Money mules: Scam syndicates use Telegram to recruit young people for bank and Singpass accounts; victims were cheated RM2.2 billion

Checks by a cyber security firm showed that there were 14 Telegram groups offering cash for Singpass accounts. - PHOTO: AFP

SINGAPORE (The Straits Times/ANN): Scam victims in Singapore lost a total of $660.7 million (RM2.239 billion) in 2022, up from US$632 million (RM2.111 billion) in 2021, figures released earlier in 2023 by the police showed.

To move money within Singapore and out of the country, scam syndicates often recruit money mules to provide bank and Singpass accounts.