Singapore Authorities Issue Joint Warning Against Scammers Impersonating Officials From MAS

The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) have issued a joint advisory regarding scammers exploiting MAS' Register of Representatives e-service platform to impersonate officials from the regulator. Scammers are deceiving victims into believing that they are MAS officials, even though the Register of Representatives is not a list of MAS employees.

Since March 2025, at least three cases have been reported, resulting in losses amounting to at least $614,000.

In this scam variant, victims receive unsolicited calls from local numbers starting with "8xxx xxxx" or "9xxx xxxx," from individuals impersonating MAS officials. To bolster their credibility, the scammers instruct victims to verify their identity and registration number using MAS' e-service portal, the “Register of Representatives” (https://eservices.mas.gov.sg/rr).

The Register is a public record of representatives appointed by financial institutions to conduct regulated activities under the Securities and Futures Act and provide financial advisory services under the Financial Advisers Act. However, the Register is not intended as verification of MAS employees, and it alone cannot confirm whether the person on the phone is indeed the listed individual.

Next, the scammer alleges that the victim's bank accounts have been implicated in money laundering activities or that their personal data has been compromised. Victims are duped into disclosing sensitive information, such as bank account details, personal particulars, SingPass passwords, or one-time passwords to assist in “investigations”. 

In some cases, scammers even direct victims to transfer money to designated bank accounts that display a PayNow Payee name mirroring the victim’s own, further convincing victims of the legitimacy. Many victims only realize the scam once the fraudsters become uncontactable.

MAS emphasized that Singapore government officials, including MAS, will never request over the phone: money transfers, disclosure of banking details, installation of mobile apps from unofficial app stores, direct call transfers to the Police, except when calling 995 for life-threatening emergencies.

SPF and MAS urge the public to avoid transferring money or sharing personal details with unknown individuals and to be cautious even if the caller has their personal information, such as name or NRIC. Please also note that PayNow account names can be altered easily, so people shouldn’t believe scammers when they claim that a PayNow account has been opened in their name.