The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a warning of scammers claiming to be from, or be acting on behalf of MAS, who have caused losses of at least SGD$2.6 million since January this year.
The financial regulator says that there have been at least 41 victimes. Typically, they would receive unsolicited calls from scammers impersonating bank officers and requesting for verification of banking transactions allegedly conducted by them.
"When victims denied making such transactions or possessing such bank cards, the scammer would transfer the call to a second scammer claiming to be an officer from the MAS. This second scammer would accuse victims of being involved in criminal activities (eg, money laundering, fraud). Victims may be transferred to a third scammer pretending to be an SPF officer for "further investigation," the MAS warnign states.
"Under various pretexts (eg, investigation, resetting credit card magnetic stripe, processing of "government insurance policy"), scammers would instruct victims to transfer money to "security accounts" - specified bank accounts supposedly designated by SPF, MAS or other authorities, or request for victims' banking credentials, credit card details, or One-Time Passwords (OTPs). Victims would realise that they had been scammed when culprits become uncontactable or when they subsequently verify their situation with the banks or with SPF through official channels."
MAS said neither itself or SPF officers would ever ask members of the public to transfer monies, or for the control of their bank accounts or internet banking credentials.
Additionally, it said: "Scammers may misuse the names of actual police officers to gain trust from the victims. Be alert to unsolicited messages or calls purporting to be from MAS or banks."
