Monetary Authority of Singapore and Singapore Police Force warn of impersonation scams involving MAS, NTUC Union and financial institutions with losses of at least SGD 1.7 million

The Monetary Authority of Singapore (MAS) and the Singapore Police Force issued a joint advisory warning of scams in which fraudsters impersonate MAS officials and representatives from NTUC Union and financial institutions, including Income Insurance and Unionpay. Since January 2025, at least six cases have been reported, with total losses of at least SGD 1.7 million. The scam typically starts with unsolicited calls from local mobile numbers claiming outstanding premiums linked to a new or expiring life insurance policy. Victims are redirected to callers posing as Income Insurance or Unionpay staff who request bank account details and credentials and claim fees will be automatically deducted unless the policy is cancelled, prompting victims to transfer funds to a specified account to “verify” their bank accounts, sometimes via WhatsApp screen sharing, with promises of a refund. In some cases, victims are then redirected to a scammer impersonating an MAS officer who alleges the victim’s accounts are implicated in money laundering or that their personal information has been compromised, and instructs further transfers to “assist investigations”. Income Insurance and Unionpay emphasised they will not request personal information or payments to personal bank accounts via unsolicited calls or messages, and MAS reiterated it will never ask individuals to transfer money or disclose banking credentials, nor does it maintain records of individuals’ financial accounts or hold individuals’ funds.