SG is financial loss/fraud/scam hub. Huat ah!

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Scam victims in S’pore lost $660.7 million in 2022, almost $1.3 billion in past two years​

There were 31,728 scam cases reported in 2022, up from 23,933 cases in 2021, an increase of 32.6 per cent. ST PHOTO: CHONG JUN LIANG

Nadine Chua

Feb 8, 2023

SINGAPORE - Scam victims in Singapore lost a total of $660.7 million in 2022, up from $632 million in 2021.
The figures released by the police on Wednesday mean that almost $1.3 billion was lost to scams in the past two years.
And contrary to popular belief, it was not mostly the elderly who fell prey to scams. More than 53 per cent of scam victims were between 20 and 39 years old.
There were 31,728 scam cases reported in 2022, up from 23,933 cases in 2021, an increase of 32.6 per cent.
Phishing scams were the most common ruse in 2022 with 7,097 cases, a 41.3 per cent spike from the 5,023 cases in 2021. However, the total amount lost by phishing scam victims decreased by 52.6 per cent, from $34.8 million in 2021 to $16.5 million in 2022.
The police said scammers in these cases would impersonate officials or trusted entities to trick victims into revealing their credit card details and bank account information.
The other scam types with the most number of reports in 2022 included job scams, e-commerce scams, investment scams and fake friend call scams.

It was the first time the police were releasing the statistics for a particular type of crime separately from the annual crime numbers, which will be released on Feb 16.
Police public communications division assistant director Brenda Ong said: “In recent years, scams have risen in numbers and have overtaken many other physical crime types to form a significant proportion of overall crime.”
She noted that a separate briefing on scams allowed the Government to provide more information on the situation, including the latest scam trends and vulnerable groups.


The scam statistics also debunked the myth that the elderly were the most likely to be scammed. Those aged 20 to 29 made up 26.7 per cent of scam victims. Another 26.8 per cent were aged between 30 and 39.
In fact, those aged 60 and above accounted for only 8.8 per cent of scam victims, with most of them falling for phishing scams.
The police said scammers often contact young people on social media, messaging platforms and online shopping platforms.
Commercial Affairs Department (CAD) director David Chew said: “The people who are more connected in the digital (world), the people who deal with it day in and day out and are comfortable with clicking on links – they are all vulnerable.”
A total of 27.2 per cent of victims aged 20 to 29 fell prey to job scams, which typically involve victims being offered online jobs such as liking social media posts or reviewing hotels and restaurants.

Victims would initially receive some commission, luring them into providing more funds in the hope of getting a bigger commission. Eventually, they would not get their money back.
Young adults aged between 30 and 39 also lost money to e-commerce scams – with 18.3 per cent of victims in this age group falling prey to this scam type.
E-commerce scams generally involve crooks posting products for sale on shopping platforms. Victims pay for products that do not get delivered.
There were 4,762 such scam cases in 2022, and victims were cheated of $21.3 million – a 261 per cent spike from the $5.9 million lost in 2021.
In 2022, victims of investment scams lost $198.3 million – the highest amount lost among all scam types. This was more than the $190.2 million lost to scammers in 2021.

Victims would come across seemingly good investment offers online and, in some cases, initially earn a profit, leading them to believe the investment is legitimate. Once larger amounts of money are transferred to the scammers, they become uncontactable.
The police said most online scams are perpetrated by scammers based outside Singapore.
“These scammers are typically part of organised criminal groups and run sophisticated transnational operations which are not easy to uncover or dismantle,” said the police, adding that such cases are difficult to investigate and prosecute.
The police noted that cooperation from overseas law enforcement agencies, and their ability to track down the scammers in their jurisdictions, is required in solving such cases.
In 2022, 13 scam syndicates were busted – six linked to job scams, three to government official impersonation scams, and two each to phishing and Internet love scams.

This came after collaboration between the Singapore Police Force and overseas law enforcement agencies. More than 70 individuals responsible for more than 280 scam cases were arrested.
To address the scam scourge here, an anti-scam campaign was launched by the National Crime Prevention Council (NCPC) on Jan 18, urging the public to “ACT” against scams.
The ACT abbreviation in the campaign tag line outlines how people can Add security features, Check for signs, and Tell the authorities and others about scams.
NCPC vice-chairman Tan Puay Kern said: “We are losing millions of dollars to scams every month. Any one of us can be a scam victim. But if we stand together, we can fight scams effectively. Do not hesitate, ACT now.”
He advised the public to find out about the latest scam trends and share them with friends and family. They should look out for scam signs before responding, and report to the police immediately if they have been scammed.
CAD’s Mr Chew said: “The biggest threat to turning awareness into action is the whole idea of invincibility. When we interview scam victims, many of them say, ‘I’m the last person who I thought would get scammed.’”
He added: “Look at the types of people who get scammed. We all think it’s the old, the young and the naive. But lawyers, doctors and professors (have fallen prey to scams). No one is immune to scams. The thought that ‘it will not happen to me’ – that is the greatest challenge.”

 

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Actresses among those affected by ‘heartless con artist’ who cheated 2 other victims of more than $2.1m​

Two prominent media personalities, Chen Liping (left) and Lin Meijiao, gave Ms Soh a total of $460,000 to invest with Wu Hong. PHOTOS: LEE JIA WEN, SHIN MIN DAILY NEWS

Shaffiq Alkhatib
Court Correspondent

Feb 15, 2023

SINGAPORE - A woman whom the prosecution described as a “heartless con artist” cheated two people out of more than $2.1 million by using fictitious investment schemes involving foreign currency exchange.
Deputy Public Prosecutor Jonathan Tan said in his submissions: “They were so deceived that they not only parted with their own funds, but also obtained funds from their friends and family due to a genuine belief in the accused’s false representations.
“The accused used (the monies) for her own expenses and did not make any restitution to the victims, causing them to suffer debilitating losses that they are still grappling with to date.”
Wu Hong, 41, was sentenced to 12 years’ jail on Tuesday. District Judge Soh Tze Bian had earlier convicted her of five cheating charges after a trial.
The Chinese national, who committed the offences between 2016 and 2019, dishonestly induced Mr Tam Kwong Yoeng, 50, to deliver a total of more than $1.4 million and duped Ms Soh Choon Heong, 61, into handing over $734,000.
Wu, who has no known employment, got to know Mr Tam at a pub in 2013, and was introduced to Ms Soh by a fengshui master on an unspecified date.
DPP Tan said Wu deceived them with fictitious investment schemes to provide visitors who are Chinese nationals with Singapore currency for their expenditure here, particularly for gambling in local casinos.

