Doctor nearly lost SG$4M to an impersonation scam

Too smart to be scammed? A doctor nearly lost SG$4m to an impersonation scam; only saved by timely intervention of S'pore police.

According to a report on AsiaOne today, a doctor was about to transfer $4m in her bank account to scammers just before she was alerted.

What happened

A doctor received a call from someone claiming to be a bank official, who warned her that she was in trouble with the law for suspected money-laundering.

• Used partial NRIC details to gain trust.
• Transferred to video call with a "MAS officer."
• Room showed S'pore police, MAS logos.
• Another "investigating officer" took over.
• Asked to cooperate with "secret" investigation.

With her phone set to sharing mode, she made an initial transfer of $29,999 to a purported bank account in her name as part of the "investigation."

Main fear: Protecting her parents' life savings of $4m in her bank account from "scammers."

Fortunately, bank employees at the Singapore Police Force Anti-Scam Command flagged the transfer and a real investigation officer took over.

• Bank blocked the transfer.
• Real police officer called.
• She hung up on scammers.
• She made a police report.

Scamming: The new digital frontier

Scamming is big money, though I won't bore you with the sobering statistics on how much is lost to scams in Singapore every year.

Today's scammers are highly organised, well-resourced, and are coached in psychology and manipulative tactics.

• Triage for new victims using variety of methods.
• Use video, stolen data to convince victims.
• Multiple scammers to make it more real.

It doesn't help that risks for these criminals are minimal as they work across borders; many even bolster their operations with modern slavery.

Staying scam-free

Here's how I personally attempt to stay ahead of scams.

• Never discount being scammed.
• Stay abreast of new scams.
• Watch for warning signs*.
• Never engage scammers.

To me, some warning signs include being told to keep the call secret, an attempt to foster fear, and a sense of urgency.

Finally, never engage with scammers.

• Trying to waste their time is pointless, as the initial triage level is managed by the most junior.
• The idea is to filter out savvier respondents, only "handing off" potential victims to more senior scammers.
• At best, being a smart alec only tells them you are an unlikely victim. At worst... you end up scammed.

What about you? How do you steer free of scammers?