The Monetary Authority of Singapore (MAS) and the Singapore Police Force issued a joint advisory warning the public about scams involving impersonation of Shopee staff, UnionPay service representatives and MAS officers. Since January 2025, police have received 12 reports with total losses of at least SGD 1.4 million. The scam typically starts with an unsolicited call claiming recurring fees will be charged for an insurance policy allegedly linked to Shopee, followed by a handover to a supposed UnionPay representative seeking bank account details and personal credentials and directing victims, via WhatsApp screen sharing, to transfer money to a specified account for “safe-keeping” to cancel the policy. In some cases, a second scammer poses as an MAS officer, alleges the victim’s bank accounts are implicated in money laundering, and shares screenshots of purported court orders to pressure transfers to assist “investigations”. MAS reiterated it will never ask individuals to transfer money or disclose personal or banking credentials, while Shopee and UnionPay reminded users they will not request personal information or payments through unsolicited calls, emails, WhatsApp messages or SMS.
Monetary Authority of Singapore 2025-02-28
Monetary Authority of Singapore and Singapore Police Force warn of impersonation scams linked to Shopee and UnionPay with at least SGD 1.4 million in losses
The Monetary Authority of Singapore and the Singapore Police Force warned of scams involving impersonation of Shopee staff, UnionPay representatives, and MAS officers, causing losses of at least SGD 1.4 million since January 2025. Scammers make unsolicited calls claiming insurance fees linked to Shopee, then request bank details and money transfers under false pretenses. MAS, Shopee, and UnionPay stressed they will never request personal information or payments through unsolicited communications.