At least $1.7m lost in Singapore to scammers using insurance policies as bait
The victims were conned into transferring money to the scammers' bank accounts.
PHOTO: The Straits Times file
PUBLISHED ONMarch 15, 2025 12:49 AMByRaul Dancel
SINGAPORE - At least $1.7 million has been lost since January in six cases involving scammers who baited their victims with supposedly outstanding insurance premiums, the police and the Monetary Authority of Singapore (MAS) said on March 14.
In these cases, the victims received calls from scammers who pretended to be representatives or employees of NTUC Union, Income Insurance, UnionPay and MAS.
The victims were told they had outstanding premiums tied to their new or expiring life insurance policies.
They were redirected to other scammers, claiming to be with Income Insurance or UnionPay, who proceeded to harvest their bank account details, private credentials and other personal information.
The victims were advised to cancel their insurance policies if they did not want the supposed outstanding fees automatically deducted from their bank accounts.
They were instructed – in some cases via WhatsApp’s screen-sharing function – to transfer money to a specified bank account, which the scammers claimed was a necessary step to verify their bank accounts.
In other cases, the victims were redirected to scammers impersonating MAS officials who told them their bank accounts had been linked to money laundering, or that their personal information had been compromised.
They were instructed to help with the investigation by transferring money to a specified bank account.
The victims were told the money would be refunded. But as soon as the money was transferred, the scammers disappeared.
The police and MAS said in their joint statement that NTUC Union, Income Insurance and UnionPay will never request personal information or payments to private bank accounts through unsolicited calls, e-mails, WhatsApp, or text messages.
Any such requests should be treated as fraudulent and reported to Income Insurance’s hotline on 6788-1777.
MAS will also not ask that money be transferred or personal and banking credentials be disclosed.
Members of the public are advised to download the ScamShield app and set transaction limits that are adequate for daily expenses.
Check for scam signs with official sources, such as the ScamShield app, or by calling the 24-hour ScamShield helpline on 1799.
Visit www.scamshield.gov.sg for more information on scams.
This article was first published in The Straits Times. Permission required for reproduction.