Singapore Authority Warns the Public on Impersonating MAS Officers

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) issued an urgent warning to the public about a sophisticated scam. This scam, targeting unsuspecting individuals, involves fraudsters impersonating MAS officers. Since the beginning of 2023, this alarming scam has tricked at least 41 people, leading to a loss of over $2.6 million.

Understanding the Scams Modus Operandi

The scam unfolds in several stages:

1. Unexpected Contact: Victims receive unsolicited calls from individuals pretending to be bank officers, who inquire about banking transactions or card activities that the victim supposedly made.

2. False Accusations of Criminal Activities: Upon the victims denial of such transactions, the call is transferred to a second scammer, posing as an MAS officer, who falsely accuses the victim of being involved in crimes such as money laundering or fraud.

3. Escalating Deception: In some cases, a third scammer, claiming to be an SPF officer, gets involved, supposedly for 'further investigation'. Under various pretexts, such as 'investigating' the alleged crimes, 'resetting credit card magnetic stripes', or dealing with a 'government insurance policy', these fraudsters manipulate victims into transferring money to fake “security accounts” or divulging sensitive information like banking credentials, credit card details, or One-Time Passwords (OTPs).

4. Realization of the Scam: Victims usually realize the scam when the fraudsters become unreachable, or when they independently verify the situation with their banks or the official SPF channels.

Official Statement: MAS and SPF Never Solicit for Money Transfers

The public must understand that legitimate MAS and SPF officers will never request money transfers, control over bank accounts, or access to Internet banking credentials. Individuals should not disclose their banking or credit card details, such as account user IDs, passwords, Personal Identification Numbers (PINs), or OTPs to anyone via phone, email, or SMS/messaging applications. Unauthorized access to bank accounts or Singpass should never be granted.

Preventive Measures: How to Protect Yourself

To combat this scam, the public is advised to:

1. Add Layers of Security: Utilize the ScamShield App and enable security features like Two-Factor Authentication (2FA) and Multifactor Authentication for banks. Setting up transaction limits for Internet banking transactions, including PayNow, is also recommended.

2. Verify Suspicious Communications: Exercise caution with unsolicited messages or calls, especially those claiming to be from MAS or banks. Always verify through official sources such as the ScamShield WhatsApp bot, the Anti-Scam Helpline, or the official Scam Alert website. Remember, scammers might use the actual names of police officers to seem trustworthy.

3. Communicate and Report: Discuss any suspicious calls or messages with family, friends, and authorities. Avoid being pressured into impulsive actions by the caller. It is essential to report suspicious numbers to WhatsApp and Telegram for in-app blocking and inform your bank immediately about any fraudulent transactions.

Enhanced Banking Security Features

MAS and SPF are encouraging the public to utilize new banking features introduced by major banks like DBS, OCBC, and UOB. These features are designed to lock savings accounts, offering greater peace of mind and security against unauthorized digital transfers or payments.

Reporting and Seeking Assistance

If you suspect that you may be a victim of such scams, or have any information about these fraudulent activities, contact the Police Hotline. For urgent police assistance, call ‘999’. Your privacy and confidentiality are assured.

Final Caution and Advice

This scam poses a significant risk to personal finances. By remaining vigilant and adhering to the provided safety measures, you can protect yourself and your family from these deceitful and financially damaging scams. Awareness and preventive action are key to combating these threats.

For Further Information

For additional information or queries, please visit the MAS official website. Stay informed and safeguard your financial well-being.