Officers from the Anti-Scam Centre (ASC) collaborated with UOB to conduct a joint operation targeting money mules from 17 to 24 June 2024. More than 110 suspicious bank accounts containing a total amount over $400,000, which were allegedly used to facilitate scam related activities, were blocked or seized during the joint operation.
Using UOB’s in-house data analytic models and network detection capabilities, suspicious transactions and bank accounts exhibiting potential money mule behaviour were identified. ASC officers then worked closely with UOB to further identify account holders whose bank accounts were suspected to have been used for money laundering activity. More than 40 UOB bank accounts containing over $210,000 were seized by Police for investigations or internally blocked by UOB during this joint operation.
Simultaneously, the Police mounted island-wide raids and investigated 10 individuals, aged between 24 and 65, for their suspected involvement in relinquishing their bank accounts to scammers. Following the raids, the Police arrested a 40-year-old man and a 47-year-old woman. Preliminary investigations revealed that the duo had allegedly facilitated scams by:
- Selling Internet banking credentials and handing over the ATM card to scammers for a commission of about $300; and
- Relinquishing Internet banking to the scammer, purportedly to receive profits from a fake investment scheme.
Stemming from the joint operation and through information sharing, UOB identified and blocked an additional 74 bank accounts with money laundering concerns and withheld over $195,000 of tainted funds. Mr Daniel Ng, UOB’s Head of Group Compliance, said: “Safeguarding our customers’ assets is a priority for the Bank. We utilise technology, to reinforce our existing processes and controls, to detect and block suspicious transactions and accounts. We are also committed to working closely with the Police and other ecosystem partners to fight scams and deter money mule activities.”
Investigations are ongoing into various offences, including assisting another to retain benefits of criminal conduct and unauthorised disclosure of access code. The offence of assisting another to retain benefits of criminal conduct under Section 55A of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term of up to three years, or a fine of up to $50,000, or both. The offence of unauthorised disclosure of access code under Section 8A of the Computer Misuse Act 1993 carries an imprisonment term of up to three years, or a fine up to $10,000, or both.
The Police would like to advise members of the public to adopt the following precautionary measures:
- ADD – The ScamShield App and set security features (e.g., enable two-factor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow)
- CHECK – For scam signs with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available. Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to the seller. Always verify the seller’s profile through customer reviews and ratings.
- TELL – Authorities, family, and friends about this scam so they do not fall for it. Report the fraudulent pages to Facebook.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline 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 provided will be kept strictly confidential.
SINGAPORE POLICE FORCE
27 June 2024 @ 3:30 PM