Singapore Police Blocked About 110 Money Mule Bank Accounts with Balances of Over $400,000

In June this year, the Anti-Scam Center (ASC) of Singapore worked with UOB and cracked down on money mule accounts, blocking more than 110 suspicious accounts with a balance of more than $400,000.

UOB monitored suspicious transactions and bank accounts that may have been involved in money mule activities through its internal technology and worked closely with ASC to further identify bank account holders associated with the illegal activities. With the cooperation of both parties, more than 40 UOB accounts were blocked or seized by the police for investigation.

In addition to this, the Singapore Police Force launched investigations into 10 suspects aged between 24 and 65 and arrested a 40-year-old man and a 47-year-old woman. The duo sold Internet banking credentials and ATM cards to fraudsters for commissions.

Daniel Ng, Group Head of Compliance at UOB, 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."