Victims lose at least S$1.2m to scammers claiming to help them recover lost monies from other scams

SINGAPORE — People have lost at least S$1.2 million to scammers who claimed that they could help the victims recover lost sums of money from other scams.

Since January, 29 such cases have been reported, the police said on Thursday (Feb 29).

Scammers would usually pretend that they are from law firms or financial services companies.

They would reach out to potential victims through phone calls, text messages or email offering "fund recovering services" to assist them in recovering money lost to scams or fake investments.

These services are also being advertised on social media channels such as Facebook. 

The potential victims are instructed to make upfront payments via bank transfers, cryptocurrencies or virtual credits for “administrative procedures”. 

In some cases, scammers may ask victims to provide their banking credentials, debit or credit card information, or one-time passwords. This information is used to access the victims’ bank accounts to facilitate the scam.

They may also get victims to download remote access software such as AnyDesk.

AnyDesk is a remote desktop application that allows independent access to personal computers and other devices. Downloading such software will allow scammers to gain access to victims' devices and their bank accounts.

The victims would typically realise that they had been scammed when:

• The lost money from a previous scam is not recovered as promised
• The person in contact with them could no longer be reached
• They check with banks and the police about the legitimacy of such services

"Members of the public are strongly advised to exercise caution with online services or websites offering to help recover funds lost to scams," the police said.

When in doubt, check if a law firm is registered with the Legal Services Regulatory Authority using the authority's directory. If the advertised law firm is not registered, it is likely to be a scam, the police stressed.

To prevent being a victim of scams, do adopt the following precautionary measures:

• Add the Scamshield app and set security features such as transaction limits for internet banking and enabling two-factor authentication for banks and e-wallets
• Check for signs of a scam such as requests to reveal your one-time passwords or the need to make urgent fund transfers. Do not believe services that claim to help in recovering lost money
• Tell the authorities, family and friends if you encounter what you think might be a scam and report any fake comments or postings to respective online platforms

Anyone with information on scams may call the police at 1800-255-0000 or submit information online to www.police.gov.sg/iwitness.

The public may also visit www.scamalert.sg or call the anti-scam helpline at 1800-722-6688 for more information.