“She had enticed them to ‘invest’ with her by purporting to offer attractive returns,” he added.
According to court documents, two prominent media personalities, identified as Tan Lee Peng (Chen Liping) and Lim Mooi Keow (Lin Meijiao), gave Ms Soh a total of around $460,000 to invest with Wu. The prosecutor told Judge Soh that Wu’s representations were false because the purported investment schemes did not exist.
DPP Tan added: “She also had no explanation (as to) why she failed to provide any information about her alleged clients on whose behalf she claimed to have gambled for, both in her statements and at trial.”

During the trial, Mr Tam testified that Wu had dishonestly duped him into handing over the monies by using two schemes. He also said he persisted in giving money to Wu because he trusted her.

DPP Tan told the court: “In fact, this was why he failed to keep any formal record of his transactions with her.”
The DPP added that even after Mr Tam did not receive the returns as promised and felt suspicious, he still trusted Wu to return the funds. But he later recorded their phone conversations as evidence because she was evading him.
Mr Tam finally made a police report against Wu in January 2018.
Ms Soh testified that she had also trusted Wu. She alerted the police in February 2020.
DPP Tan said Wu had cast aspersions against the pair during the trial, claiming that they were framing her.
For each count of cheating, an offender can be jailed for up to 10 years and fined.
In response to Straits Times queries, Lim’s manager said: “On her behalf, we’d like to thank everyone for your concern. As she’d like to close this chapter and move past this, we’ll not be taking on any interviews. Thank you.”

 

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Listed companies' modus operandi now when it comes to privatisation offers: make a lowball offer.
Wait for minority shareholders to appeal to SIAS to appeal to the company.
The company improves offer but it is still low.
Minority investor happy, SIAS is happy to be seen to be doing its job, and the company is happy that it has screwed the minority investors but not as deep as it originally liked.

Minority shareholders of Boustead Projects protest lowball offer as delistings from the SGX rise​

The entrance of Boustead Singapore’s office. Sph

Kang Wan Chern
Assistant Business Editor

Feb 23, 2023

SINGAPORE – Boustead Singapore has heeded calls to lift its offer to privatise Boustead Projects at a time when the number of firms dropping off the Singapore Exchange (SGX) has been rising and is expected to continue.
The engineering and property firm is now offering 95 cents a share to take its property-focused subsidiary private, up from its original offer of 90 cents on Feb 6.
This comes after minority shareholders of Boustead Projects noted that the initial offer undervalued the company and sought recourse from the Securities Investors Association Singapore (Sias).
In a letter on Feb 16, Sias called on Boustead Singapore to raise its offer for its subsidiary, saying the discount to net asset value (NAV) is “simply too large to ignore”.
At 90 cents per share, the original offer price valued Boustead Projects at 71.1 per cent of its last reported NAV of $1.265 per share on Sept 30, 2022.
NAV represents the actual value of a company’s assets, such as property, after taking its market value and subtracting any debts, such as mortgage liabilities.
The revised and final offer price of 95 cents a share represents an improved 75.1 per cent of Boustead Projects’ last reported NAV, but is still lower than the last traded price of 99 cents on Tuesday. Boustead Projects had traded for as much as $1.34 in June last year.

Sias president David Gerald said it is common for minority shareholders to receive privatisation offers that are not compelling, but these are usually accepted as investors do not want to hold shares in companies that have no liquidity.
He said legal recourse is prohibitively expensive for minority shareholders who wish to contest privatisation offers that could result in them losing money if the deal goes through.
In that light, shareholders have recourse to Sias to negotiate better offers. “Sias will intervene when we feel that the offer is not reasonable on the face of it and the company is in a position to make a better offer,” said Mr Gerald.

In January 2021, Sias successfully appealed to property group Guocoleisure Holdings for a better offer to take British hotel operator GL Limited private.
And in November 2015, it helped minority shareholders of Tiger Airways appeal to Singapore Airlines for a better offer to take the budget carrier off the market.
Not all privatisation offers are unattractive, however. For instance, property developer Tuan Sing’s privatisation of commodity trader SP Group in August 2022 and tech services provider AEM’s acquisition of tech manufacturer CEI in July 2021 were valued fairly and considered good offers, observers said.
Boustead Singapore’s offer to privatise Boustead Projects comes amid a spate of SGX delistings. Data reveals that 36 companies left the bourse in 2022, up from 22 in 2021 and 39 in 2020.
Mr Gerald said the number of privatisation offers could increase between now and after the authorities enforce new rules making it tougher for controlling shareholders to make compulsory acquisitions.
On Feb 16, the Ministry of Finance and the Accounting and Corporate Regulatory Authority accepted proposed amendments to the Companies Act to make such events fairer to minority shareholders, especially when they are faced with low-ball privatisation offers.
Under current regulations, offers must be determined by an independent financial adviser to be fair and reasonable.
The offeror and parties acting in concert with it must also abstain from voting on the delisting.

