21-8-2024 (LONDON) Singaporean authorities have frozen more than 300 OCBC bank accounts suspected of links to scam-related activities, seizing over $1.8 million in the process.
The Singapore Police Force announced on 20 August that officers from its Anti-Scam Centre collaborated with OCBC Bank from May to August in a joint operation targeting money mules. This initiative was sparked by a noticeable uptick in suspicious activity within local bank accounts opened by foreign individuals.
These accounts were reportedly being utilised as conduits for scam proceeds, effectively obscuring the true origins of the funds. This modus operandi has been a favoured tactic of scam syndicates engaged in illicit financial activities, including money laundering, making it increasingly challenging for authorities to track and regulate the flow of funds.
In response to this surge in suspicious activities, the police partnered with OCBC to leverage the bank’s data analytic models and network detection tools. This collaboration aimed to identify transactions and accounts exhibiting patterns consistent with money mule operations.
The joint operation proved fruitful, leading to the identification and freezing of over 300 bank accounts displaying suspicious transactions and activities. Authorities seized more than $1.8 million,, believed to be illicit funds transferred through these accounts by scammers.
The police issued a stern warning, reminding the public that those found guilty of aiding in the retention of criminal proceeds could face up to three years’ imprisonment, a fine of up to $50,000, or both. Similarly, unauthorised disclosure of access codes could result in a jail term of up to three years, a fine of up to $10,000, or both.
This crackdown comes amidst alarming statistics. In 2023, Singapore reported 46,563 scam cases, the highest since the police began tracking such incidents in 2016. This marks a staggering 46.8% increase from the 31,728 cases reported in 2022. In the same year, scam victims in Singapore suffered losses totalling $651.8 million
To prevent inadvertently becoming accomplices to such crimes, Singaporeans are strongly advised to reject seemingly attractive money-making propositions that involve the use of their Singpass and bank accounts. The police also encourage the public to implement additional security measures, remain vigilant for signs of scams, and promptly report any suspicious activities to the authorities.
