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In a concerted effort to fortify its societal fabric against evolving cyber threats, Singapore is diligently working on comprehensive strategies and initiatives aimed at bolstering cyber resilience for its citizens, prioritising proactive measures to ensure heightened digital security and preparedness in the face of potential online risks.
The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a warning to the public concerning a concerning uptick in a Government Official Impersonation Scam variant.
This scam involves fraudsters falsely claiming association with or representation of the MAS, resulting in staggering losses and affecting numerous individuals since the beginning of this year. With at least 41 reported victims and a collective loss tallying to SG$ 2.6 million, authorities underscore the critical need for heightened cyber vigilance.
The scam’s operational pattern follows a distinct sequence where victims fall prey to multilayered deceit. Initially contacted by imposters posing as bank officials, victims are coerced into verifying transactions supposedly conducted by them. Upon denial, the scam escalates as these fraudsters transfer the call to a second individual impersonating a MAS officer. This second scammer accuses victims of criminal involvement, often escalating the situation by redirecting victims to a third scammer posing as an SPF officer for a supposed in-depth investigation.
During these interactions, under various guises like official investigations or government policy protocols, the scammers manipulate victims into transferring funds to alleged “security accounts.” Additionally, they cunningly extract sensitive banking information such as credentials, credit card details, or One-Time Passwords (OTPs), exploiting victims’ trust for illicit gains.
MAS and SPF emphasise critical guidelines to shield against cyber threats: Foremost, these authorities affirm that they will never solicit money transfers or seek control over individuals’ bank accounts or internet banking credentials.
It’s imperative to refrain from disclosing sensitive particulars such as bank account user IDs, passwords, PINs, or OTPs through phone calls, emails, or messaging platforms to safeguard against potential scams.
Preventive Measures for Public Adoption:
ADD: Employ security tools like the ScamShield App and enable Two-Factor Authentication (2FA) and transaction limits for Internet banking, including PayNow.
CHECK: Verify suspicious activities through official sources like the ScamShield WhatsApp bot, the Anti-Scam Helpline, or www.scamalert.sg.
TELL: Report scams to authorities and avoid impulsive actions urged by callers. Block suspicious numbers on messaging platforms and notify banks promptly of any fraudulent transactions.
MAS and SPF are actively promoting collaborative efforts to bolster security measures. They advocate for the adoption of innovative features rolled out by prominent banks such as DBS, OCBC, and UOB. These advanced features equip users with tools to fortify their savings, providing safeguards against unauthorised digital transfers or payments. This initiative aims to elevate overall security standards, offering users greater peace of mind in their financial transactions.
An immediate action plan is in place for those suspecting involvement in these scams or holding pertinent information. Individuals are strongly encouraged to reach out to the Police Hotline or submit details through the online platform. All information provided is treated with utmost confidentiality, and in cases requiring urgent aid, the ‘999’ hotline is available.
To tackle the persistent cyber threats, everyone – authorities and the public – must stay vigilant, taking proactive steps to reduce risks and report any suspicious activities promptly. Together, we create a safer cyber landscape.
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