Police and banking authorities in Singapore are issuing warnings about a sophisticated impersonation scam that defrauded victims of $10.6 million in June alone.
In this scheme, victims receive unsolicited calls from scammers posing as bank officers, often representing local banks. The scammer requests the victim to verify banking transactions that they allegedly conducted.
If the victim claims no knowledge of these transactions, the scammer transfers the call to an accomplice posing as a government official, typically from the Singapore Police Force or the central bank. This second scammer accuses the victim of involvement in criminal activities, such as money laundering, and pressures them to transfer funds to specific bank accounts under the guise of assisting with investigations. The scammers mislead victims by assuring them that these accounts are ‘safety accounts’ designated by the government.
In some instances, victims are transferred to a third scammer for ‘further investigations’ and asked to transfer additional funds to designated accounts.
In total, 63 victims fell prey to this scheme in June, resulting in substantial losses amounting to $10.6 million.