Members of the public should not transfer money or give up their personal details to unknown people. - Photo: ST
SINGAPORE: At least $614,000 has been lost to scammers impersonating officials from the Monetary Authority of Singapore (MAS) since March, with the authorities warning the public to be alert to such scams.
In a joint statement on Wednesday (April 2), the police and MAS said that scammers have been exploiting the Register of Representatives online portal to trick victims into believing they are MAS officials.
The scam would see victims receiving unsolicited calls with local numbers starting with “8” and “9” from people posing as MAS officials, said the authorities.
To seem more credible, the scammers would ask victims to look up their names on the Register of Representatives portal to verify their identity and registration number.
But the register is not a list of MAS employees.
It is a public record of individuals who conduct regulated activities under the Securities and Futures Act, and provide financial advisory services under the Financial Advisers Act.
In any case, the website alone cannot be used to verify whether the person on the phone is indeed the listed individual, the authorities noted.
The victim would then be told that their bank accounts had been used in money laundering activities or that their personal information had been compromised, and be tricked into thinking they are under investigation.
Believing that they are aiding the investigation, victims would give away personal information, such as bank account details, personal particulars, Singpass password or one-time passwords, or transfer money to a specified bank account.
In some cases, the designated bank account would reflect a PayNow payee display name that mirrors the victim’s name, further convincing the victim that the account is legitimate.
The ruse would come to light after the scammers become uncontactable.
Government officials, including those from MAS, would never ask people to transfer money, disclose banking details or install mobile apps from unofficial app stores over the phone, said the joint statement.
Officials would also never transfer a call directly to the police, unless you call 995 for life-threatening emergencies, it added.
The public should not transfer money or give up their personal details to unknown people.
“Note that PayNow account names can be changed easily, so do not believe scammers when they claim that a PayNow account has been opened in your name,” said the police and MAS. - The Straits Times/ANN
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