At least 12 victims lose $650,000 to fixed deposit scams involving impersonation of banks

At least 12 victims have fallen prey to fixed deposit scams since January 2024, with total losses amounting to at least $650,000, said the police.

Victims would receive SMSes from unknown +65 local mobile numbers, purportedly from banks, promoting fixed deposit schemes with high interest rates.

They would be instructed to contact a number provided within the SMS to indicate their interest and obtain more details of the promotion.

Once contacted, scammers would pose as bank agents and provide fraudulent identification such as staff passes.

"They would then seek victims' personal particulars to 'apply for the fixed deposit promotion' and subsequently claim to have registered a bank account under the victims' names," police added.

In some cases, victims would receive forged bank statements claiming that new bank accounts are under their names.

They would also be instructed to deposit or transfer money into these bank accounts.

Victims were told that the accounts are created 'for them' or is an account to 'hold the funds prior to the creation of their account', thereby dissuading further verification.

They would realise that they had been scammed when they log into their banking application and find no changes to system records.

In some instances, the scammer might quote an 'activation period' which delays the discovery of the scheme.

When victims eventually checked directly with the banks on the accounts that they transferred money to for the scheme, they were informed that those accounts belonged to other people and were not fixed deposit accounts created for themselves.

Members of the public are advised to adopt the following precautionary measures:

• ADD – Add the ScamShield App to protect yourself from scam calls and SMSes. Set security features (e.g. set up transaction limits for internet banking transactions, enable Two-Factor Authentication (2FA), Multifactor Authentication for banks and e-wallets).

• CHECK – Check for scam signs and with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). Check with the banks at their official contact centres on how fixed deposits can be placed

• TELL – Tell the Authorities, family, and friends about scams. Report any fraudulent transactions to the bank immediately.

If you have any information relating to such crimes or if you are in doubt, call the police hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.

For urgent police assistance, dial '999'.

For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688.