In December, at least $13.3 million was lost to impersonation schemes involving government officials

In December, at least $13.3 million was lost to impersonation schemes involving government officials

In December, at least $13.3 million was lost to impersonation schemes involving government officials

SINGAPORE: On Thursday, February 1, the police and the Central Provident Fund (CPF) Board alerted the public about a fraud in which con artists pose as public servants.

Last December, at least 120 people fell for these con artists, losing at least S$13.3 million (US$9.9 million).

In three of these situations, during November and December 2023, about S$488,000 in CPF funds were lost.

According to a joint press statement from the CPF Board and the police, fraudsters posing as bank employees often phone victims without permission.

The purported "suspicious banking transactions" that the victims had undertaken were questioned.

Once the victims declined to carry out these transactions or provide such bank cards, the con artist would forward the call to another con artist assuming the identity of an official from the government. Scammers have previously impersonated Chinese authorities or police personnel.

Secondly, the con artist will allege that the victims are accountable for illegal actions like money laundering or fraud.

Subsequently, they will be requested to move money to "security accounts," which are special bank accounts that are purportedly kept up to date by "officials." This will all happen under the guise of aiding with the investigation or preventing bank and CPF account abuse.

Scammers may also ask for one-time passwords (OTPs), banking credentials, or credit card information. In the three incidents mentioned above, victims were urged to move their CPF money to personal bank accounts.

Afterwards, they were told to send more money or give the con artists their financial information.

It was only after the con artists vanished from sight or when the victims verified their circumstances to banks or law enforcement that they came to understand they had been duped.

Government representatives will never urge the public to send money to them, provide their banking information, or disclose information about their CPF over the phone, the police and the CPF Board emphasized.

In an effort to better shield its members from fraud, the CPF Board put in place a number of security measures in November, one of which was to make S$2,000 the daily default limit for online CPF withdrawals.

By turning on the CPF Withdrawal Lock, members may prevent online withdrawals.

The increase in the daily withdrawal cap is contingent upon a 12-hour cooling-off period and SingPass face verification.

The police and CPF board said that although these steps make it more difficult for con artists to commit fraud and lessen losses, it is ultimately crucial that the public be aware of the most recent techniques used by fraudsters in order to prevent becoming a victim.

In September of last year, police said that in the first half of 2023, Android malware scams cost at least S$218,000 in CPF funds.

Anyone in the public with knowledge about these scams can report it online or by calling the police hotline at 1800-255-0000.