Police and banking authorities in Singapore are warning people to beware of a sophisticated impersonation scam that netted crooks $10.6 million in June alone.
In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from one of the local banks. The scammer would then ask the victim to verify banking transactions that the victim had allegedly conducted via their bank accounts.
When the victim denies knowledge of such transactions, the scammer would transfer the call to a second accomplice who would pose as a government official (usually from the Singapore Police Force or the central bank). The second scammer would accuse the victim of being involved in criminal activities such as money laundering and ask the victim to transfer monies to specified bank accounts under the pretext of assisting in investigations.
The scammers would assure the victims that the accounts were ‘safety accounts’ designated by the government. In some cases, the victim is transferred to a third scammer for ‘further investigations’ and asked to transfer more money to specified bank accounts.
All told, the fraudsters tricked 63 victims in June, with total losses amounting to $10.6 million.
