The Singapore Police Force’s Anti-Scam Centre (ASC) and DBS Bank have transformed joint anti-scam operations by adopting technology to identify job, investment and other scam victims and alerting them promptly to prevent further financial losses.
Through the automation of processes, DBS Bank and ASC officers were able to significantly reduce the turnaround time in detecting these victims, with minimal human intervention. During the one-month joint operation conducted between 12 June and 11 July 2023, the ASC and DBS Bank sent over 4,600 SMSes to more than 3,900 victims, disrupting more than 1,400 active scam cases. This proactive victim-centric approach also mitigated over $21 million of financial losses which would be lost to scams if the victims had remained entrenched in the deceptive schemes.
Technology-enabled Processes
Other than the Robotic Process Automation (RPA) technology, other technologies were also deployed by ASC and DBS Bank to automate information sharing, information processing and the mass distribution of SMS alerts. As such, the ASC and DBS Bank were able to significantly improve their outreach to a larger number of victims within a short period of time. Many of these victims only realised that they had fallen prey to scams after receiving SMS alerts from the Police, advising them to immediately cease further monetary transfers.
Job Scams
In job scams, victims will receive job offers through unsolicited Whatsapp or Telegram messages, urging them to participate in simple surveys or performing tasks such as “boosting ratings” of product listings for reputable merchants. The victims would be enticed by the rewards offered for these simple tasks, such as answering survey questions, and are directed to create accounts on fraudulent websites to earn additional commissions. Once victims received their initial payment and commission, they would be directed to complete further “product boosting tasks” by making payments to bank accounts provided by the scammers.
Investment Scams
In investment scams, victims are often approached on social media platforms, where they are introduced to supposed investment opportunities. Scammers frequently pose as financial advisors, brokers, or investment experts, enticing victims with the promise of lucrative profits. Victims are lured by the prospect of easy money, and are instructed to transfer money to specific bank accounts. Initially, victims may receive small profits, leading them to believe the scheme is legitimate. Victims are subsequently tricked into transferring larger sums of money to bank accounts controlled by scammers. It is only when victims are asked to pay excessive withdrawal fees to encash their profits from fake investment platforms introduced by the scammers, that they realise they had been deceived.
ACT Against Scams
The Police urge members of the public to “ACT” against scams and would like to advise members of the public to adopt the following precautionary measures:
- Add security features such as the ScamShield application and two-factor authentication for personal accounts. Transaction limits for Internet banking could also be set up to limit the amount of funds that can be lost in the event of a scam;
- Check for potential signs of a scam by asking questions, fact-checking requests for personal information and money transfers, and verifying the legitimacy of online listings and reviews. Take the time to pause and check. If it is too good to be true, it is probably untrue, and a scam; and
- Tell the authorities and others about scam encounters by reporting to the bank, ScamShield, or by filing a Police report. Tell others about ongoing scams and preventive steps they can take.
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. All information will be kept strictly confidential.
ASC officers working together with DBS Bank staff during the one-month joint operation ▼
SINGAPORE POLICE FORCE
13 July 2023 @ 7:10 PM