At least $1.7m lost in Singapore to scammers using insurance policies as bait
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SINGAPORE - At least $1.7 million has been lost since January in six cases involving scammers who baited their victims with supposedly outstanding insurance premiums, the police and the Monetary Authority of Singapore (MAS) said on March 14. In these cases,At least $1.7m lost in Singapore to scammers using insurance policies as bait
SINGAPORE - At least $1.7 million has been lost since January in six cases involving scammers who baited their victims with supposedly outstanding insurance premiums, the police and the Monetary Authority of Singapore (MAS) said on March 14. In these cases, the victims received calls from scammers who pretended to be representatives or employees of NTUC Union, Income Insurance, UnionPay and MAS. The victims were told they had outstanding premiums tied to their new or expiring life insurance policies. They were redirected to other scammers, claiming to be with Income Insurance or UnionPay, who proceeded to harvest their bank account details, private credentials and other personal information. The victims were advised to cancel their insurance policies if they did not want the supposed outstanding fees automatically deducted from their bank accounts. They were instructed – in some cases via WhatsApp’s screen-sharing function – to transfer money to a specified bank account, which the scammers claimed was a necessary step to verify their bank accounts.