Singapore MAS & Police Issue Alert of Scams Involving Impersonation of MAS Officials & Representatives from NTUC Union, Income Insurance & Unionpay, $1.2 Million Losses Reported from at Least 6 Cases
15th March 2025 | Hong Kong
The Singapore Police Force and Monetary Authority of Singapore (MAS) have issued an alert of scams involving impersonation of MAS officials & representatives from NTUC Union, Income Insurance & Unionpay, with $1.2 million losses (S$1.7 million) reported from at least 6 cases. Singapore MAS (14/3/25): “The Singapore Police Force and Monetary Authority of Singapore (MAS) would like to alert members of the public to scams involving impersonation of MAS officials and representatives from NTUC Union and financial institutions (i.e. Income Insurance and Unionpay staff). Since January 2025, at least six cases have been reported to the police, with total losses amounting to at least S$1.7million. In this scam variant, victims would receive unsolicited calls from local mobile lines i.e. starting with “+65” or “8”, allegedly from NTUC Union, Income Insurance or Unionpay. Victims would be informed that there are outstanding premiums associated with a new or expiring life insurance policy under their name. Thereafter, they would be redirected to a second scammer purporting to be an Income Insurance or Unionpay staff who would request personal information from the victims, such as bank account details and personal credentials, under the pretext of verifying their policy details. Victims would then be informed that, unless they cancel the insurance policy, the outstanding fees would automatically be deducted from their bank accounts. To cancel the insurance policy, victims would first have to verify their bank accounts by performing bank transfers to a specified bank account. In some cases, victims would be guided in performing these transfers through WhatsApp’s screen-sharing function. Throughout the process, victims were given the assurance that their monies would be refunded upon successful cancellation of their insurance policies. In some cases, victims would be redirected to another scammer impersonating an MAS officer. This scammer would inform victims that their bank accounts had been implicated in money laundering activities or that their personal information had been compromised and they would have to transfer monies to a specified bank account to assist in investigations. Victims would comply and only realise that they had been scammed when the scammers became uncontactable, or when they did not receive the promised refunds. Income Insurance and Unionpay will never request personal information or payments to a personal bank account through unsolicited phone calls, emails, WhatsApp messages, or SMS. Any such requests should be treated as fraudulent. Payment for insurance policies are only done via Income Insurance’s secure payment portals such as its official customer portal, ME@INCOME, Interactive Voice Recognition (IVR) phone system, AXS, and internet banking bill payment.” See below for advisory:
“ Singapore MAS & Police Issue Alert of Scams Involving Impersonation of MAS Officials & Representatives from NTUC Union, Income Insurance & Unionpay, $1.2 Million Losses Reported from at Least 6 Cases “
Members of the public can report suspicious activity immediately to Income Insurance by calling the company’s hotline at 6788 1777 or visit its branches. Policyholders may also contact their advisors for assistance. More security tips are available at https://www.income.com.sg/security-advisory . Users of Unionpay can report suspicious activity via: UnionPay’s Help Center > Overseas Service Hotline > Asia > Singapore helpline. MAS would like to alert members of the public that MAS will not, at any time, ask you to transfer money or disclose personal or banking credentials. MAS also does not maintain any records of individuals’ financial or banking accounts, nor does it hold funds of individuals.
We would also like to remind members of the public not to disclose your personal details, send money or share your devices’ screen to unknown persons. Members of the public are also encouraged to adopt the following precautionary measures:
- a. ADD – Add the ScamShield App to block calls and filter SMSes. Set transaction limits that are adequate for daily expenses, and lower transaction notification thresholds. Alert the bank immediately of any suspicious activity in your bank account. Activate the Money Lock feature of your bank to “lock up” a portion of your money so that it cannot be transferred out digitally by anyone.
- b. CHECK – Check for scam signs with official sources such as the ScamShield App. Call and check with the 24/7 ScamShield Helpline at 1799.
- c. TELL – Tell the authorities, family, and friends if or when you encounter scams. If you suspect that you have fallen victim to a scam, call your bank immediately to block any fraudulent transactions and make a police report.
For more information on scams, members of the public can visit www.scamshield.gov.sg . Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Singapore MAS & Police Issue Alert of Scams Involving Impersonation of MAS Officials & Representatives from NTUC Union, Income Insurance & Unionpay, $1.2 Million Losses Reported from at Least 6 Cases
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