The Monetary Authority of Singapore is facing the same problem Bank Negara is facing, of scammers impersonating as officials from the Central Bank and going around conning people.
The Singaporean Police Force together with MAS is warning the public after least 41 victims have reported of such incidents ,with total losses amounting to at least $2.6 million.
According to MAS, the typical modus operandi of the scam is, victims would receive unsolicited calls from scammers impersonating bank officers and requesting for verification of banking transactions allegedly conducted by them. When victims denied making such transactions or possessing such bank cards, the scammer would transfer the call to a second scammer claiming to be an officer from the MAS.
This second scammer would accuse victims of being involved in criminal activities (e.g., money laundering, fraud). Victims may be transferred to a third scammer pretending to be an SPF officer for “further investigation”.
Under various pretexts (e.g., investigation, resetting credit card magnetic stripe, processing of “government insurance policy”), scammers would instruct victims to transfer money to “security accounts” – specified bank accounts supposedly designated by SPF, MAS or other authorities, or request for victims’ banking credentials, credit card details, or One-Time Passwords (OTPs).
Victims would realise that they had been scammed when culprits become uncontactable or when they subsequently verify their situation with the banks or with SPF through official channels.
The modus operandi is similar to Malaysia and the Central Bank has issued numerous advisory notices to be aware of such tactics employed by scammers.
