More Than 300 Suspicious Bank Accounts Frozen In A Joint Operation By Anti-Scam Centre And OCBC To Target Mules Using Technology

Officers from the Anti-Scam Centre (ASC) collaborated with OCBC to conduct a joint operation targeting money mules from May to August 2024. More than 300 suspicious bank accounts which were allegedly used to facilitate scam related activities were proactively frozen and over $1.8 million was seized during the joint operation.

Since May 2024, the Police observed an uptick in suspicious activity on Singapore bank accounts which had been opened by foreigners. These bank accounts were being used as a conduit to layer and receive scam proceeds, which served to obscure the actual sources of funds, thereby facilitating illicit financial activities such as money laundering by scam syndicates. This made tracking and regulating the flow of funds a challenging task for the authorities.

In response to this surge, ASC collaborated with OCBC to leverage their in-house data analytic models and network detection capabilities to identify transactions and bank accounts exhibiting potential money mule behaviour. Stemming from the joint operation and protracted information sharing, both ASC and OCBC identified and froze over 300 bank accounts that exhibited suspicious transaction patterns and activities. The joint operation has resulted in the successful seizure of more than $1.8 million believed to be illicit funds moved in and out of the accounts by scammers.

Mr Beaver Chua, OCBC's Head of Anti-Fraud, Group Financial Crime Compliance, said: "It is plain to see that scammers and financial criminals are constantly evolving their tactics to evade detection and to move illicit funds through Singapore's financial system, involving multiple jurisdictions and sophisticated networks. We proactively monitor emerging financial crime typologies and continue to keep abreast of the latest developments, utilising technology to reinforce our existing processes and controls to detect and block suspicious transactions and accounts. We are always committed to working closely with the Singapore Police Force and other ecosystem partners to fight scams, deter money mule activities, and prevent Singapore's financial system from being abused by criminals."

The Police take a serious stance against any person who may be involved in scams, and perpetrators will be dealt with in accordance with the law. To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or allow their personal bank accounts to be used to receive and transfer money for others. The Police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes.

Investigations are ongoing into various offences, including assisting another to retain benefits of criminal conduct and unauthorised disclosure of access code. The offence of assisting another to retain benefits of criminal conduct under Section 55A of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term of up to three years, or a fine of up to $50,000, or both. The offence of unauthorised disclosure of access code under Section 8A of the Computer Misuse Act 1993 carries an imprisonment term of up to three years, or a fine up to $10,000, or both.

The Police would like to advise members of the public to adopt the following precautionary measures:

1. ADD - The ScamShield App and set security features (e.g., enable two-factor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow)
   
   
2. CHECK - For scam signs with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available. Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to the seller. Always verify the seller's profile through customer reviews and ratings.
   
   
3. TELL - Authorities, family, and friends about this scam so they do not fall for it. Report the fraudulent pages to Facebook.

For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Anyone with information on such scams may call the Police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/i-witness. All information provided will be kept strictly confidential.

ASC officer working with OCBC staff to crack down on money mules▼