Elderly woman loses S$16,500 to scammer posing as Monetary Authority of Singapore officer

A 70-year-old Singaporean woman has lost S$16,500 to a scammer who convinced her she was under investigation for fraud.

According to Shin Min Daily News, the woman, named Lee, fell victim to a syndicate that claimed to be officers from the Monetary Authority of Singapore (MAS).

On 10 July, Lee received a text message stating that her “UnionPay insurance” was about to expire. The message warned that S$750 would be automatically deducted from her savings account each month for 24 months.

Worried about unauthorised deductions, Lee contacted the number in the message. She insisted she had never purchased such insurance.

The scammer then claimed that Lee was involved in a fraud case and must follow instructions to clear her name or face severe consequences. The caller asked for her personal details, including whether she lived alone, how many bank accounts she held, and her total savings.

Upon learning that Lee lived alone, the scammer told her to withdraw all her savings to assist in the “investigation”. When Lee questioned why she needed to surrender her money, she was told the serial numbers on her banknotes would be verified to check if the funds were illegal.

Believing the story, Lee withdrew S$7,500 in cash from two banks on 12 July. She offered to hand over the money at the bank, but the scammer insisted she return to her residential block instead.

To ensure secrecy, they agreed on a code word—“900”. Lee was instructed to give the cash only to someone who said this code. When she arrived home, a man waiting near a rubbish chute approached her, said “900”, and she handed over the cash.

Two days later, the scammer demanded another payment. Lee withdrew S$9,000 more and repeated the handover in a similar manner. In total, she lost S$16,500 before realising she had been deceived.

She tried to contact the scammer again but found the number no longer in use. She reported the incident to the police the following day.

The Singapore Police Force (SPF) confirmed that a report has been lodged and investigations are ongoing.

This case is part of a growing trend of scams involving fraudsters impersonating government officials. Since June 2025, at least 80 such cases have been reported, with victims losing more than S$6.7 million.

Scammers often claim to be from banks, insurance firms, or agencies such as MAS, the police, or the Ministry of Law. They typically accuse victims of money laundering and instruct them to withdraw cash or hand over valuables for “investigations”.

The SPF has reminded the public that government officials will never request money transfers or banking details over the phone. Members of the public are advised not to hand over cash or valuables to strangers and to report such incidents immediately.