SINGAPORE — In a worrying trend, scammers have reportedly deceived victims out of at least $1.7 million since January 2024, targeting individuals with false claims of outstanding insurance premiums. This alarming figure was highlighted in a joint statement released by the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) on 14 March 2024.
The Scammer’s Playbook
The modus operandi of these scammers involves impersonating representatives from NTUC Union, Income Insurance, UnionPay, and even MAS itself. Victims typically receive unsolicited calls from mobile numbers that begin with +65 or 8. They are falsely informed that they have outstanding premiums associated with either new or expiring life insurance policies.
- Callers persuade victims to verify their policies.
- Victims are redirected to scammers posing as representatives from these institutions.
- Requests for personal information, such as bank account details, are made under the guise of verifying the insurance.
To add a touch of urgency, victims are told that failing to cancel their insurance could result in automatic deductions from their bank accounts. The fraudulent process often involves directions for victims to transfer money to specific accounts, allegedly for verification purposes.
The Consequences of Trust
In some cases, scammers go further, impersonating MAS officials and claiming that victims’ bank accounts are involved in money laundering or compromised in data breaches. Victims are coerced into transferring funds to assist with purported investigations, a process that leaves them vulnerable and trusting.
Once the money is transferred, the scammers vanish, leaving the victims both financially and emotionally devastated.
Know the Signs: Protect Yourself
Authorities have issued clear guidelines for the public to avoid falling prey to such scams:
- NTUC Union, Income Insurance, and UnionPay will never ask for personal details or payments to personal accounts via unsolicited communications.
- Payments for insurance should only occur through official channels, such as the Income Insurance customer portal or trusted payment systems.
- Use the ScamShield app to identify and block suspicious calls and messages.
If you suspect that you’ve been targeted by these scams, report them immediately. For assistance, contact Income Insurance’s hotline at 6788-1777 or visit the ScamShield website for more information.
Stay vigilant, Singapore! Scammers are growing more sophisticated — but with a little awareness, you can help shield your personal information from their clutches.