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Police warn of new fixed deposit scam, which has claimed at least a dozen victims with at least S$650,000 lost – Yahoo Singapore News

Screenshot of the SMS received by the victim (left) and the scammer pretending to be a bank employee (Photo: SPF)

singapore — new scam There is an emerging trend of fraudsters impersonating banks and offering victims promotions on high-interest fixed deposit schemes.

The Singapore Police Force said in a media release on Thursday (11 April) that at least 12 victims have fallen prey to the scam since January 2024, with total losses amounting to at least S$650,000.

How does fraud work?

Victims receive SMS from an unknown +65 local mobile number, purporting to be from a local bank offering fixed deposit schemes with high interest rates. You will be instructed to contact the number provided within the SMS to indicate your interest and obtain further information about the promotion.

“When contacted, the scammers pose as bank employees and provide fraudulent identification documents such as employee ID cards. They then ask for personal information from the victims in order to “apply for fixed deposit promotions.” He will claim that he has registered a bank account in the name of the victim,” police said.

In some cases, victims received forged bank statements claiming that a new bank account had been opened in their name. They were then instructed to deposit or transfer money into these accounts.

Scammers deter victims from seeking further verification by claiming that the account was created for them or was intended to “hold funds prior to account creation.”

A fake bank statement provided by the scammer to the victim (left) and a screenshot of the victim sending money to the bank account specified on the fake bank statement (Photo: SPF)A fake bank statement provided by the scammer to the victim (left) and a screenshot of the victim sending money to the bank account specified on the fake bank statement (Photo: SPF)

A fake bank statement provided by the scammer to the victim (left) and a screenshot of the victim sending money to the bank account specified on the fake bank statement (Photo: SPF)

Verify that there are no changes to system records

Victims realize they have been scammed after logging into their banking application and not seeing any changes in their system records.

“In some cases, fraudsters may offer a ‘shelf life’ period that delays detection of the scheme,” police said.

When the victims finally contacted the bank directly, they were informed that the accounts belonged to someone else.

The general public can find detailed information below. Scam Alert Website Or, visit our anti-fraud helpline (1800-722-6688). Anyone with information about these crimes should call the police hotline (1800-255-0000), or submit your information by: i am a witness.

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