$484k lost to DBS and POSB impersonation scams since Jan 15

At least 72 cases involving scammers impersonating DBS Bank and POSB have been reported since Jan 15, with total losses amounting to at least $484,000. 

In a joint statement issued on Friday (March 27), the police and DBS said that in this scam variant, victims would receive emails purportedly from DBS or POSB claiming that their digital tokens have expired and need to be activated or updated. 

These emails would contain embedded links directing recipients to phishing websites that resemble official DBS or POSB webpages. 

Victims are then misled into entering their banking credentials, credit or debit card details, and one-time passwords to activate or update their digital tokens. 

Victims would subsequently discover unauthorised transactions, including those in foreign currencies such as euros and Saudi riyals, made on their bank accounts or cards, said the police. 

The police reminded the public that banks in Singapore will never send clickable links via email or SMS, and that digital tokens can only be set up through the official DBS or POSB digibank app.

As scam tactics evolve, DBS said it has intensified its prevention efforts by co-creating educational content with the police, issuing targeted advisories on emerging scam variants, and conducting ongoing public education on scams.

DBS added that it works closely with the police to disrupt scam activities, including identifying and taking down phishing websites, tracing and recovering funds, and escalating cases promptly.

The police added that members of the public are advised to use the ScamShield app to protect themselves from scam calls and SMSes and to never disclose sensitive information such as banking details to anyone.

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