Overview of the Scam

A staggering $1.7 million has been swindled from unsuspecting victims since January, as police uncover a chilling pattern of impersonation scams. Scammers have cunningly lured victims with false claims of outstanding insurance premiums, a tactic that has left many citizens reeling.

Modus Operandi

In this alarming scheme, victims received calls from individuals posing as representatives from major establishments, including NTUC Union, Income Insurance, UnionPay, and the Monetary Authority of Singapore (MAS). Claiming that the victims had outstanding premiums linked to their new or expiring life insurance policies, these fraudsters laid the groundwork for their deceitful operation.

Extraction of Sensitive Information

After receiving these calls, victims were deceptively transferred to scammers masquerading as officials from Income Insurance or UnionPay. These impostors proceeded to extract sensitive information, such as bank account details and personal credentials. To further their ruse, they pressured victims into canceling their insurance policies to avoid automatic deductions for the alleged outstanding fees.

Use of Technology in Scams

In a disturbing twist, some victims reported being guided through WhatsApp’s screen-sharing function, where they were instructed to transfer money to specific bank accounts to "verify" their accounts. Others found themselves dealing with scammers who falsely claimed to be from MAS, asserting that their bank accounts had been implicated in money laundering activities or that their personal data had been compromised. Victims were coerced into transferring funds as a means of "cooperating" with the so-called investigations, with the false promise that their money would be refunded.

Aftermath and Warning

Unfortunately, once the funds were sent, the fraudsters vanished, leaving victims with nothing but regret. The police, alongside MAS, have emphasized that legitimate organizations such as NTUC Union, Income Insurance, and UnionPay will *never* request personal information or financial transactions through unsolicited communications. If you receive such a request, treat it as a fraud and report it immediately through Income Insurance’s hotline at 6788-1777.

Public Safety Measures

In response to this increasingly sophisticated scam landscape, officials urge the public to download the ScamShield app and set transaction limits that are proportional to daily expenses. It's crucial to verify suspicious requests through official channels or by contacting the 24-hour ScamShield helpline at 1799.

Conclusion

To ensure your safety and safeguard your financial information, visit www.scamshield.gov.sg for comprehensive resources on identifying and reporting scams. Stay vigilant, Singapore! Don't let these scammers exploit your trust.