Over 300 suspicious bank accounts frozen, $1.8m seized in anti-scam operation
More than 300 suspicious bank accounts which were allegedly used to facilitate scam-related activities were frozen in a joint operation between the Anti-Scam Centre (ASC) and OCBC Bank.
The operation targeting money mules was conducted from from May to August 2024, after the police observed an uptick in suspicious activity on Singapore bank accounts which had been opened by foreigners.
"These bank accounts were being used as a conduit to layer and receive scam proceeds, which served to obscure the actual sources of funds, thereby facilitating illicit financial activities such as money laundering by scam syndicates," said the police in a news release on Aug 20.
"This made tracking and regulating the flow of funds a challenging task for the authorities."
In response to this surge, ASC collaborated with OCBC to leverage their inhouse data analytic models and network detection capabilities to identify transactions and bank accounts exhibiting potential money mule behaviour.
Stemming from the joint operation and protracted information-sharing, more than 300 bank accounts that exhibited suspicious transaction patterns and activities were identified and frozen.
The operation resulted in the seizure of more than $1.8 million believed to be illicit funds moved in and out of the accounts by scammers.
Mr Beaver Chua, OCBC's Head of Anti-Fraud, Group Financial Crime Compliance, said: "It is plain to see that scammers and financial criminals are constantly evolving their tactics to evade detection and to move illicit funds through Singapore’s financial system, involving multiple jurisdictions and sophisticated networks.
"We proactively monitor emerging financial crime typologies and continue to keep abreast of the latest developments, utilising technology to reinforce our existing processes and controls to detect and block suspicious transactions and accounts.
"We are always committed to working closely with the Singapore Police Force and other ecosystem partners to fight scams, deter money mule activities, and prevent Singapore's financial system from being abused by criminals."
The police said they take a serious stance against anyone who may be involved in scams. Perpetrators will be dealt with in accordance with the law.
Members of the public should avoid being an accomplice in these crimes by always rejecting seemingly attractive money-making opportunities that promise fast and easy payouts for the use of their Singpass accounts, bank accounts.
They should also not allow their personal bank accounts to be used to receive and transfer money for others.
Individuals will be held accountable if they are found to be linked to such crimes, the police reminded.
"Investigations are ongoing into various offences, including assisting another to retain benefits of criminal conduct and unauthorised disclosure of access code," the police added.
Members of the public are advised to adopt the following precautionary measures:
- ADD – The ScamShield App and set security features (e.g., enable twofactor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow)
- CHECK – For scam signs with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available. Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to the seller. Always verify the seller’s profile through customer reviews and ratings.
- TELL – Authorities, family, and friends about this scam so they do not fall for it. Report the fraudulent pages to Facebook.
ADD – The ScamShield App and set security features (e.g., enable twofactor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow)
CHECK – For scam signs with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available. Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to the seller. Always verify the seller’s profile through customer reviews and ratings.
TELL – Authorities, family, and friends about this scam so they do not fall for it. Report the fraudulent pages to Facebook.
For more information on scams, visit www.scamalert.sg or call the Anti-Scam Helpline 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/i-witness. All information provided will be kept strictly confidential.
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