Singapore warns of scammers impersonating central bank officers

About 41 individuals have fallen victim to scammers, with $2.6m in losses.

The Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF) has warned the public of scammers pretending to be MAS officers.

Since 2023, a total of 41 individuals have fallen victim to the scammers, with total losses amounting to at least $2.6m.

Amongst typical modus operandi of the scam are victims receiving unsolicited calls from scammers impersonating bank officers and requesting for verification of banking transactions. When victims would then deny making such transactions or owning bank cards, the scammers would transfer them to another scammer claiming to be a MAS officer.

This second scammer would reportedly accuse victims of being involved in criminal activities. A third scammer may be involved, pretending to be from the police force.

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These scammers would then instruct victims to transfer money to so-called “security accounts.”

MAS and the SPF reminded the public that they will never ask the public to transfer monies, or control of their bank accounts or internet banking credentials.

“Never disclose your internet/mobile banking or credit card details such as bank account user ID, passwords, Personal Identification Numbers (PINs) or OTPs to anyone through phone, email or SMS/messaging applications,” MAS wrote in a press release. 

“Do not allow anyone to access your bank account(s) or Singpass, and do not authorise any authentication request via digital token or OTP if you did not initiate any internet/mobile banking transaction,” officials added.

MAS and SPF also encouraged members of the public to use the new feature introduced by DBS, OCBC and UOB to lock up their savings.