Fraudulent Transactions on Your Bank Accounts? Beware, this "Bank Notice" May Sent by Scammers

The Singapore Police Force (SPF) is reminding the public to beware of Government Official Impersonation Scams.

Impersonation scams are occurring more frequently and causing more serious financial losses. From January to October 2024, the police received more than 1,100 reports of such scams, which resulted in a $120 million loss for those who reported them. Compared to 2023, the reports and the loss have almost doubled.

In this scam, scammers pose as staff of DBS, OCBC, UOB or Standard Chartered Bank and tell victims that a credit card has been created under their name or that suspicious or fraudulent transactions have occurred in their bank accounts, and ask them to confirm these transactions.

As the so-called credit cards and transactions are fabricated by fraudsters, the victims usually assert their innocence. At this point, the scammers refer the victims to “officials” from the “Singapore Police Force” or the “Monetary Authority of Singapore”.

These fake government agents often communicate with the victim on WhatsApp.

To enhance credibility, the imposters sometimes make video calls to the victims wearing fake badges and even provide forged official documents and other information.

At last, the impersonators ask victims to cooperate with the investigation and transfer money to a ‘safety account’ designated by the government.