How does the recent spate of bank scams in Singapore affect you? What can you do about it? Find out in the article below.
On 20 February 2022, the Singapore Police Force made an announcement They had arrested 13 people suspected to have been involved in a recent series of bank phishing scams. These scams had ensnared nearly 800 OCBC Bank users and inflicted on them a total of $13.7 million in losses.
In this article, we will explore how your choice of bank account in Singapore, as well as some measures you can take, can help you to avoid falling prey to such scams and losing your money.
Why Are Bank Scams on the Rise in Singapore?
As Singapore moves towards a “cashless society”, more and more monetary transactions are going online. Some transactions, which in the past could only be done at a physical bank location, can now be done from anywhere through an Internet-connected device.
The increased reliance on digital services means those unfamiliar with the new technology (and even some of those who are) are more vulnerable to online scams. For example, in the recent OCBC phishing scams, users received an SMS that looked similar to ones that the bank had sent previously – however, the link in the SMS did not lead to the bank’s official website. The scam victims were unable to tell the real and fraudulent links apart, although a keener eye would have been able to.
While advances in technology have made bank transactions…