 

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At least 59 victims have lost $1.4m since January to tech support scam​

Victims would receive a pop-up alert while using an Internet browser, informing them that their computer has been infected with a virus or spyware. PHOTO: SINGAPORE POLICE FORCE
Sarah Koh

FEB 24, 2023

SINGAPORE - People who receive pop-up alerts on their computers claiming that the devices have been compromised should avoid giving their bank account or credit card details to those claiming to be “tech support personnel”.
At least 59 victims have fallen prey to this latest scam since January, with total losses amounting to at least $1.4 million, said the police and the Cyber Security Agency of Singapore (CSA) in a joint statement on Friday.
Victims would receive a pop-up alert while using an Internet browser, informing them that their computer has been infected with a virus or spyware. Typically, they would encounter such pop-up alerts on movie or video streaming sites such as dramacool and olevod.com.
Upon clicking the alert, their screens might appear to freeze and may be accompanied by a loud beeping sound.
The pop-up message would also contain a contact number for tech support. The number would usually start with “+65”, to create the impression that it is a valid local number.
After the victims call the number, scammers impersonating tech support personnel would instruct them to download a remote access app, such as Teamviewer, which gives them control of the victims’ devices, said the statement.
The scammers would then direct the victims to log into their Internet banking account where they would provide their one-time password sent by the bank. In some cases, victims may also be asked by the scammers to provide their credit or debit card details over the phone.

By using the remote access app, the scammers would then transfer funds from the victims’ bank accounts, or make fraudulent charges to their credit or debit cards.
In other cases, the victims would be instructed to log in to their Singpass accounts, which the scammers would then attempt to use to create accounts at various cryptocurrency or fintech websites, or remittance services.
The victims would then receive notifications from their Singpass app that their account was used to access such services.
The scammers are known to use these services to facilitate the flow of illicit proceeds.
Members of the public are advised to uninstall any software that was downloaded under the scammer’s instructions, and then turn off the device to limit the illicit activities, said the police and CSA.
Apart from changing their Internet banking credentials and removing any unauthorised payees that may have been added to their bank accounts, victims should also inform their banks and the police of the incident.
The authorities also advised the public to perform a full anti-virus scan of their computer, and delete any malware detected.
People are advised to check their Singpass transaction history for suspicious activity and reset their Singpass password if they suspect that their account has been compromised.
Those who wish to provide information related to scams can call the police hotline on 1800-255-0000 or submit it at the website www.police.gov.sg/iwitness.
Those who have encountered scammers impersonating CSA officers should also report to CSA at www.csa.gov.sg/singcert/reporting.

 

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How to screw minority shareholders.
Instead of making a delisting/privatisation offer outright, make a voluntary general offer first.
Make a lowball offer.
The hurdle for an offer price in a general offer is lower than in a delisting offer.
The offer need not be fair but reasonable.
Mop up a few thousand, or tens of thousands, shares this way, and save similar thousands of dollars.
Then make a privatization offer.
Again, lowball the price.
Minority shareholders threw in the towel and accept the offer.
Privatisation mission accomplished at a lower cost.

Boustead Singapore’s offer for Boustead Projects still a voluntary general offer, not a delisting offer​

Boustead Singapore has made a voluntary general offer for Boustead Projects. PHOTO: BOUSTEAD SINGAPORE

Ven Sreenivasan
Associate Editor & Senior Columnist

Mar 17, 2023

SINGAPORE – Singapore’s investor watchdog has advised stockholders of Boustead Projects to reject the 95 cent share buyout offer from its parent company Boustead Singapore.
The Securities Investors Association Singapore (Sias) referred to the verdict of the independent financial adviser to the deal, who deemed the offer “not fair” but reasonable.
Sias founder and chief executive David Gerald called on Singapore Exchange Regulation (SGX RegCo) on Monday to require Boustead Projects to restore its free float in the event of its loss of its free-float status as the company “has not complied with the Listing Rules requirements on exit offer for delistings”.
Other observers have accused engineering services provider Boustead Singapore of “low-balling” shareholders of Boustead Projects, its real-estate subsidiary.
But let’s first take a step back.
This offer, launched early this month and ending on March 27, is a voluntary general offer for shares of Boustead Projects. This is different from a delisting or an exit offer.
There are two reasons why this subtle difference matters.

Firstly, a voluntary general offer does not necessarily mean that the company making the offer is looking at delisting the target firm. It may simply be looking to accumulate a bigger chunk of it (of course, cynics will scoff at this suggestion).
Boustead Singapore and concert parties have accumulated almost 89 per cent of Boustead Projects shares, just a whisker away from the threshold when it will cease to meet the SGX’s ruling on minimum free float. These parties already owned around 75 per cent of the subsidiary at the time it lodged the offer.
Singapore Exchange listing rules state that if the free float is lost, the company’s securities will be suspended. So if Boustead Singapore crosses the 90 per cent threshold, one option to restore the free float is by way of a placement of Boustead Projects shares.

However, Boustead Singapore has stated that it does not intend to take any actions to restore the free float.
If Boustead Projects’ shares remain suspended, then Boustead Singapore will likely come up with a fresh offer, one that has to meet SGX’s rules and the Security Industry Council’s Takeover Code rules, to take Boustead Projects private.
That could be a whole new exercise, but in the meantime, shareholders who remain have to face an uncertain suspension.
Secondly, the threshold for the independent financial adviser to clear the deal for a voluntary general offer is somewhat lower.

