Fraudsters Posed as Government and Bank Officials, Tricked Victim Over a Four-Hour Call
A 65-year-old Singaporean retiree lost S$100,000 to an elaborate scam just three days after retiring. Fraudsters, posing as Shopee representatives, UnionPay officials, and even the Monetary Authority of Singapore (MAS), deceived her into believing that her bank account was linked to money laundering.
The scammers instructed her to open a new digital bank account and transfer her funds to “protect” them. Over a four-hour-long conversation, they manipulated her into sending her entire life savings before she realized she had been scammed.
The woman has since filed a police report, but her savings remain missing.
The scam began on January 9, when the woman received a call at 6 PM from someone claiming to be from Shopee’s customer service. The caller accused her of failing to pay for an insurance policy she had never purchased.
When she denied the claim, she was transferred to another person named “Jason”, who appeared to be from UnionPay, a Chinese financial services company. Jason falsely informed her that her bank account was involved in money laundering and that her case would be escalated to MAS authorities.
A third scammer, pretending to be a MAS officer, then contacted her via WhatsApp. The profile picture of the account displayed the MAS logo, making the scheme seem even more convincing.
Four-Hour Call Manipulated Victim Into Sending Funds
The scammers urged the retiree to transfer her savings into a “safe” account. Jason instructed her to:
– Download the GXS Bank app, a digital banking platform
– Open a new account and link it to her United Overseas Bank (UOB) account
– Transfer all funds to protect them from ‘money laundering risks’
Under pressure and fear, she followed all instructions, transferring S$75,000 and S$25,000 in two transactions. A third transaction failed as she had insufficient funds left in her UOB account.
Family Intervened Too Late to Stop the Scam
During the call, the retiree’s sister became suspicious. She urged her to hang up, but the victim refused. Concerned, the sister called their niece, Wu, a 52-year-old accountant, for help.
When Wu arrived at 10 PM, her aunt was still on the phone, attempting to log into another bank account under the scammers’ instructions.
“We kept telling her it was a scam, but she wouldn’t listen,” Wu said. “So, I had to hang up the call for her.”
Unfortunately, by the time Wu checked her aunt’s accounts, the GXS Bank account had been wiped clean.
The retiree later admitted she was too afraid to question the scammers.
“The scammers kept calling me. One of them even video-called me, looked official, and sounded very serious,” she said. “I panicked and followed their instructions because I thought I was protecting my money.”
She revealed that the S$100,000 was her life savings, previously kept in a fixed deposit that matured in December 2024. She had planned to reinvest the money but lost it all before she could decide what to do with it.
After realizing she had been scammed, the retiree:
– Called the police and filed a report
– Cancelled her online banking account
– Changed her phone number
A spokesperson from the Singapore Police Force confirmed the report and stated that investigations are ongoing.
She also raised concerns about how her transactions were approved despite her bank account having a S$5,000 transfer limit. Her bank has yet to respond.
This case highlights the growing prevalence of financial scams targeting elderly individuals in Singapore. The Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF) have repeatedly warned the public about fraudsters impersonating government officials and financial institutions.
In 2024 alone, scams in Singapore caused over S$650 million in losses, with elderly individuals being prime targets due to their limited familiarity with digital banking security.
How to Protect Yourself from Scams
Authorities urge Singaporeans to follow these precautionary steps:
1. Ignore calls from unknown numbers – Scammers often use overseas or spoofed local numbers.
2. Verify with official sources – Always call the bank or government agencies directly.
3. Never share personal or banking details – Legitimate institutions will never request this over the phone.
4. Enable transaction alerts – Set up SMS/email alerts for all bank transactions.
5. Report suspicious activity immediately – Contact the Anti-Scam Helpline at 1800-722-6688.
This scam serves as a critical warning for Singaporeans, particularly retirees and elderly individuals, who may be less familiar with online fraud tactics.
Singapore’s government continues to implement stronger measures against cybercrime, but individual awareness remains key in preventing financial fraud.
“If something feels suspicious, always verify before acting.”
Sources: Mothership, Must Share News (2025)
Keywords: Singapore Retiree Scam, MAS Fraud Case, Digital Banking Scam, Money Laundering Scam, Shopee Fraud Singapore, Financial Cybercrime, Scam Victim Singapore, Online Fraud Alert
