Police warn of bank-related scams after 10 people lose over $70,000

At least 10 people have fallen prey to banking-related phishing scams this month, losing more than $70,000.

The police issued an advisory yesterday warning the public of an increase in phishing scams where scammers impersonate bank staff and target victims through phone calls or SMS messages.

In one of these scams, people would receive phone calls from scammers pretending to be bank employees. Victims would be told that their bank cards may have been compromised and the callers would ask for the victims' bank account information to resolve the matter.

After the victims provide their bank account numbers, they would receive one-time passwords (OTPs) on their mobile phones. The callers would then ask the victims for the OTPs.

In another scam variant, victims receive an SMS message saying that there were issues with their credit or debit cards, and that they should dial the number included in the SMS for assistance. After calling the number, victims would speak to scammers who then ask for the victims' credit or debit card details and OTPs under the pretext of assisting them.

The victims would realise they had been scammed when they discover unauthorised transactions made from their bank accounts.

In February, the police said that victims in Singapore lost at least $633.3 million to scams last year.

Phishing scams involving SMS messages from scammers impersonating bank staff in Singapore have increased significantly, from 149 cases in 2020 to 1,021 last year.

Last Thursday, The Straits Times launched its Stop Scams microsite, which features stories on scams including first-hand accounts from victims, trends in scams, how international syndicates operate and advice by experts on what to do if one has lost money to scammers.

In January, ST started the Stop Scams initiative to educate the public on how to spot scams and avoid being duped. The microsite launch coincided with the inaugural Digital for Life Festival, which is organised by the Infocomm Media Development Authority. The festival ends on May 29.

Those with information about such scams are encouraged to call the police hotline on 1800-255-0000 or submit it at www.police.gov.sg/iwitness

Members of the public who require urgent police assistance can call 999.