SINGAPORE: The police on Thursday (Feb 29) issued an advisory warning members of the public against fund recovery scams that claim to be able to help people recover money lost to investment and other scams.
At least 29 cases have been reported since January, with losses amounting to at least S$1.2 million (US$892,389), they said.
The general common approach – or modus operandi – of such scams involve scammers impersonating legal firms or financial services companies and contacting victims through calls, messages or emails offering to assist in the recovery of funds lost due to scams or investments.
In other cases, the victims would come across “fund recovery services” advertised online, such as on Facebook, and contact the scammers for their “services”.
After the first contact, victims would then be instructed to make upfront payments via bank transfers, cryptocurrencies or virtual credits, with the scammers claiming these as part of “administrative procedures”.
“In some instances, scammers may request victims’ banking credentials, debit or credit card details, or one-time passwords (OTPs) and use their information to access the victims’ bank accounts,” the police said.
In other cases, scammers would ask victims to download remote access software such as AnyDesk, which gives them access to the victims’ devices and their bank accounts after the download.
Victims would later realise that they had been scammed when their funds were not recovered as agreed, or when the scammers became uncontactable, or after checking with banks or the police through official channels.
The police urged members of the public to exercise caution over online services or websites offering to help recover funds lost to scams.
They may also check if a law firm is registered with the Legal Servies Regulatory Authority using their directory.
“If the advertised law firm is not registered, it is likely to be a scam,” the police said.
They also advised the public to adopt precautionary measures such as installing the ScamShield mobile app, setting security features like the enabling of two-factor authorisation (2FA) and checking for scam signs by calling official sources like the Anti-Scam Helpline at 1800-722-6688.
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At least 29 cases have been reported since January, with losses amounting to at least S$1.2 million (US$892,389), they said.
The general common approach – or modus operandi – of such scams involve scammers impersonating legal firms or financial services companies and contacting victims through calls, messages or emails offering to assist in the recovery of funds lost due to scams or investments.
In other cases, the victims would come across “fund recovery services” advertised online, such as on Facebook, and contact the scammers for their “services”.
After the first contact, victims would then be instructed to make upfront payments via bank transfers, cryptocurrencies or virtual credits, with the scammers claiming these as part of “administrative procedures”.
“In some instances, scammers may request victims’ banking credentials, debit or credit card details, or one-time passwords (OTPs) and use their information to access the victims’ bank accounts,” the police said.
In other cases, scammers would ask victims to download remote access software such as AnyDesk, which gives them access to the victims’ devices and their bank accounts after the download.
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Victims would later realise that they had been scammed when their funds were not recovered as agreed, or when the scammers became uncontactable, or after checking with banks or the police through official channels.
The police urged members of the public to exercise caution over online services or websites offering to help recover funds lost to scams.
They may also check if a law firm is registered with the Legal Servies Regulatory Authority using their directory.
“If the advertised law firm is not registered, it is likely to be a scam,” the police said.
They also advised the public to adopt precautionary measures such as installing the ScamShield mobile app, setting security features like the enabling of two-factor authorisation (2FA) and checking for scam signs by calling official sources like the Anti-Scam Helpline at 1800-722-6688.
Continue reading...