At least $65,000 lost to new scam variant targeting bank customers

| 26 Nov 2019

A new variant of scam targeting bank customers has emerged. 

How this scam works:

The victims would receive an SMS message, claiming that either their ATM card had been blocked or deactivated, or their bank account had been locked.  The message also informs the victims to call a specified number to reactivate their ATM card or bank account.  During the telephone conversation, the scammers would claim to be staff of the bank, and ask for the victims’ personal particulars, internet banking details and One-Time Password (OTP).  The victims subsequently discovered that unauthorised transactions were made from their bank accounts.

Total number of reports received

Since Nov 2019, a total of 12 reports of this new variant of scam targeting bank customers have been filed. Total losses amounting to at least $65,000.

Prevention measures

  1. Beware of unsolicited messages or calls from persons impersonating as staff from banks.  Scammers may use Caller ID spoofing technology to mask their actual phone number and display the bank’s number.
  2. Do not disclose your internet banking details such as account username, Personal Identification Number (PIN) or One-Time Password (OTP) to anyone through phone, email or SMS.
  3. Do not respond to digital token authentication requests via phone calls if you did not initiate any internet banking transaction. Do not authorise any suspicious authentication request.
  4. If you receive a suspicious call purportedly from your bank, hang up and call the hotline published on the bank’s website to verify the authenticity of the request. Do not call the number provided by the caller.

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Together, we can help stop scams and prevent our loved ones from becoming the next victim of scam!