Authorities apprehend individuals involved in laundering proceeds from scams using personal banking credentials.
Nine Arrested for Involvement in Money Laundering Activities
In Singapore, nine individuals are set to be charged for their alleged role in money laundering activities, linked to a recent wave of phishing scams involving malware-infected apps. These individuals, six adults aged 19 to 30, and three teenagers aged 16 to 18, were involved in handing over their banking login details or Singpass credentials to scammers. In return, they were promised cash or were led to believe they were engaging in investment opportunities.
The police identified these individuals as money mules linked to scams that have been under investigation. The scams targeted unsuspecting victims who, despite not sharing their Internet banking credentials, still experienced unauthorized transactions and significant financial losses.
How the Scams Worked
The scammers tricked victims by advertising cleaning services and food items on platforms such as WhatsApp and Facebook. Victims were then instructed to download apps from unofficial app stores, which subsequently installed malware on their phones. Once the malware was installed, the scammers used phone calls and text messages to convince victims to turn on accessibility services, which weakened the phones’ security. The scammers could then gain full control over the victim’s phone, logging keystrokes, stealing banking credentials, and transferring money to money mules.
In some cases, the scammers deleted SMS and email notifications related to the bank transactions to hide their activities.
The Suspects’ Roles in the Crimes
The involvement of the nine suspects was uncovered through extensive follow-up investigations. They were arrested by officers from the Commercial Affairs Department after being linked to the laundering of stolen funds.
In July 2024, a 16-year-old responded to an advertisement on Telegram offering quick cash, which led him to provide his banking credentials to an unknown individual. That same month, a 27-year-old also handed over his Internet banking credentials and ATM card to someone promising cash in return.
A 19-year-old woman was another target who disclosed her Singpass credentials to a friend on Instagram, leading to the creation of multiple bank accounts in her name. Other individuals, including a 28-year-old man and a 22-year-old man, also provided their credentials to scammers through similar deceptive offers on Telegram.
In August 2024, a 19-year-old man opened a bank account online and disclosed his banking details to a scammer. Similarly, in September, other victims, including a 17-year-old girl and an 18-year-old woman, handed over their banking and Singpass credentials, leading to further illicit bank account openings and transfers.
Legal Consequences and Public Warnings
Offenders who disclose Singpass credentials can face up to three years in prison, fines up to $10,000, or both. Those who assist in opening bank accounts fraudulently can be jailed for up to three years and fined. Additionally, individuals involved in gaining unauthorized access to banking systems could face fines up to $5,000 and up to two years in jail.
The police have issued a warning to the public to be cautious of seemingly attractive offers that promise easy payouts in exchange for access to Singpass and bank accounts, advising everyone to reject such offers to avoid falling victim to scams.
