The Police would like to alert the public to remain vigilant against fund recovery services scams, which claim to be able to help people recover monies lost to investment and other scams. Since Jan 2024, at least 29 cases were reported, with losses amounting to at least $1.2 million.
The general common approach (“modus operandi”) of this scam variant is:
Scammers may impersonate legal firms or financial services companies, contacting victims via calls, messages or emails offering to assist in recovering funds lost due to scams or investments. In other instances, victims would come across “fund recovery services” advertised online (e.g., on Facebook) and contact scammers for these “services”.
After the first contact, victims would be instructed to make upfront payments via bank transfers, cryptocurrencies, or virtual credits, claiming these as part of “administrative procedures”. In some instances, scammers may request victims’ banking credentials, debit/credit card details, or One-Time Passwords (OTPs) and use this information to access the victims’ bank accounts. In other instances, scammers would ask victims to download remote access software such as AnyDesk, which allows them to gain access to the victims’ devices and their bank accounts after the download.
Victims would subsequently realise that they had been scammed when their funds were not recovered as agreed, scammers became uncontactable, or when they checked with banks or the Police through official channels.
Members of the public are strongly advised to exercise caution with online services or websites offering to help recover funds lost to scams. Members of the public can check if a law firm is registered with the Legal Services Regulatory Authority (LSRA) using the LSRA directory at https://eservices.mlaw.gov.sg/lsra/search-lawyer-or-law-firm/. If the advertised law firm is not registered, it is likely to be a scam. Members of the public are also encouraged to adopt the following precautionary measures:
- ADD – Add the ScamShield App to protect yourself from scam calls and SMSes. Set security features (e.g. set up transaction limits for internet banking transactions, enable Two-Factor Authentication (2FA), Multifactor Authentication for banks and e-wallets).
- CHECK – Check for scam signs and with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). Avoid believing claims that they can help you to recover lost monies.
- TELL – Tell the authorities, family, and friends about scams. Report any fake comments or postings to the online platforms.
If you have any information relating to such crimes or are in doubt, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. All information will be kept strictly confidential. If you require urgent Police assistance, please dial ‘999’.
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!
Annex
Screenshots of Fund Recovery Services Scams ▼
SINGAPORE POLICE FORCE
29 February 2024 @ 12:30 PM