While Boustead Projects’ advisers deemed the offer “not fair” but reasonable, they also recommended that shareholders accept the offer: “Based on our opinion, we advise the Independent Directors to recommend that shareholders accept the Offer, unless shareholders are able to obtain a price higher than the Final Offer Price on the open market, taking into account all transaction costs in connection with open market transactions.”
This situation is somewhat different from an exit or delisting offer.
In such a case, an independent financial adviser has a higher threshold to rule whether the offer is “fair and reasonable”, which will have a bearing on whether the offer succeeds.
Also in a delisting offer, the will of a super-majority of 75 per cent of voting shareholders prevails. Not so for voluntary general offers.
Instead, the Takeover Code rules that the fact that Boustead Singapore’s controlling shareholder, executive chairman Wong Fong Fui, is also a substantial shareholder of Boustead Projects, obliges the offeror to appoint an independent financial adviser of its own to rule on whether its offer is beneficial (or detrimental) to its own shareholders.
In short, the Boustead Singapore’s independent financial adviser essentially has to determine whether Boustead Singapore is offering too high a price for Boustead Projects.
Many existing Boustead Projects shareholders obtained their shares for free as a dividend-in-specie in when the company was hived off from Boustead Singapore in April 2015. If they held onto all of their received shares, they would have accumulated dividends totalling some 23.2 cents over the last seven years.
So whatever funds they receive from the voluntary general offer would be “free money”. Not surprisingly, more than 1,000 Boustead Projects investors have already offered over 40 million shares to Boustead Singapore.
In a response to SGX’s queries on Thursday, Boustead Projects said it had “no control over the offer, the offer price or the opinion of the independent financial advisor”.
“The offeror’s intentions are clearly stated, namely to privatise the company and delist the company from the SGT-ST, should the option be available to the offeror,” Boustead Projects said.
Voluntary general offers are not very common in Singapore. Most offers here have tended to be outright privatisation or exit offers. In all likelihood, Boustead Singapore will end up collecting over 90 per cent of Boustead Projects shares. Then the next chapter begins.

 

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The above article by Associate Editor & Senior Columnist Ven Sreenivasan has been taken down.
Why?
Did he offend some important people or powerful vested interests groups?

 

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At least $8,800 lost in phishing scams linked to reservations on Booking.com this year​

Victims who made room reservations via Booking.com would receive a call or WhatsApp message from scammers posing as hotel representatives. PHOTOS: SINGAPORE POLICE FORCE

Yong Li Xuan

MAR 1, 2023


SINGAPORE - At least $8,800 has been lost through phishing scams related to the booking of hotel rooms via Booking.com since the start of 2023.
The police said on Monday they have observed a trend of phishing scams where victims had made room reservations via the online booking platform, with at least five reports made in 2023.
After making such reservations, victims would receive a call or message via WhatsApp from scammers posing as hotel representatives. They would request that the victims provide personal details through a link to confirm the reservation.
Upon clicking on the link, the victims would be redirected to fraudulent websites to key in personal and banking details such as one-time passwords, passwords or credit card numbers.
In some cases, these websites would prompt the victims to pay to confirm the reservation.
Victims would realise they had been scammed only when they contacted Booking.com or the hotel, or when they discovered unauthorised transactions on their bank accounts or credit cards.
In a statement, a Booking.com spokesman said security and data protection is a priority for the portal.

The spokesman said: “We have been made aware that some accommodation partners were targeted by phishing e-mails, which compromised their systems.
“While the security breach was not on Booking.com, we know that the accounts of some of our accommodation partners were affected. These accounts were quickly blocked by Booking.com to help reduce the risk, and our teams are actively supporting these accommodation partners to ensure they can quickly and safely resume with their listings on our platform.”
The spokesman for the online travel agency, which is based in the Netherlands, added that its security teams will continue to investigate the issue.

 

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At least 55 lose over $500k this year to lottery scam involving religious figures​

The scammers would offer to buy lottery numbers for the victims and then inform them that they had won. PHOTO ILLUSTRATION: UNSPLASH

Wallace Woon

MAR 2, 2023


SINGAPORE - At least 55 victims have lost no less than $507,000 to a lottery scam in 2023, the police said on Thursday.
The victims would receive unsolicited messages from scammers over WhatsApp or other social media platforms. In these messages, the scammers would either claim to represent religious figures, or be affiliated to religious figures.
The scammers would then ask the victims if they would like to be blessed with wealth, the police said.
After the victims agree, the scammers would offer to buy lottery numbers for the victims and then inform them that they had won.
The victims would then be asked to transfer a portion of their winnings or pay various administrative fees before they could get their full winnings.
The victims would realise that they had been scammed when the scammers repeatedly delayed the transfer of the winnings.
The police advised the public to protect themselves from scams by installing the ScamShield App and being wary of offers that promise financial windfalls, and offers that request money transfers in return for a larger fortune.

The police said that the public should also report suspicious numbers to WhatsApp to initiate in-app blocking and report any suspected fraudulent social media posts or users.

 

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At least 168 victims lost $20,000 to e-commerce scams involving food items since February​

The police said that scammers would pose as sellers and post offers of food items on online platforms like Facebook. PHOTOS: SINGAPORE POLICE FORCE

Gabrielle Chan

MAR 7, 2023

SINGAPORE – At least 168 people have lost no less than $20,000 in total in e-commerce scams involving the sale of food items, such as wagyu beef and premium durians, since February.
In an advisory on Monday, the police said that scammers posing as sellers posted offers or sponsored advertisements of food items on online platforms such as Facebook.
The police added that reports have been lodged against allegedly fraudulent Facebook pages such as Grocery Retail, Department Store, Juewei Food, Baihui Mall and Ocean Fishery Exchange.
Victims who contacted the sellers on Facebook Messenger paid them via PayNow after confirming the price and quantity of the food items.
But they did not receive the goods or the seller became uncontactable.
The police have advised the public to be cautious when making online purchases by downloading the ScamShield mobile app, and enabling security features such as two-factor or multi-factor authentication for bank, social media and Singpass accounts, among other measures.
The public is also advised to check details of deals with official sources and be wary when prices seem too good to be true. Goods should be bought only from authorised and reputable sources.

They should also verify the legitimacy of sellers through customer reviews and ratings, and avoid making payment in advance to bank accounts belonging to unknown individuals.
Those who recognise such scams should alert the authorities and report the fraudulent pages to Facebook.
Singaporean actor Charlie Goh was recently scammed of $160 after seeing an advertisement on the Grocery Retail Facebook page, which has been flagged by the police.

The 34-year-old Ah Boys To Men actor and his neighbour ordered 3kg of salmon and 1kg of wagyu beef through the page but the items were never delivered. Mr Goh was blocked on Facebook Messenger after confronting the seller about his order.

