Fake Investment SMSes Posing as Banks Are Threatening Singaporeans

The Singapore Police Force (SPF) issued a press release on Thursday (April 11) to alert the public to SMS scams impersonating banks. Since January this year, there have been at least 12 victims of such scams in Singapore, with losses amounting to $650,000.

The police found that the fraudulent SMSes were sent from multiple local Singaporean mobile phone numbers to promote high-profit fixed investment schemes. The scammers claimed to be bank staff and provided fake staff passes to prove their "identity". They then ask for the victim's personal information to open a bank account and "apply for the fixed deposit promotion".

To enhance credibility, the victim may receive a so-called bank statement. The scammers then persuade the victim to make deposits into these accounts.

In fact, these accounts are held or controlled by the scammer. Victims who seek verification from their banks will find that the accounts are not under their names.