Swift action by bank and police highlights the importance of anti-scam measures.
In a commendable act of vigilance, a man in his 60s was saved from transferring over $600,000—his life savings—to scammers claiming to offer better interest rates. The case, which unfolded in September, underscores the growing sophistication of scams and the critical role of anti-scam efforts in Singapore.
The incident began when the man transferred $70,000 to a suspicious account and attempted to withdraw the remainder of his savings. DBS Bank officer Uthayakumar Chellappan Silvaraju flagged the situation after the man grew agitated and evasive when questioned about the transaction. During multiple calls, Mr. Kumar urged the man to reconsider, asking, “Are you sure you want to risk your life savings you worked so hard for?” It was only after this direct appeal that the man admitted to acting under someone’s instructions, though he initially refused to believe he was being scammed.
The bank referred the case to the Anti-Scam Centre (ASC), where Deputy Superintendent of Police (DSP) Timothy Ng quickly identified the hallmarks of a government impersonation scam. DSP Ng’s approach focused on calming the man and assuring him he was not under investigation, a tactic designed to counter the scammers’ manipulation. The following day, the man realized the deception, canceled the transaction, and lodged a police report, narrowly avoiding a devastating financial loss.
Experts, including Dr. Lim Boon Leng of Gleneagles Hospital, highlight the psychological tactics used by scammers. By exploiting vulnerabilities such as loneliness or greed, scammers forge emotional connections that override rational thinking. Victims are often coached to distrust real authorities, making intervention challenging. Government impersonation scams have caused significant losses in Singapore, with over $67 million stolen in the first half of 2024 alone.
To combat such scams, Singapore introduced the Protection from Scams Bill on November 11. The bill proposes granting police the power to issue restriction orders, enabling banks to limit transactions from suspected scam victims’ accounts. This measure aims to prevent further losses, even when victims remain unconvinced. Bank officers and ASC personnel emphasize the importance of vigilance and persistence. As Mr. Kumar noted, “These are the savings our customers have worked so hard for. We will always try our best to protect them.”
This incident highlights the importance of awareness and collaboration between banks, law enforcement, and the public. With scams becoming increasingly sophisticated, protecting vulnerable individuals requires not just legislative tools but also proactive vigilance. For more tips on recognizing and avoiding scams, visit Singapore Police Force’s anti-scam resources online.
