Victims lose at least S$1.2M to fund recovery service scam since January 2024: SPF

SINGAPORE: Since the beginning of January 2024, victims in Singapore have been defrauded of over S$1.2 million in 29 separate cases tied to individuals purporting to aid in the recovery of lost funds from scams.

In a statement released on Thursday (29 Feb), the police issued a cautionary reminder to Singaporeans to exercise vigilance in light of these fund recovery service scams.

The police said perpetrators of such scams often masquerade as legitimate legal entities or financial service providers, initiating contact with victims via phone calls, text messages, or email correspondence.

They extend offers of assistance in reclaiming funds lost to various scams or unsuccessful investments.

Instances have been reported where victims discovered these purported services through online advertisements, including platforms like Facebook, and subsequently reached out to the scammers themselves.

Images depicting a scam perpetrated by a fake fund recovery service, along with text communications received from scammer (Photo: SINGAPORE POLICE FORCE)

Victims were coerced into making upfront payments for administrative purposes, typically through methods such as bank transfers, cryptocurrency transactions, or the acquisition of virtual credits.

Some victims, in a further exploitation of trust, were manipulated into divulging sensitive information such as banking credentials, debit or credit card details, or one-time passwords (OTPs).

Alternatively, they were instructed to download remote access software such as AnyDesk, granting scammers unrestricted access to their personal devices and financial accounts.

AnyDesk, a remote desktop application facilitating independent access to computers and similar devices, becomes a tool for scammers to infiltrate victims’ devices and compromise their bank accounts.

In instances where scams unfolded, victims became cognizant of the deception when promised fund recoveries failed to materialize, communication with the scammers abruptly ceased, or upon verification from authoritative sources such as banks or law enforcement agencies.

“Members of the public are strongly advised to exercise caution with online services or websites offering to help recover funds lost to scams,” the police said.

The police also advised the public to verify the legitimacy of purported law firms by consulting the Legal Services Regulatory Authority (LSRA) directory.

Additional precautions advised include using ScamShield App to block scam calls/messages on phones, careful scrutiny for fraud signs, verifying with reliable sources, and sharing scam info with authorities, family, and friends.

Individuals possessing information pertinent to scams are encouraged to contact the police at 1800-255-0000 or furnish details via the online reporting portal at www.police.gov.sg/iwitness.

For additional insights and guidance, the public is directed to visit www.scamalert.sg or contact the anti-scam helpline at 1800-722-6688.