Gone in 2 hours: Retiree loses $70k in life savings after installing fake Google Play app on phone

He had just gotten his pension totalling $30,000 in January this year. Within the same month, it was all gone, along with $40,000 of his life savings.

Within two hours, his DBS bank account was near-emptied by cybercriminals.

Their suspected modus operandi? Malware attached to a fake Google Play app for Android devices.

The victim, a 70-year-old retiree identified as Lu [not his real name], told Shin Min Daily News that the incident, which happened on January 29 this year, left him and his wife with many sleepless nights.

Lu recounted how he'd received a call from DBS bank personnel at 9am that morning, informing him of suspicious transactions that occurred in the wee hours of the night from 3am.

He was informed that about $71,000 was transferred to an overseas account, leaving only $2,000 behind. Lu immediately told the bank to freeze the account.

"The money that was transferred included my pension that I'd just received in January, which was about $30,000," Lu said.

Google Play app contained malware

He made a police report and turned in his mobile device for investigation. It was later found that a Google Play app containing malware had been installed, which led to the theft of his personal data.

Lu was told that he would likely not be able to get his money back.

"The police told me that once money is transferred overseas it cannot be returned. That was my hard-earned savings, to lose it like that is heartbreaking, my wife and I have not been able to sleep well because of this incident," Lu shared.

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As if losing his life savings wasn't bad enough, Lu told Shin Min Daily News that the cybercriminals also racked up a sum totalling over $6,000 on his credit card, which he has yet to repay.

Lu was adamant that he was not prompted to provide any one-time password for the fraudulent transfers, nor did he click on any suspicious links.

Believing that the bank has a part to play for the perceived security lapses, Lu is still hoping to hear from the bank with regard to compensation for the amount lost, reported the Chinese evening daily.

He also hopes his story will serve as a warning to others.

On Tuesday (April 11), the Singapore Police Force and the Cyber Security Agency of Singapore released a joint statement warning the public about the "dangers of downloading applications from third party or dubious sites".

They also advised the public on the steps to follow to ensure that all information communications technology (ICT) devices, including computers and mobile phones, are adequately protected.

ALSO READ: Retiree scammed of $3 million, forced to sell 2 properties to pay loanshark debt

candicecai@asiaone.com