Retiree scammed of S$1.19 million by fake officials impersonating police and bank officers

A 67-year-old retiree, identified only as Grace, was swindled out of S$1.19 million in an elaborate scam involving individuals impersonating bank officers and police investigators.

Speaking to the Straits Times on 28 November 2024, she recounted how she was misled despite considering herself cautious about scams.

Grace’s ordeal began on 15 May while she was visiting relatives in China.

She received a call from someone claiming to be a bank representative who alleged her card had been used in suspicious transactions. The call was transferred to a supposed police officer who warned her not to disclose their conversation to anyone.

“They told me, ‘You must keep it confidential. If you mention it, I cannot do my investigative work,’” Grace recalled. “So, I just accepted it.”

Fearing implication in a major money laundering case, Grace isolated herself and followed the scammers’ instructions. Over a month, they convinced her to transfer large sums of money, totalling S$1.19 million, as part of a fabricated “financial investigation.”

She explained that the mention of the high-profile S$3 billion money laundering case, in which ten foreigners were convicted, heightened her fears. “Because of that, I became quite worried and didn’t want to be involved,” she said.

The scheme unravelled when an OCBC Bank investigator, Poh Leong Hui, flagged unusual transactions from her account on 24 June. Senior Staff Sergeant Matthew Li of the Anti-Scam Centre subsequently identified her as a scam victim.

Grace said that even after being alerted by the police, she avoided knowing the full extent of her losses.

“Even when I was giving my statement to the police, I said I don’t want to know how much I’ve lost. Even until today, I didn’t really look into it,” she admitted.

According to the police, Grace’s case is one of 1,100 reported government official impersonation scams this year, with at least S$120 million lost from January to October. This figure nearly doubles the S$67 million lost in 680 cases during the same period in 2023.

Scammers often begin these schemes by impersonating bank staff and reporting suspicious activity on victims’ credit cards.

Calls are then transferred to individuals posing as law enforcement, who instruct victims to transfer funds to “safety accounts.” These scammers use fake police badges, backgrounds, and personal details to appear legitimate.

Grace explained how she was misled by the scammers’ instructions. They told her to enter five-digit numbers into her banking app, which they claimed were “verification codes.”

Unbeknownst to her, these numbers were the amounts she was transferring. “I’m quite careful because I’ve been hearing people say, ‘Don’t give your OTP, don’t give your password.’ I’m very mindful of this,” she said.

“But when it came to this, they just told me whatever it was, for the investigation, all the money would be returned.”

Grace remains haunted by the experience, describing her inability to differentiate between the scammers and genuine police. “I really believed them. I still can’t get over it,” she shared. “I just need time and must stay positive.”

In response to the surge in such scams, Singapore authorities are considering new laws to empower police to restrict suspected scam victims’ banking transactions temporarily.

The proposed measures, which could be extended for up to six months, aim to prevent further losses while investigations are conducted.

While the proposed laws have raised concerns about potential overreach, Grace supports them, stating, “At least someone stepped in before I lost everything.”

The public is urged to verify suspicious claims by contacting the ScamShield helpline at 1799 and remain vigilant against increasingly sophisticated scams.