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SG & HK Police Foil $370,000 Scam

A Report by CYS Global Remit Legal & Compliance Office 



The Singapore Police Force (SPF), in collaboration with two banks and the Hong Kong police, successfully thwarted a scam targeting a 70-year-old victim, resulting in the recovery of more than S$370,000 (US$271,000). 


On April 18, DBS flagged suspicious transactions totaling about S$180,000 transferred from the victim's account to a bank account in Hong Kong, as stated in an SPF news release on Wednesday, May 1. 


Promptly, the bank halted further transactions from the victim’s account and alerted SPF’s Anti-Scam Centre (ASC). 


Upon receiving a pop-up notification claiming to be from a "Microsoft Helpline," the victim contacted the displayed number. Subsequently, he was informed that his computer had been compromised and his bank accounts were being misused for illicit activities. The victim was then redirected to an individual posing as an "SPF cybercrime unit officer." 

Under the guise of an "investigation," the scammer obtained the victim’s bank account credentials, including user IDs and passwords, which were exploited to siphon funds from the victim's accounts. 


At CYS Global Remit, frontline staff undergo training to consistently execute a secondary verification process with customers, particularly regarding the source of provided documentation. Additionally, customers are encouraged to verify with their dedicated account manager at any time. 

 



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