Singapore actor Charlie Goh fell victim to a food scam by a false advertisement on Facebook. PHOTOS: SCREENGRABS FROM @CHARLIEGOH13/INSTAGRAM
In a similar incident in February, an unnamed person found a deal for durians on Facebook and paid $100 for eight boxes of the fruit, according to a recent Stomp article.
After receiving payment, the seller did not respond to the buyer’s messages and blocked him.
One of the accompanying photos in the article shows a screenshot of the conversation between the buyer and the Department Store Facebook page, also flagged by the police as a scam account.
Scam victims in Singapore lost a total of $660.7 million in 2022, with 31,728 scam cases reported.
E-commerce scams were one of the most reported scam types in 2022, and 18.3 per cent of young adults aged between 30 and 39 fell victim to such scams.
In 2022, 4,762 e-commerce scams were reported, with victims losing a total of $21.3 million, up from $5.9 million in 2021.

 

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Victims lost over $3.2 million to fake friend phone scams since January​

Victims would receive text messages or phone calls from unknown numbers, which may or may not start with +65. PHOTO: ST FILE

Fatimah Mujibah

MAR 12, 2023

SINGAPORE - At least 945 people have lost more than $3.2 million since January to callers posing as their friends, the police said on Friday.
The fake friend call scam began in 2021 with 686 cases.
In 2022, 2,106 cases were reported, with victims losing at least $8.8 million.
In such cases, victims would receive text messages or phone calls from unknown numbers, which may or may not start with +65.
The scammers would then ask the victims to guess who they are. When victims make a guess, they would assume that identity, and ask the victims to save their new contact number. They usually claim to have lost their phones.
A few days later, the scammers would call back, still pretending to be the victims’ friends. But this time, they would ask for a loan, claiming that they are unable to perform a banking transaction or are having financial difficulties.
They would then provide the victims with a local bank account number and ask for money to be transferred there.

“Victims would discover that they had been scammed only after contacting their actual friends whose identities were used, or when the money lent was not returned as promised,” the police said in a statement.
The police advised members of the public to install the ScamShield app on their phones, and set security features such as enabling two-factor or multifactor authentication for important apps, such as bank, Singpass and social media accounts.
It is also important to set limits on Internet banking transactions, including on PayNow.
The public should also verify callers’ requests by checking with their family and friends through alternative means such as a face-to-face meeting, a video call or an e-mail, other than using the new contact number saved on their phones.

At least 945 people have lost more than $3.2 million to callers who pose as their friends since January, the police said. PHOTO: SINGAPORE POLICE FORCE
The police also advised people to inform the authorities as well as their family and friends when they encounter scams.
“Beware of unusual requests from someone purporting to be someone you know via text messages or phone/WhatsApp calls. Report the number to WhatsApp to initiate in-app blocking,” the police said.

 

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13 arrested for alleged involvement in rental scams that cost victims more than $1.3m​

Cash seized from an islandwide operation which saw 13 people nabbed for their suspected involvement in 480 rental scams. PHOTO: SINGAPORE POLICE FORCE

Chin Hui Shan

MAR 14, 2023


SINGAPORE - The police have arrested 13 people for their suspected involvement in 480 rental scams that resulted in victims losing more than $1.3 million.
In an islandwide operation between March 9 and March 13, the police nabbed nine men and four women aged between 18 and 56.
The scammers would impersonate property agents and ask victims for payment to secure the rental of a unit before viewing it.
Another three women, aged between 21 and 27, are also assisting in investigations, the police added.
Preliminary investigations show these 16 suspects allegedly allowed their bank accounts to be used to receive the illicit proceeds from the scams before withdrawing the money and handing it to others in the syndicate.
Police investigations are ongoing.
“To avoid becoming involved in money laundering activities, members of the public should always reject requests to allow their bank accounts to be used to receive and transfer money for others,” the police said.

 

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At least $1.7 million lost to scammers impersonating property agents since January​

Scammers would impersonate property agents, then pressure their victims into making rental deposits. ST PHOTO: CHONG JUN LIANG

Aqil Hamzah

Mar 21, 2023

SINGAPORE - At least 305 people have lost about $1.7 million since January to scammers who pretend to be property agents, said the police in an advisory on Tuesday.
These scammers put up online property listings on various advertisement websites, such as Facebook and Carousell, enticing victims into starting a conversation with them on Whatsapp through the contact numbers listed on these ads.
The scammers then impersonate registered property agents, furnishing the details of a legitimate property agent, including their Council for Estate Agencies (CEA) registration numbers, business cards, as well as photos and videos of the property they are leasing.
But when victims enquire about viewing the property, the scammers will claim that there is too much demand, before pressuring them into making rental deposits to a local bank account to secure the units.
The police noted that in some cases, the scammers will ask for personal details in order to prepare the lease agreement, which they send over to the victims, requesting for a signature.
Upon receiving the signature, the scammers ask for rental deposits to be made.
Victims realise that they have been scammed once the “property agent” they were communicating with becomes uncontactable.

Otherwise, they would only find out when they had reached out to legitimate property agents.
To protect themselves from such scams, the police advised members of the public to install the ScamShield mobile application or set security features, including two-factor or multifactor authentication, for their various accounts.
They added that the public should verify the legitimacy of a property listing, whether by cross-referencing the provided phone number with that of a CEA-registered property agent through its public register, or contacting the respective property agency.

 

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At least 192 victims lost $162,000 to baby products e-commerce scams since January​

Scammers would tout discounted baby products such as diapers and strollers directly to the victims. PHOTOS: SINGAPORE POLICE FORCE

Isabelle Liew

Mar 22, 2023

SINGAPORE – At least 192 people have fallen prey to e-commerce scams involving baby products since January, losing at least $162,000.
The police on Wednesday warned of a resurgence of such scams on fraudulent Facebook pages, selling food and non-food items.
The scammers would tout discounted baby products such as diapers and strollers directly to the victims. They would also promote the products using sponsored advertisements on social media platforms like Facebook.
Victims were asked to contact the supposed sellers on Facebook Messenger to place their order. They were then asked to make payment to the scammer’s bank account via PayNow.
“Victims would only realise that they had been scammed when they did not receive the goods and/or the ‘seller’ becomes uncontactable,” the police said in its advisory.
Reports have been lodged against the Shopping Retail and Imported High-Quality Seafood Facebook pages, and investigations are ongoing.
A similar e-commerce scam has also been making the rounds since February.

