In December 2023, Singapore witnessed a worrying surge in bank impersonation scams, with at least 103 individuals falling victim and collectively losing over S$161,000. This spike in fraudulent activity has raised alarms and prompted urgent warnings from the Singapore Police Force.
The Scam Mechanics
Scammers used spoofed SMSes, appearing as legitimate messages from banks, to warn victims of unauthorized access attempts on their accounts. These messages contained clickable links leading to fake banking websites, where victims were tricked into providing their internet banking credentials and one-time passwords (OTPs). The criminals then used this information to make unauthorized withdrawals.
The Sophistication of Scams
Some victims also received WhatsApp messages from individuals posing as bank security officers, providing forged bank statements showing unauthorized transactions. This added layer of deceit further convinced victims of the scam’s legitimacy.
Police Advisory and Preventative Measures
In response to these incidents, the Singapore Police Force has advised the public to set up security measures like transaction limits and enable two-factor or multifactor authentication for bank accounts and e-wallets. They emphasized that banks never send clickable links via SMS and urged the public to be vigilant about phishing websites and to never disclose personal or banking information.
Conclusion
This recent wave of bank impersonation scams serves as a stark reminder of the need for constant vigilance in the digital age. The public is advised to be cautious with their personal and banking details and to report any fraudulent transactions to their banks immediately.
Also learn about PM Lee Hsien Loong Warns Against Deepfake Scams in Wake of Bogus Videos and Protecting Your Savings: How to Avoid Money Scams in Singapore.
