The Monetary Authority of Singapore (MAS) has warned the public about fraudulent messages and calls that impersonate MAS staff and request for bank details and personal information.
According to MAS, a new phone scam involves individuals who, pretending to be a regulatory or bank official, informs the receiver that his or her bank account had been locked or suspended and offers assistance to resolve the matter. The victim would then be asked to provide details of his or her bank account, internet banking user ID and password.
It said that the callers often use spoofing technology to mask their actual phone numbers and instead, display an MAS contact number, and the MAS logo on messaging platforms.
«MAS officers will never ask members of the public for personal banking information nor security login credentials,» the regulator said in the announcement this week.
Phone Banking Scams on the Rise
The number of banking scam calls or messages reported to the police in January reached 105 cases, an eightfold rise compared to the monthly average of 13 over the past three months, according to the Singapore Police Force (SPF)
Since January 2019, victims have lost at least $1.6 million to scammers targeting bank customers and there have been more than 60 reports made to the police about such scams during this time, according to an SPF advisory issued in January.
Reports on suspicious calls or messages should be made to MAS at This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling the police hotline at 1800-255-0000.
