MAS Issues Warning on Scammers Impersonating as Its Officers
The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) has warned today (December 21, 2023) the public on a Government Official Impersonation Scam variant, where scammers purportedly claim to be from, or be acting on behalf of, the MAS.
Since January 2023, there have been at least 41 victims, with total losses amounting to at least $2.6 million, note the regulatory bodies, and 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. 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.
MAS and SPF officers point out that they will never ask members of the public to transfer monies, or for the control of their bank accounts or internet banking credentials.
Besides, the officers warn the public not to disclose their internet/mobile banking or credit card details such as bank account user ID, passwords, Personal Identification Numbers (PINs) or OTPs to anyone through phone, email or SMS/messaging applications.
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