16-Year-Old Among Nine Arrested in Major Phishing Scam Targeting CPF Deposits

SINGAPORE: The Singapore Police Force (SPF) has arrested nine individuals, including a woman and a 16-year-old boy, as part of a significant bank phishing operation. The arrests took place during a nationwide anti-fraud campaign conducted from June 19 to June 23.

Among those apprehended are two additional women and a man who are currently assisting the police with ongoing investigations. These arrests follow a series of reports filed by victims since late May.

The victims reported that their mobile phones had been compromised, leading to unauthorized transactions in their bank accounts. Importantly, they claimed they had not shared their online banking details, one-time passwords, or Singpass information with anyone.

Preliminary investigations indicate that the scammers used social media platforms to promote their fraudulent schemes. Enticed by these ads, victims were instructed to download mobile applications, which unbeknownst to them contained malware. This malware granted the perpetrators remote access to the victims’ phones, enabling them to capture online banking credentials, one-time passwords, and Singpass information.

The scammers primarily targeted victims’ Central Provident Fund (CPF) deposits, which were transferred to unauthorized bank accounts before being distributed to various individuals. The total losses reported by victims reached $221,000, with $114,000 of that amount coming from CPF deposits.

In light of these events, the police have urged the public to exercise caution when downloading applications or responding to online advertisements, stressing the importance of verifying the authenticity of such sources. They also recommend that individuals regularly update their mobile device security software and avoid sharing sensitive personal information with unknown or unverified entities.