Four men, aged 16 to 28, and a 20-year-old woman will be charged in court on 12 July 2023 for their suspected involvement in money laundering activities linked to banking-related phishing scam cases involving malware, which resulted in losses from victims’ bank and their Central Provident Fund (CPF) accounts.
Between January and June 2023, there were more than 700 reports of malware-related scams and losses amounting to about $8 million. Nine of these malware-related scams involved CPF savings and bank accounts with losses amounting to at least $335,000. The Police had acted on these reports quickly and worked with the banks to facilitate the swift freezing of accounts, leading to the recovery of more than $94,000. The monies from the victims’ CPF accounts in these nine cases were withdrawn before the enhanced implementation of Singpass Facial Verification (SFV).
Between 19 and 23 June 2023, the Police arrested the five persons after receiving several reports informing that malware was used to compromise Android mobile devices. Unauthorised transactions were made from the victims’ bank and CPF accounts even though they did not divulge their Internet banking credentials, One-Time-Passwords (OTPs) or Singpass credentials to anyone.
Investigations revealed that the five persons are suspected to be involved in the following cases of money laundering. The cases are:
- In early June 2023, a 20-year-old woman responded to an online advertisement which offered her fast cash, and she later agreed to disclose her Singpass credentials to an unknown person. Her Singpass credentials were subsequently misused to open bank accounts which were then used to launder criminal proceeds.
- A 28-year-old man agreed to disclose his Singpass credentials to an unlicensed moneylender to offset his loan repayments in May 2023. His Singpass credentials were subsequently misused to open bank accounts which were then used to launder criminal proceeds.
- Between late 2022 and early 2023, another 28-year-old man and a 16 year-old teenager had sold their bank accounts for monetary gains. A 25-year-old man was believed to have facilitated the sale of the 28-year-old man’s bank accounts. Their bank accounts were later used to launder proceeds of crime amounting to more than $520,000.
For disclosing Singpass credentials, for first-time offenders, the offence under Section 8(2)(a) of the Computer Misuse Act 1993 carries an imprisonment term not exceeding three years or a fine not exceeding $10,000 or both.
For conspiring to cheat the bank into opening a bank account, the offence under Section 417 read with Section 109 of the Penal Code 1871 carries an imprisonment term not exceeding three years, a fine or both. For abetting unknown persons to secure unauthorised access to the bank’s computer system, for first-time offenders, the offence under Section 3(1) read with Section 12 and Section 14 of the Computer Misuse Act 1993 carries a fine not exceeding $5,000, an imprisonment term not exceeding two years or both.
The Police take a serious view of these offences and will not hesitate to take action against individuals who may be involved in scams, and perpetrators will be dealt with in accordance with the law. To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or allow their personal bank accounts to be used to receive and transfer money for others. The Police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness or via the ScamShield app. All information will be kept strictly confidential.
SINGAPORE POLICE FORCE
12 July 2023 @ 12:00 AM