Monetary Authority of Singapore issues joint warning on deepfake impersonation scams targeting corporate fund transfers

The Monetary Authority of Singapore (MAS), together with the Singapore Police Force and the Cyber Security Agency of Singapore, published a joint advisory warning about scams that allegedly use artificial intelligence to create or manipulate synthetic media, including deepfakes. The scam typically starts with unsolicited WhatsApp messages that draw employees into live Zoom video calls where manipulated audio-visuals are used to impersonate senior company executives and, in some cases, MAS officials or potential “investors”, to instruct transfers of substantial sums from corporate bank accounts and to solicit personal information such as NRIC and passport details. To reinforce the deception, victims may be directed to a second scammer posing as the company’s legal counsel who emails documents such as non-disclosure agreements or board letters, before the fraud is uncovered when perpetrators become uncontactable or details are verified with actual executives and counsel. The advisory urges businesses to implement protocols to verify video calls and messages, independently confirm sudden or urgent fund transfer instructions through established channels, look for signs of manipulated audio or video, avoid disclosing confidential or personal information or sending money to unknown parties, and escalate suspected incidents to banks and the police. MAS also reiterated that it will not ask anyone to transfer money or disclose personal or banking credentials, and that it does not hold individuals’ funds or maintain records of their financial or banking accounts.