“Banks Never Send SMS Links”: $446,000 Lost to Scams in 2024 Alone

SINGAPORE — The Singapore Police Force (SPF) and DBS Bank issued a reminder to the public on January 14 that legitimate banks do not send clickable links via SMS. Since December 2023, scammers posing as bank representatives have increasingly used SMS messages to obtain victims’ banking details. In the first two weeks of 2024 alone, 219 individuals have fallen victim to such scams, losing a total of $446,000.

In a previous statement on January 5, SPF warned of 83 DBS phishing scams that led to losses of at least $155,000 since the start of the year. Victims were deceived into clicking links in unsolicited SMS messages, often bearing local or overseas numbers, or short codes. These messages typically warn of unauthorized access attempts and urge recipients to “verify their identities” through the link, which leads to a spoofed DBS website. There, victims are tricked into entering their banking credentials and one-time passwords (OTP), enabling unauthorized transactions.

Since early 2022, banks have eliminated clickable links in emails and SMS messages to customers as a precaution. Banks have also lowered transaction limits and increased scam alert frequency to help prevent phishing.

Recommended Precautions
The police and DBS urge the public to adopt these preventive measures:

Add – Use the ScamShield app to block scam calls and SMS messages, and enable security features like transaction limits and two-factor authentication.
Check – Avoid clicking links in unsolicited SMS messages. Verify any claims of issues with accounts or cards by contacting the bank directly. DBS will never ask for personal or banking details via clickable links in SMS.
Tell – Inform family and friends about ongoing scams and report any suspicious transactions to DBS immediately. Use DBS’s fraud hotline (1800-339-6963) or, if overseas, (+65) 6339-6963.
DBS also offers a “Safety Switch” feature to temporarily lock access to funds. Victims can receive support from DBS to replace cards and report fraud.

For more information, visit Scam Alert or call the Anti-Scam Helpline at 1800-722-6688.