10-10-2023 (SINGAPORE) Singaporean authorities are working in collaboration with social media company Meta to crack down on WhatsApp lines used in scams and eliminate suspicious online monikers and advertisements. Over the past few months, there has been a surge in Android malware scams, with scammers leveraging social media platforms such as Facebook and Instagram to promote fraudulent products and services.
In response to queries from Channel NewsAsia (CNA), the police highlighted that scammers are becoming increasingly sophisticated, constantly adapting their tactics to exploit the vulnerabilities of their victims. Their modus operandi often involves enticing users with attractive offers and promotions through eye-catching advertisements related to food items, services, and travel packages on social media platforms.
According to the police, victims lost a total of S$334.5 million (US$244.8 million) to scams in the first half of the year, representing a 2.2% decrease compared to the same period last year. However, the number of scam cases increased by 64.5%. Among the victims, young adults aged 20 to 39 were the most susceptible, accounting for over half of the total number of victims. They were primarily targeted by e-commerce scams, job scams, and phishing scams.
The top five methods employed by scammers to approach victims were through messaging platforms like WhatsApp and Telegram, social media, phone calls, online shopping platforms, and SMS messages. In the first half of the year, more than 750 cases of Android device users falling victim to malware scams were reported, resulting in losses of at least S$10 million. Notably, some victims lost their Central Provident Fund (CPF) savings, amounting to at least S$218,000. However, the police’s Anti-Scam Command managed to recover a portion of the CPF funds, reducing the net loss to approximately S$130,000.
Taking swift enforcement action, the police have arrested over 130 individuals involved in local malware phishing scams since early June 2023. They have also collaborated with the Royal Malaysia Police to dismantle two transnational malware phishing syndicates in Malaysia, leading to the arrest of nine syndicate members in July and August 2023. Additionally, the police work closely with the Association of Banks in Singapore and relevant government agencies to raise awareness among customers about malware scams and emphasize the importance of downloading apps only from official app stores.
Several Singaporean banks, including DBS, UOB, OCBC, and CitiBank, have intensified their anti-scam security measures in response to the rising number of cases. These measures include restricting customers’ access to digital banking services on mobile phones if apps from unverified app stores are detected. Last week, DBS, OCBC, and UOB announced plans to introduce a “money lock” feature, allowing customers to allocate and secure a specific amount of funds in their accounts that cannot be digitally transferred out. Each bank will roll out its own version of the feature by November, aiming to provide an additional layer of protection against scams and unauthorized transactions.
DBS’s digiVault will adopt a “digitally in, only physically out” approach, meaning customers can deposit funds digitally into the account but cannot initiate outgoing digital transactions. Access to the funds in this account will require identity verification. OCBC will introduce a “money lock” feature on its banking app by the end of November, allowing customers to ringfence a specific amount that cannot be digitally transferred out. UOB is also studying the concept closely and plans to implement its version of the feature by November.
