Steps Taken by Police to Combat Fixed Deposit Scams

Mr Christopher de Souza asked the Minister for Home Affairs how is the Singapore Police Force combating the fixed deposit scams that arise from phishing SMSes.

As part of its anti-scam strategy, the Police issues advisories on scam variants and also shares them in its Weekly Scam Report. These include an advisory on the fixed deposit scams variant, which saw an increase in reported cases in early 2024. The scam variant involves Social Media Services (SMSes) impersonating banks, offering victims fixed deposit scheme promotions with high interest rates and inviting them to contact a number.

When the victims initiate contact, the scammers would pretend to have opened bank accounts under the victims' names. In some cases, victims would receive forged bank statements showing the new bank accounts in their name. Victims would, then, be instructed to deposit or transfer money into these bank accounts, which, in fact, belonged to the scammers or money mules. The victims would only realise that they had been scammed when they log into their banking application and were not able to find the supposed bank accounts that had been created.

The Inter-Ministry Committee on Scams has implemented several anti-scam measures which can help combat this scam variant.

To block scam SMSes, the Infocomm Media Development Authority (IMDA) mandated registration with the Singapore SMS Sender ID Registry (SSIR) in January 2023. Organisations needing to send SMSes bearing alphanumeric Sender IDs to Singapore mobile numbers, are now required to register with the SSIR. SMSes bearing non-registered SMS Sending IDs will be labelled as "Likely-SCAM" to advise recipients to exercise caution. All retail banks in Singapore have registered their Sender IDs under the SSIR and legitimate SMSes from banks would only be sent via registered Sender IDs. To further protect the public against scam SMSes, IMDA is currently working with the telecommunication companies (telcos) to provide the public with the option not to receive international incoming SMSes.

To detect and report scams, we launched ScamShield, which identifies and blocks scam calls and SMSes. It also comprises a reporting function where members of the public can report suspected scam calls and SMSes via their phones. The Police also work closely with telcos to block mobile lines suspected to be involved in scams. In 2023, more than 9,200 mobile lines, which were believed to be used in scams, were submitted for termination.

Ultimately, the best defence against scams is a discerning public. We urge the public to adopt precautionary measures through the three simple steps of "Add", "Check" and "Tell".

First, "Add" the ScamShield App to protect yourself from scam calls and SMSes. Set security features, such as multifactor authentication, for digital accounts and transaction limits for Internet banking. Second, "Check" for scam signs and with official sources. Be cautious of bank offers with unrealistically high interest rates. Banks will only send you SMSes using registered Sender IDs. They will never send SMSes using personal numbers or with clickable links. If in doubt, call the bank directly at its official hotline to verify the authenticity of bank offers. Third, "Tell" your family and friends about scam encounters and report any fraudulent transactions to the bank immediately.