Singapore Police Recover US$12.8 Million in Business Email Compromise Scam

Singapore police have recovered US$12.8 million lost by a petrochemical company in a business email compromise scam, according to an SPF announcement on October 29.

Fraudulent Payment Instructions

The Singapore-based company received revised bank details by email on October 1, 2026. When it spotted discrepancies, scammers supplied a fraudulent authorisation letter bearing its business counterpart’s signature and stamp.

The company transferred the money to a Cambodian bank account on October 13. It discovered the fraud on October 26 after its counterpart reported that payment had not arrived, and contacted police.

Full Amount Recovered

SPF’s Cyber Command worked with OCBC and the Cambodian National Police to trace and recover the entire sum.

Police advise businesses to confirm payment changes through independently verified phone numbers, train payment staff and secure email accounts with strong passwords, multi-factor authentication and protection software.

For questions about financial scams and investment platforms, visit BrokersView Q&A.

Related Reading

• Singapore Police Investigate 254 Suspected Scammers and Money Mules
• Singapore Tightens Online Scam Rules, Targets Financial Ads
• Singapore Arrests Woman Over Alleged Fun Coffee Crypto Investment Scheme