At least a dozen Singaporeans lost S$650,000 due to scams

At least 12 people in Singapore have fallen prey to fake bank SMS scams, and at least S$650,000 Singapore dollars have been lost. That is equivalent to RM228,701.

Scammers pretended as bank officials and offer victims fixed deposit scheme promotions, said the police in a statement, reported by a Singapore daily Lianhe Zaobao.

The victims would receive an SMS from unknown Singapore numbers, often claiming to be banks.

“If victims are interested, they can contact the phone number stated in the text message for further details. Upon answering the call, the scammer not only impersonates a bank employee but also provides fake credentials to deceive them.

“Scammers would also deceive victims into providing personal details, falsely claim that the information is for fixed deposit promotions and even claim that setting up bank accounts in their name,” the police said.

In some cases, forged bank statements would be sent to the victims by scammers to convince the victim that the new bank account is now registered under their name according to the statement.

Deposit them into ‘new’ accounts that belong to others

The scammers would then persuade the victims to deposit money into these bank accounts.

Often they would assured that these new accounts have been created for them or the account is being temporarily managed, to prevent the victims from verifying the truth of the situation.

“Victims only realized they have been deceived when they log into their banking app and find no changes in their transaction history.

“Some cunning scammers may even claim that there is an ‘activation period’ required for the account opening, further delaying the exposure of the scam,” the police said.

Victims who were smart enough to verify with the banks would find out that the account was registered under other people’s names.

The police reminded the public to protect themselves through the ‘ACT’.

“A stands for ‘Add’. Actively adding anti-scam measures like ScamShield.

“C stands for ‘Check. Always be vigilant for signs of fraud and ensure transactions are conducted through legitimate platforms.

“T stands for ‘Tell’. Promptly inform authorities upon encountering a scam to prevent further victims,” the police advised.