Which banks were impersonated by scammers targeting Singaporean victims?

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Scammers Impersonated Representatives from Major Singaporean Banks

In September, scammers targeting Singaporean victims impersonated officers from several major banks, including DBS, OCBC, UOB, and Standard Chartered. These fraudulent activities led to victims losing a total of at least S$6.7 million during that month. The impersonators employed various tactics, such as phone calls and messaging applications like WhatsApp, to deceive individuals into believing they were speaking with legitimate bank representatives.
Deception Tactics Employed by Scammers

The scammers often initiated contact by posing as officers from prominent financial institutions like DBS, OCBC, UOB, or Standard Chartered. They would inform victims about suspicious transactions or credit card-related issues, prompting the victims to verify the authenticity of these activities. Those who denied knowledge of the transactions were then often transferred to another scammer, who would impersonate a government official.
Use of Technology to Enhance Credibility

To further their deception, scammers utilized phone calls, messaging apps such as WhatsApp, and even video calls. During these video calls, they would wear fake police or Monetary Authority of Singapore (MAS) badges and use backdrops designed to appear official. In some instances, they presented fake warrant cards or official documents to bolster their fabricated identities and gain the victims' trust.
The "Safety Account" Scheme

A common thread in these scams involved convincing victims that they were implicated in criminal activities, such as money laundering. The scammers would then instruct the victims to transfer money to designated "safety accounts" for the purported purpose of an investigation. Victims typically only realised they had been defrauded when the scammers became unreachable or when they attempted to confirm the legitimacy of the investigation with actual banks or law enforcement agencies.

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Which banks were impersonated by scammers targeting Singaporean victims?

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