SINGAPORE: Bank customers should stay vigilant against fraudsters who pose as government officials and trick them into buying gold bars amid rising gold prices.
In 2025, UOB thwarted six cases of gold-related scams, preventing losses of more than $1.2 million. The largest case involved 5kg of gold valued at around S$700,000 at the time.
Daniel Ng, UOB’s head of group compliance, said gold schemes “resurfaced as a trending modus operandi” in impersonation scams in 2025, fuelled by the surge in gold prices.
UOB, which is the only local bank here that offers the sale and purchase of physical gold bars and bullion coins, said such scams remain a concern.
In January, a bank customer in his late 70s visited UOB’s main branch in Raffles Place, accompanied by a younger relative, and asked to buy nearly $1 million worth of gold bars.
The relative, who did not know the reason for their visit, grew concerned when she heard the request and asked the bank’s staff for help.
UOB deputy branch manager Denethor Wong said: “The customer was not willing to tell us what was happening at first, and appeared to be very nervous or afraid.
“So I brought him to a meeting room and told him it was a safe environment where nobody could observe him, and asked him to share what had happened.”
The bank learnt that the customer had received a call from an “official from MAS” who told him he was being investigated for money laundering and instructed him to buy gold bars for “inspection purposes”.
The caller also warned the man not to tell anyone about the matter.
In response to queries from The Straits Times, the police confirmed that a report was lodged and said they are looking into the matter.
“The scammers making these unsolicited calls typically impersonate bank staff or government officials and claim that the victim is linked to cases involving ‘suspicious financial activity’ or ‘misuse of identity’ to create anxiety and a sense of urgency,” said UOB’s Ng.
On Jan 23, UOB posted an advisory on its Facebook page to warn customers about such scams.
The authorities have warned of a rising trend where victims get pressured into withdrawing cash, purchasing gold bars and handing over these items to mules in person.
The public are reminded that government officials will never ask them to transfer money, withdraw cash or buy gold as part of investigations.
Individuals who are unsure about the authenticity of communications may verify them through official channels or call the ScamShield Helpline on 1799.
Scams should be reported to the police at www.police.gov.sg/e-services/lodge-police-report - The Straits Times/ANN