In an advisory earlier in March, the police said at least 168 people have lost at least $20,000 to scams involving the sale of food items, where the scammer would pose as sellers on online platforms like Facebook.
Reports had been lodged against allegedly fraudulent Facebook pages such as Grocery Retail, Department Store, Juewei Food, Baihui Mall and Ocean Fishery Exchange.
The police advise the public to download the ScamShield app and set security features, such as enabling two-factor authentication for banks, social media and Singpass accounts. Transaction limits on Internet banking transactions, such as PayNow, should also be set.
Members of the public should check for signs of a scam with official sources, such as www.scamalert.sg or the anti-scam hotline on 1800-722-6688.
“If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available,” the police added.
They said that the public should also remember to verify the seller’s profile through customer reviews and ratings, and avoid making upfront payments to unknown individuals.
Any fraudulent Facebook pages should be reported to the platform, said the police.

 

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At least $17.6m lost by over 1,000 victims to job scams since January​

Members of the public should check for signs of a scam through official sources. PHOTO: ST FILE

Isabelle Liew

Mar 29, 2023

SINGAPORE - At least 1,013 people have lost no less than $17.6 million this year, after falling prey to job scams in which they were given commission for completing simple surveys before being offered fake jobs by scammers.
The police warned on Wednesday of this job scam variant where victims would receive unsolicited WhatsApp or Telegram messages asking them to participate in a survey or market research, and to answer a few questions.
The questions were usually about food delivery platforms, tourism, or events and festivals.
When the victims completed the surveys, they would receive a small commission.
“After victims were convinced that they could earn commission, scammers would provide another WhatsApp or Telegram contact to the victims, suggesting that the victims could reach out to the contact for more rewarding jobs,” the police said.

Scammers approach victims through WhatsApp (left). When the victims complete surveys, they would receive a small commission. PHOTOS: SINGAPORE POLICE FORCE
The scammers would then ask the victims to help “boost” the value of cryptocurrencies or rate mobile applications to improve their rankings on app stores.
The victims were instructed to create accounts on scam sites to perform these tasks, and transfer money to bank accounts provided by the scammers.

“Victims would realise that they had been scammed when they failed to withdraw their commission or when the scammers could no longer be contacted,” the police said.

A Telegram contact is provided by scammers for more rewarding tasks (left). Victims are then told to create accounts on scam websites and transfer money to the bank accounts provided. PHOTOS: SINGAPORE POLICE FORCE
On Monday, The Straits Times reported on a similar ruse where scammers, posing as real property agents, were paying social media users to post fake rental listings for them on sites like Facebook and Carousell.
A scammer allegedly paid the users $50 each to share the listings on their real accounts so that the advertisements would appear legitimate.
A 22-year-old student said she was tricked into doing so when she came across a job listing on Carousell for a “digital marketing executive”.
The police advise the public to download the ScamShield app and set security features including enabling two-factor authentication for their bank, social media and Singpass accounts.
Limits on Internet banking transactions, such as those via PayNow, should also be set.
Members of the public should check for signs of a scam through official sources, such as www.scamalert.sg or the anti-scam hotline on 1800-722-6688.
“Do not accept dubious job offers that offer lucrative returns for minimal effort,” the police said.
Those with information related to such crimes can call the police hotline on 1800-255-0000 or submit it online at www.police.gov.sg/iwitness

 

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32 months’ jail for renovation business owner who scammed 40 victims of over $160,000​

Huang Ruixiang pleaded guilty to four cheating and four criminal breach of trust charges. ST PHOTO: KELVIN CHNG

Samuel Devaraj

Apr 6, 2023

SINGAPORE - For over two years, Huang Ruixiang, the owner of a renovation business, pocketed money paid to him by customers meant for renovation works.
In other cases, after doing partial work, he would misappropriate money meant for labour or materials.
The 40-year-old, who would also dupe victims by claiming that he had an investment opportunity in his company, scammed 40 people of over $160,000.
He was jailed for 32 months on Thursday after he pleaded guilty to four cheating and four criminal breach of trust charges.
Another 32 charges were taken into consideration during sentencing.
Deputy Public Prosecutor Chong Kee En said Huang, who went by the name Desmond Huang, owned SG Venture Furnishing that was registered in May 2020.
One of the victims engaged him in August 2020 to renovate her flat. Huang used an initial $4,000 she transferred to him to pay subcontractors and buy materials, but misappropriated a subsequent $6,000 meant for materials and labour.

When the victim asked whether the work will be completed, Huang provided excuses and later broke off the contact.
The victim then called the subcontractors and discovered that Huang had not paid them.
Another victim contacted Huang in November 2020, after she saw his advertisements on Facebook. From Nov 7 to Dec 5 2020, she transferred $26,125 to him for materials and labour meant for renovation.

Huang spent only $5,000 on the subcontractors and materials and misappropriated the rest. When the victim tried to contact him on Jan 31, 2021, Huang became uncontactable.
DPP Chong said in most of the offences, Huang would use the money he had taken from customers to spend on illegal online gambling platforms or to repay illegal moneylenders.
After victims filed police reports, he was investigated over several occasions.
DPP Chong said Huang changed his name to Darian as it had become known online that he had scammed various customers and subcontractors in connection with renovation contracts.
He also misused the company name of his subcontractor even though he did not belong to that company.

