Anti-Scam Centre joins forces with banks, prevents S$265,000 in scam losses

SINGAPORE: In a news release on Tuesday (5 Mar), the Singapore Police Force revealed that the Anti-Scam Centre (ASC) partnered with prominent financial institutions, including Standard Chartered (SC) Bank, OCBC Bank, DBS Bank, and HSBC Bank, to combat four separate scams in February 2024.

This collaborative effort successfully prevented approximately S$265,000 (US$197,527) in losses for the targeted victims.

Investment scams

In two separate instances of investment scams, a 71-year-old man and a 63-year-old man found themselves targeted by fraudsters.

In the first case, the 71-year-old victim was introduced to an investment opportunity by a 'friend' purportedly residing in Hong Kong.

This acquaintance, with whom the victim maintained contact through various messaging platforms, convinced him to transfer funds to a local corporate account on 3 February 2024, intending to invest in a fictitious F&B company allegedly owned by the 'friend.'

The scammer promised to match the victim's investment through a fake platform, creating an illusion of authenticity.

On 7 February 2024, under the 'friend's' guidance, the victim attempted to transfer over S$50,000 (US$37,270) from his Standard Chartered (SC) account for a non-existent supplier.

Detecting the suspicious transfers, SC's anti-fraud team promptly referred the case to the Anti-Scam Centre (ASC).

Engaging with the victim, ASC officers successfully convinced him of the scam, preventing further financial losses.

In the second case, a 63-year-old man fell victim to an investment scheme introduced by a female contact on Facebook.

Allured by the promise of quick profits, the victim made several transfers totaling more than S$250,000 (US$186,346) to different bank accounts.

The suspicious transactions caught the attention of HSBC, which promptly escalated the case to ASC on 15 February 2024.

ASC swiftly contacted the overseas victim, dissuading him from making additional transfers.

Simultaneously, ASC communicated with the receiving banks, successfully recovering more than S$90,000 (US$67,085) in the process.

Tech support and love scams

In the following cases, a tech support scam and a government official impersonation scam, as well as an internet love scam, were thwarted by the ASC and partner banks.

In the first case, a 74-year-old man received a pop-up notification on his laptop, alerting him to a supposed machine corruption.

Unaware of the potential scam, he called the provided helpdesk hotline, leading to a transfer to an alleged 'official from the Cyber Security Department.'

This individual claimed the victim's bank account was compromised and urged him to transfer over S$70,000 (US$52,177) to catch the scammers.

The victim went to the OCBC Bedok branch for the overseas funds transfer, but a vigilant branch employee noticed red flags.

Seeking assistance from the OCBC Anti-Scam Unit, they placed a hold on the victim's account, preventing further transactions.

The ASC engaged with the victim, successfully stopping additional transfers.

On 21 February 2024, the ASC and DBS collaborated to prevent an internet love scam, saving more than S$50,000 (US$37,270) in potential losses.

In this case, a 78-year-old man was befriended on Facebook by a female who claimed financial difficulties and requested a loan.

The victim followed instructions and transferred money.

The scammer then promised repayment through a parcel but asked the victim to pay customs taxes, logistics holding fees, and an additional foreign currency transaction fee.

The DBS Anti-Scam Team detected these red flags and took immediate action to block the suspicious transaction and the victim's internet banking access.

When the victim visited a DBS branch, vigilant staff noticed discrepancies, escalating the case to the ASC.

ASC officers met with the victim, convincing him to halt a withdrawal exceeding S$50,000 (US$37,270) on the same day.

"The collaborative efforts between ASC and the banks underscore the importance of quick intervention actions to foil the evolving scam tactics employed by the scammers," the police stated.

Police advise the public to take precautionary measures against scams by using the ScamShield App and enabling security features like Two-Factor Authentication (2FA) and Multifactor Authentication for banks.

To stay informed about scam signs from official sources, utilize the ScamShield WhatsApp bot at https://go.gov.sg/scamshield-bot, contact the Anti-Scam Helpline at 1800-722-6688, or visit www.scamalert.sg.