Scammers Target Public with False High-Interest Promotions, Resulting in Losses of Over S$650,000

The Singapore Police Force has issued a warning on Friday, April 12, about a rising scam where fraudsters are impersonating banks to promote fixed deposit schemes with unrealistically high interest rates. Since the start of 2024, at least 12 victims have fallen for this scam, collectively losing over S$650,000.

The scam typically begins with the perpetrators sending SMS messages from unfamiliar +65 local numbers. These messages, which appear to be from legitimate banks, advertise high-yield fixed deposit promotions. The SMS invites recipients to contact a provided phone number for further details and to express interest in the purported offer.

Once the victims call the numbers, they are met with scammers posing as bank representatives. These fraudsters go as far as showing fraudulent identification, such as fake staff passes, and request the victims’ personal details to proceed with the “application” for the promotional fixed deposit scheme.

The police have urged the public to be cautious when receiving unsolicited messages and to verify the legitimacy of any banking offers directly with their banks. Authorities also reminded people never to share personal information or financial details over the phone without confirming the identity of the caller.