DPP Chong said Huang’s victims lost $160,470.52 and that he has made restitution of $2,900.
He asked the court to jail Huang between 32 and 38 months, citing the need to deter him and others from committing such offences.
Said the DPP: “The accused’s offences – prolific as they may be – are part of a broader and unabated trend of increasing commercial crimes. In total, $660m was cheated from victims in 2022.”
For each cheating charge, Huang could have been jailed for up to 10 years and fined.
He could have been jailed for up to seven years and fined for each count of criminal breach of trust.

 

[Karmile005]

 

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Joint police-OCBC operation stops scam losses of more than $12.6m for 700 victims​

Officers from the Anti-Scam Centre and OCBC conducted live interventions by analysing fund flows to bank accounts in real time. PHOTO: SINGAPORE POLICE FORCE
Michelle Ng

Apr 17, 2023

SINGAPORE – Live interventions were carried out during a recent month-long joint operation by the Singapore Police Force’s Anti-Scam Centre (ASC) and OCBC Bank to prevent losses of more than $12.6 million for more than 700 victims.
Officers from ASC and OCBC conducted live interventions by analysing in real time the fund flows to more than 500 bank accounts which surfaced in scam reports, said the police on Sunday.
The officers identified scam victims who had been transferring monies to these bank accounts and sent out more than 1,000 SMSes to alert them to ongoing scams.
The operation was held from March 16 to April 15.
To speed up intervention, ASC officers used robotic process automation technology to automate the process of information-sharing, information-processing and mass-sending of SMSes to the scam victims, said the police.
The early alert to scam victims helped them to mitigate their financial losses.

Through the operation, more than 700 victims were told that they could have fallen prey to scams and were advised to stop any further monetary transfers, said the police.

The victims realised that they had been deceived only after the police engaged them.

 

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S’pore Professional Golfers’ Association loses $131,000 to phone scammers, pledges to change banking protocols​

The scammer claimed to be from the Corrupt Practices Investigation Bureau and asked for bank account information. PHOTO ILLUSTRATION: TNP FILE

David Lee
Sports Correspondent

Apr 17, 2023

SINGAPORE – The Singapore Professional Golfers’ Association (SPGA) has lost over $131,000 to phone scammers, which amounts to more than three-quarters of its funds.
In an advisory dated March 16 signed off by SPGA honorary secretary Nasarudin Alias, it revealed that around 9am on Feb 17, a long-serving member of SPGA’s staff received a call from someone claiming to be from the Corrupt Practices Investigation Bureau (CPIB).
The person indicated there was an illegal transaction into the association’s bank account and asked for the PIN and internet banking password for the account, both of which the employee had access to.
The advisory noted that “out of fear upon hearing that it was from CPIB”, the staff member supplied the information and told SPGA treasurer Jack Solomon about the incident.
Solomon suspected that it was likely a scam and instructed the bank to freeze the account, but more than $131,000 had already been withdrawn via two transfers to a Hong Kong account on the same day at 11.26am.
Accompanied by Solomon, the employee made a police report at 2.48pm.
The SPGA said it would follow up with the bank and police, and advise further if any recovery can be made. It added that the SPGA committee “has carried out its own internal investigations” and ruled out any criminal activity on the part of the employee.

The committee said it “deeply regrets this incident and that it has happened during its watch” and would be implementing changes in its banking and accounting protocols so that such an incident does not happen again.
When contacted, SPGA president M. Murugiah confirmed the incident but declined further comment, citing ongoing police investigations.
Registered as a society since 1972, the SPGA is a non-profit organisation set up to promote the game, offer certification for teaching and playing professionals as well as organise tournaments for its members.


It is currently hosting the two-day SPGA April Golf Series, which ends today at the Warren Golf & Country Club.
Its website states 150 pros are registered with SPGA, of which 110 are locals and the remaining 40 are overseas associates members.
Singapore golfer Choo Tze Huang said: “It is unfortunate such a thing has happened, and the SPGA is affected financially as a result. Scams are common these days and anyone can be a victim.
“I hope the SPGA has some kind of insurance to recover the funds and we can all be more careful to avoid falling prey.”

On the CPIB website, it said it takes a serious view of the impersonation of public agencies for undesirable or scam purposes. It “is aware of recent impersonation scams involving the Bureau” and will not request for confidential details such as individuals’ bank credentials over the phone.

 

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Economist Tan Khee Giap warns of investment scam that uses his name; one victim lost over $20,000​

The police received 682 reports of investment scams from January to March 2023, with victims losing at least $40.8 million. ST PHOTO: CHONG JUN LIANG

Isabelle Liew

APR 30, 2023


SINGAPORE – Well-known economist Tan Khee Giap has warned of an investment scam after a woman lost more than $20,000 following the instructions of a fraudster impersonating him.
The chairman of the Singapore National Committee for Pacific Economic Cooperation told The Straits Times on Sunday that he found out about the scam in February.
That was when Dr Tan, 65, was contacted by people after they registered with an investment group purportedly helmed by him.
“I feel sorry for those who were deceived,” said Dr Tan, who filed a police report in the same month.
“I’m upset because these people who were cheated said they have been my fans for years through my public speaking engagements or media and television appearances.”
At least one woman fell prey to the scam, Chinese-language daily Lianhe Zaobao reported on Sunday.
The 52-year-old victim, who wanted to be known only as Ms Wen, said she came across an Instagram account supposedly owned by Dr Tan in early April.

The account had a link to a WhatsApp group chat in which “Dr Tan” would give investment tips on gold, futures and foreign currencies.
Ms Wen, a clerk, said there were more than 20 people in the WhatsApp group, and that only “Dr Tan” and his “assistants” could send messages.
The scammers would instruct members to go to a website that they claimed was an online investment platform.


Ms Wen said she invested nearly $25,000 over three weeks and made a profit of about US$18,600 (S$24,800). But when she tried to withdraw part of the funds, she was rejected by the system.
When she requested the return of her initial investment, she was told that she had to pay a “handling fee” of 10 per cent, or $2,477.
After she transferred the money and did not get replies to her messages, she reported the matter to the police.
Dr Tan, who advises other victims to do the same, said: “I do not conduct private investment chat groups.
“My public speaking engagements, lectures and classes are usually advertised, and participants are always solicited through official organisers which clearly state their company name.”

