SINGAPORE - A personal banker allegedly cheated a customer of $220,000 through the sale of fictitious financial products by a local bank.

The accused, 30, who has lost his job, will be charged in court on Friday with cheating.

The police said in a statement on Thursday that they were alerted to the case on Dec 27, 2022. The victim is said to have been deceived into transferring the funds via seven transactions into four separate bank accounts.

“The (accused) had purportedly induced the victim into making these transfers under the pretext that it would be used for placements in the bank’s fixed deposits or investment in financial products which promised good returns,” the police said.

The accused was arrested by officers from the Commercial Affairs Department. Investigations revealed that he may be involved in other scams of a similar nature.

The police said banks in Singapore adopt a strict process when handling funds meant for fresh placements in a bank’s investment product.

As such, customers should be concerned if a bank officer instructs them to transfer funds to an unnamed bank account or a third-party bank.

It is also a red flag if a bank officer tells customers to hand over cash outside of the bank’s premises.

In a different case, a 26-year-old man allegedly cheated at least seven victims of $3,400 by advertising school bus services he did not fulfil.

The police said they received reports from victims who had purportedly engaged the man to ferry their children to and from school, but after the money was paid to him, he became uncontactable.

The man, who is believed to be involved in other scams, was arrested on Wednesday. He will be charged in court on Friday.

The police urged members of the public to engage service providers from reputable sources and avoid making advance payments or direct bank transfers.

“Scammers may entice buyers to make deposits before the services are provided, and they may also use a local bank account or provide a copy of a NRIC or driver’s licence to make you believe that they are genuine sellers.”

In a separate statement, the police warned against government official impersonation scams, saying that 148 victims have lost at least $182,000 since January 2023.

In 2022, $97.6 million was lost to such scams, according to statistics provided by the police on Wednesday.

Victims usually receive unsolicited phone or WhatsApp video calls purportedly from government agencies such as the Singapore Police Force or the Manpower Ministry.

The scammers would claim that there are issues with the victims’ bank account and ask them for their banking credentials and one-time passwords to resolve the problem.

“Victims may also be asked to show their identity cards, work permit or bank cards when speaking to these ‘officers’,” said the police.

They encourage members of the public to install the ScamShield app on their phones to screen out dubious calls and advised them to never share banking credentials with anyone over the phone.