A young man’s decision to sell his Singpass account details for S$8,000 led to the laundering of approximately S$220,000 from scam victims. The 21-year-old, Reign Lee Jing Yu, has now pleaded guilty to charges related to computer misuse and theft.
Lured by “Fast Cash”
In September 2022, Lee came across an online advertisement promising “fast cash” in exchange for opening bank accounts. Upon contacting the advertiser, he was offered S$8,000 for his Singpass login details, which would be used to open bank accounts. Lee, enticed by the offer, handed over his Singpass user ID and password.
Singpass, managed by the Government Technology Agency, serves as a digital gateway to various government services online.
Scam Proceeds Laundered
Using Lee’s Singpass details, two bank accounts were opened with CIMB and UOB. These accounts subsequently received S$136,483.60 and S$83,165, respectively, which were identified as proceeds from various scams. By the time authorities intervened, almost all the funds had been withdrawn, leaving a mere S$30 in the CIMB account. Contrary to the agreement, Lee never received the promised S$8,000.
Further Criminal Activities
In March 2023, Lee, claiming to have temporarily moved out of his parents’ home, sought shelter from a 40-year-old acquaintance. After being given access to the man’s flat, Lee proceeded to steal cash in various currencies, shopping vouchers, and Apple accessories, totaling over S$500 in value. When confronted, Lee confessed to the theft, promising repayment once he secured a job—a promise he has yet to fulfill.
Prosecutor’s Stance
Highlighting the significance of the Singpass system as “every Singapore resident’s trusted digital identity,” the prosecutor emphasized the risks associated with unauthorized disclosure of Singpass details. Such actions not only result in financial losses but also provide a shield for perpetrators, making investigations challenging.
The prosecutor also noted a concerning 64.5% increase in scam cases from the first half of 2022 to the first half of 2023.
Reign Lee Jing Yu’s actions serve as a stark reminder of the dangers of sharing personal and sensitive information, even when lured by seemingly lucrative offers. As scam cases continue to rise, individuals must remain vigilant and safeguard their digital identities.
Also learn about Money Laundering in the Digital Age: Remote Company Setups and Bank Accounts in Singapore.
