SPF and MAS Issue Joint Warning on Rise in Government Official and Banks Impersonation Scams

The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) have issued a joint advisory, alerting members of the public to a recent rise in Government Official Impersonation Scams featuring the impersonation of banks and government officials.

In September 2024, there have been at least 100 cases reported, with total losses amounting to at least $6.7 million, MAS said.

How do these scams work?

The victim would first receive an unsolicited call from a scammer posing as a bank officer—usually from DBS, OCBC, UOB, or Standard Chartered Bank. The scammer would claim a credit card has been issued in the victim’s name or suspicious transactions were found in the victim’s bank account, and would ask the victim to verify these transactions.

When the victim denies knowledge of such transactions, the scammer would transfer the call to the second scammer pretending to be a government official from SPF or MAS. These could sometimes be video calls with the scammers dressed as SPF/MAS officers with fake badges, against a backdrop with the agency’s logo. 

The second scammer then may move the conversation to messaging apps like WhatsApp. The scammers might show fake warrant cards or official documents to seem credible. They would accuse the victim of crimes like money laundering and ask the victim to transfer money to “safety accounts” for investigation purposes.

Victims would only realize they'd been scammed when they can't contact the scammers or when they verify their case status with the banks or SPF.

Precautionary measures against scammers

• Add security features (e.g. enable International Call Blocking options on mobile devices, Two-Factor Authentication (2FA) or Multifactor Authentication for online accounts, or Money Lock your bank accounts to further secure a portion of your savings).
• Check for scam signs with official sources (In Singapore, you can seek help from ScamShield). Check the legitimacy of suspicious messages, phone numbers, and website links. 
• Tell the authorities, family, and friends if or when you encounter scams. Report and block any suspected scam accounts and chat groups. If you suspect that you have fallen victim to a scam, call your bank immediately to report and block any fraudulent transactions as well as make a police report.

“Police will never ask you to transfer your money into a “safety account” with banks or the SPF at the commencement of police investigations,” the warning stated, adding: “Never disclose your personal information (including SingPass and CPF-related information), internet banking and social media account details, and One-Time Passwords (OTP) to anyone through phone, email or SMS/messaging applications. Always monitor the transaction alerts sent by your bank”.