ScamShield Helpline at 1799. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Singapore MAS & Police Issue Alert to Public on Rise of Government Official Impersonation Scams Posing as Banks & Government Officials with $5.1 Million Lost from More than 100 Cases in 2024 September, Scammers Impersonate Banks Including DBS, OCBC, UOB & Standard Chartered Bank
12th October 2024 – The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) have issued an alert to the public on the rise of government official impersonation scams posing as banks & government officials with $5.1 million (S$6.7 million) lost from more than 100 cases in 2024 September. The scammers impersonate banks including DBS, OCBC, UOB & Standard Chartered Bank. Singapore MAS (10/10/24): “The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) would like to alert members of the public to a recent rise in Government Official Impersonation Scams featuring the impersonation of banks and government officials. In September 2024, there have been at least 100 cases reported, with total losses amounting to at least $6.7 million. In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from DBS, OCBC, UOB or Standard Chartered Bank. The scammer would inform the victim that a credit card has been issued under the victim’s name, or that there were suspicious or fraudulent transactions detected in the victim’s bank account, and would ask the victim to confirm these financial transactions. When the victim denies knowledge of such transactions, the scammer would transfer the call to a second scammer who would impersonate a government official (from SPF or MAS). These calls could, at times be in the form of video calls, with the scammers dressed as SPF/MAS officers with fake badges, against a backdrop with the agency’s logo. The communication between the second scammer and the victim may subsequently be moved to messaging applications such as WhatsApp. In some instances, the scammers may provide fake warrant cards or fake official documents to lend credence to their deceit. The scammers would accuse the victim of being involved in criminal activities such as money laundering and ask the victim to transfer monies to “safety accounts” designated by the government to assist in investigations. Victims would only realise that they had been scammed when the scammers become uncontactable or when they seek verification of the status of their cases with the banks or SPF. Members of the public are encouraged to adopt the following precautionary measures against scammers: 1) ADD – Add security features (e.g. enable International Call Blocking options on mobile devices, Two-Factor Authentication (2FA) or Multifactor Authentication for online accounts, or Money Lock your bank accounts to further secure a portion of your savings). 2) CHECK – Check for scam signs with official sources such as the ScamShield helpline (1799). You can also check the legitimacy of suspicious messages, phone numbers and website links via the ScamShield app or visit the ScamShield website at www.scamshield.gov.sg . Police will never ask you to transfer your money into a “safety account” with banks or the SPF at the commencement of police investigations. 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. 3) 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.scamshield.gov.sg or call the ScamShield Helpline at 1799. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!”
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