Well-known economist Tan Khee Giap has warned of an investment scam after a woman lost more than $20,000 following the instructions of a fraudster impersonating him. PHOTO: LIANHE ZAOBAO

Dr Tan, who was previously also an associate professor at the Lee Kuan Yew School of Public Policy, hopes the public will “stay alert about investment opportunities that claim to make abnormal profits or returns in a short period”.
The police received 682 reports of investment scams from January to March 2023, with victims losing a total of at least $40.8 million.
In the same period in 2022, the police received 784 such reports involving at least $59.6 million.
Victims would typically receive messages on social media platforms such as Facebook, WeChat and Line from scammers claiming to be employees of banks or financial companies.
The fraudsters would ask them for their NRIC or passport numbers in order to fill in an investment form. They would also instruct victims to transfer money to banks in Hong Kong or mainland China, and pay “hefty administrative and security fees and taxes” in order to receive the profits and returns.
Other victims have received calls claiming to be from the “Hong Kong Monetary Authority” or “Hong Kong Overseas Control Centre”, asking them to pay a deposit before profits can be released, the police said. In other cases, victims have been asked by an online friend to invest in cryptocurrencies.
The police advise the public to download the ScamShield app, and adopt security features including enabling two-factor authentication for their bank, social media and Singpass accounts. Limits on Internet banking transactions such as those via PayNow should also be set.
Members of the public should check with official sources and a licensed financial adviser before making any investments.
“Do not be enticed by the initial positive gains. Do your own due diligence before you invest large sums of money. Please note that when dealing with unregulated entities, you will have little recourse if things go wrong.”

 

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2 men allegedly held captive in Singapore duped by scammers impersonating China officials​

Ang Qing

May 4, 2023

SINGAPORE - Two men fell victim to scammers impersonating government officials in China who duped them into revealing personal information and their family background, and caused one of them to lose about $63,000.
The police said on Thursday that the victims, aged 22 and 19, had complied with the fake China police’s instructions to report thrice a day via chat applications and also divulged their banking details.
The police were alerted to the cases when they received separate reports from the victims’ parents on April 28 and April 29 claiming their sons had been held captive.
The parents, who are based in China, had received calls from unknown men who threatened to hurt their sons if they did not pay gambling debts the victims were alleged to have incurred.
Less than three hours after both reports, officers from the Clementi Police Division, Central Police Division, Tanglin Police Division, Criminal Investigation Department, Police Intelligence Department and Commercial Affairs Department conducted extensive follow-up investigations and tracked down the victims
Preliminary investigations found the victims had each received calls from a person claiming to be an Immigration and Checkpoints Authority officer.
Separately, the scammer alleged that the authorities had detected a parcel with prohibited items in Singapore registered under the victim’s name.

The victims were told their identities could have been misused and were asked to cooperate in investigations allegedly conducted by the China police.
The men complied out of fear after they were shown false Chinese documents alleging they had been involved in crimes, said the police, adding that the victims maintained contact with the scammers over chat applications.
The victim in the first case, which began in March, was asked to post bail of $15,000 or face his arrest and extradition to China for criminal charges.


He was warned not to leak any information about the investigation to third parties, including his parents.
The man then lied to his mother that he needed $15,000 for his school fees, which he paid to the scammers by transferring to a bank account on April 10.

The victims were shown fake Chinese documents alleging that they had been involved in crimes. PHOTO: SINGAPORE POLICE FORCE
He was then instructed to delete chat logs with the scammers, including the bank beneficiary’s details.
Two weeks later, he was told he needed to cough up 250,000 yuan (S$48,000) to prove his innocence. He lied to his mother again and transferred the sum to two China bank accounts to avoid delaying the investigation.

The scammers contacted the victim on April 27, this time asking him to write a promissory note agreeing to an online gambling debt of 2.58 million yuan. He was asked to send a selfie together with the note and his China identity card to them.
The victim agreed, as he believed the selfie was needed by a prosecutor to clear his case, the police said.
The next day, the scammer sent threats to his mother using his photo without his knowledge. She then contacted the Singapore police when she could not get in touch with her son.
In the second case, which began in April, the victim was similarly asked to post bail of one million yuan to avoid being arrested and extradited to China for criminal charges.
When he claimed he did not have the money, the scammers asked to speak to his parent for the cash.
The scammers manipulated him into providing his ID on messaging application WeChat and used it to communicate with his parents in China to demand payment of 100,000 yuan for a gambling debt that the scammers claimed their son had incurred.
His parents, who contacted the police here after they could not contact him, did not lose any money.

Scammers communicated with the victims’ parents in chat messages. PHOTO: SINGAPORE POLICE FORCE
The police said overseas law enforcement agencies have no jurisdiction to conduct operations in Singapore, arrest anyone or ask the public to help with any form of investigations without the approval of the Singapore Government.
They also advised the public to take precautions by downloading the ScamShield app and setting security features like two-factor authentication for banks, social media and Singpass accounts.
People should not send or transfer money to anyone they do not know or have not met in person before, the police added.
The public should also check for scam signs and with official sources such as scamalert.sg or call the Anti-Scam Helpline on 1800-722-6688.
“Beware of phone calls from unknown numbers (with or without the “+” prefix) and refrain from giving out personal information and bank details to callers over the phone,” added the police.
“Government agencies will not ask for your bank account usernames and passwords.”
Those who suspect they have been scammed can protect themselves by informing the authorities, family and friends about the scam and refrain from acting impulsively when pressured by the caller.
Fraudulent transactions should be reported immediately.
Those with information relating to scams or are in doubt can contact the police on 1800-255-0000 or submit it online at police.gov.sg/iwitness. They can dial 999 if urgent police assistance is needed.