Beware of fund recovery scams: More than $1.2 million lost in 29 cases since January 2024

More than $1.2 million has been lost in at least 29 cases of fund recovery services scams since January 2024, the police said in a statement.

The police advise the public to remain vigilant against these scams which claim to be able to help people recover money lost to investment and other scams.

The modus operandi of this scam goes as follows:

• Scammers may impersonate legal firms or financial services companies, contacting victims via calls, messages, or emails offering to assist in recovering funds lost due to scams or investments. In other instances, victims would come across 'fund recovery services' advertised online, including on Facebook, and contact scammers for these 'services'.

• After the first contact, victims would be instructed to make upfront payments via bank transfers, cryptocurrencies, or virtual credits, claiming these as part of 'administrative procedures. In some instances, scammers may request victims' banking credentials, debit/credit card details, or one-time passwords (OTPs) and use this information to access the victims' bank accounts. In other instances, scammers would ask victims to download remote access software such as AnyDesk, which allows them to gain access to victims' devices and their bank accounts after the download.

Victims would realise they had been scammed when their funds were not recovered as agreed, scammers became uncontactable, or when they checked with banks or the police through official channels.

Members of the public can check if a law firm is registered with the Legal Services Regulatory Authority (LSRA) using the LSRA directory. If the advertised law firm is not registered, it is likely to be a scam.

The public is encouraged to adopt the following precautionary measures:

1. ADD — Add the Scamshield App to protect yourself from scam calls and SMSes, and set security features.

2. CHECK — Check for scam signs and with official sources: Visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Avoid believing claims that they can help you to recover lost money.

3. TELL — Tell the authorities, family and friends about scams. Report any fake comments or postings to online platforms.

If you have any information relating to such crimes or are in doubt, please 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.

Call '999' for urgent police assistance.