On 11 January 2024, the Anti-Scam Centre (ASC) partnered and worked with Standard Chartered Bank (SCB) to avert losses of approximately S$1.5 million in an investment scam.
In this case, a 71-year-old victim made initial payment on investments presented by a foreign acquaintance. Encouraged by the promise of quick returns on the investments, the victim believed in the legitimacy of the investments and progressively made further large-sum transfers to different bank accounts as instructed by the scammer.
Through proactive analysis and detection, both the ASC and SCB’s anti-fraud team detected the large-sum transfers made from the victim’s bank account. ASC then sent a SMS notification to the victim to be wary of scams. In order to protect the victim, SCB’s anti-fraud team also temporarily suspended the victim’s access to digital banking and initiated contact with him.
Leveraging insights from SCB’s ongoing Fraud Risk Awareness Training programme, the victim was interviewed by the Bank’s Relationship Manager on the purpose of the transactions. However, the victim was not convinced that it is a scam. Based on the red flags, the case was subsequently referred to the ASC where officers swiftly engaged the victim and successfully convinced the victim about the scam. The timely intervention by ASC and SCB officers had prevented the victim from potential losses amounting to approximately S$1.5 million.
The Police would like to alert the public to remain vigilant against Investment scams, where scammers would approach victims through social media platforms, communications and dating applications that include Facebook, Instagram, Telegram, WhatsApp, Coffee Meets Bagel and Tan Tan. Scammers would introduce “investment opportunities” such as cryptocurrencies, forex or stocks/shares and would direct the victims to deposit monies into these “lucrative investment opportunities”. Upon payment, they victims would then realise that they could not withdraw their monies.
ACT Against Scams
The Police urge members of the public to “ACT” against scams. The ACT acronym outlines how members of the public can Add security features, Check for signs, and Tell the authorities and other about scams.
- ADD – ScamShield App and security features (e.g. enable Two-Factor Authentication (2FA), Multifactor Authentication for banks and set up transaction limits for internet banking transactions). Never install software from unverified sources as they may be remote access software allowing others to observe what you do on your device or even take control of it. Additionally, you should never allow others to watch you enter your personal particulars, bank login details, or Singpass ID, passwords and 2FA details such as SMS-One-Time-Password and Singpass app passcode.
- CHECK – For scam signs with official sources or websites. Verify the authenticity of the information by:
- Asking as many questions as needed to understand investment opportunities fully. If the company is unable to answer or avoids answering any questions, be wary;
- Checking on the company, its owners, directors, and management members to assess if investment opportunities are genuine; and
- Confirming the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives, and Investor Alert List on the MAS’ website (www.mas.gov.sg).
- TELL – Authorities, family, and friends about scams. Report any fraudulent transactions to your bank immediately!
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Mr. Brandon Ong, Senior Associate Director, Priority Private, SCB (right) raising suspicion to Ms. Lee Cai Ting, Fraud Risk Management Analyst, SCB (left)▼
ASP Christo Lim, Senior Investigation Officer, Anti-Scam Centre, Singapore Police Force (left) performing analysis work with Mr. Rajendaran S/O Rajoo, Manager, Fraud Risk Management, SCB (right) ▼
SINGAPORE POLICE FORCE
16 January 2024 @ 7:38 PM