Scammers posing as MAS officers dupe 67-year-old man out of over S$100,000
A 67-year-old Singaporean lost over S$100,000 after scammers posing as MAS officers claimed his “insurance policy” had matured. The fake officer instructed him to download a crypto wallet app, raise his transfer limit, and make multiple transfers over three days.
- A 67-year-old man lost S$104,620 after scammers impersonating MAS officers convinced him his “insurance policy” was expiring and pressured him into multiple bank transfers.
- The scammers instructed him to download a crypto wallet, share his screen, and increase his bank transfer limit, resulting in multiple transfers over three days.
- He realised it was a scam only after calling the anti-scam hotline; a police report has since been filed.
SINGAPORE: A 67-year-old Singaporean man lost more than S$100,000 after scammers posing as government officials convinced him that his “insurance policy” had matured and pressured him into transferring funds over several days in late October.
The ordeal left the victim, referred to as Zhang (not his real name), deeply shaken and forced him to reconsider his retirement plans.
Call About ‘Expiring Policy’
The incident began on 21 October when Zhang returned a missed call. The caller claimed he had been paying S$780 a month for two years for an insurance policy that was about to mature, and asked whether he wished to renew it.
When he declined, the caller said someone from the Monetary Authority of Singapore (MAS) would be in touch.
Soon after, another individual — posing as an MAS officer — contacted Zhang and alleged that his bank account had been compromised.
The scammer even displayed what appeared to be an official MAS work pass.
Although Zhang did not have the bank account mentioned, he still believed the claims.
Told to Download Crypto Wallet and Share His Screen
The fake MAS officer instructed Zhang to download a cryptocurrency wallet app and make a WhatsApp video call with screen sharing enabled. He was also told to increase his bank transfer limit.
Following these instructions, Zhang transferred S$31,740 to a Standard Chartered account, Shin Min Daily News reported.
He was assured the money would be returned “in four or five days”.
Despite feeling uneasy after raising the limit — even removing his SIM card overnight to avoid further calls — he resumed contact after reinstalling it the next day.
Over the next two days, he made five more transfers totalling more than S$70,000. The scammers claimed the funds were needed to “protect his bank account”.
By the end of the third day, Zhang had lost S$104,620.
Zhang eventually sensed something was wrong and asked the scammer to return the money. When he received vague replies, he called the anti-scam hotline, 1799.
The operator described a typical scam script — and it matched Zhang’s experience exactly. Although his account was frozen immediately, the transfers had already been completed.
His children later assisted him in lodging a police report.
Zhang had hoped to retire within the next one to two years, but those plans are now uncertain.
He hopes his experience will serve as a warning to others and urges the public never to share their screens or engage with unknown callers.
Surge in Government Impersonation Scams
Government official impersonation scams have surged in Singapore, with victims losing S$126.5 million in just the first half of 2025.
Figures from the Singapore Police Force’s (SPF) mid-year scam and cybercrime report, released on 30 August, show that cases rose from 589 in the first half of 2024 to 1,762 over the same period this year.
Losses also increased sharply, climbing 88.3 per cent compared with the S$67.2 million recorded a year earlier.
In these scams, fraudsters pose as officers from government agencies such as the police, the Immigration and Checkpoints Authority, or the Monetary Authority of Singapore, targeting victims with urgent calls or messages to extract money.
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