SINGAPORE — Five people aged 16 to 28 will be charged on Wednesday (July 12) for their suspected involvement in money laundering activities linked to banking-related phishing scams involving malware where victims lost about S$8 million.

In a press statement on Tuesday, the police said that they received more than 700 reports of malware-related scams between January and June this year.

Nine of these malware-related scams involved Central Provident Fund (CPF) savings and bank accounts with losses amounting to at least S$335,000.

The police said that they had acted on these reports quickly and worked with the banks to facilitate the swift freezing of accounts, leading to the recovery of more than S$94,000.

In these nine cases, the monies from the victims’ CPF accounts were withdrawn before the enhanced implementation of Singpass Facial Verification, which was announced on June 29.

Between June 19 and 23, the police arrested the five persons — four men, aged 16 to 28, and a 20-year-old woman — after receiving several reports informing that malware was used to compromise Android mobile devices.

Unauthorised transactions were made from the victims’ bank and CPF accounts even though they did not divulge their Internet banking credentials, One-Time-Passwords or Singpass credentials to anyone, the police said.

Investigations revealed that the five persons are suspected to be involved in the following three separate cases of money laundering:

• In early June 2023, a 20-year-old woman responded to an online advertisement which offered her fast cash, and she later allegedly agreed to disclose her Singpass credentials to an unknown person. Her Singpass credentials were subsequently misused to open bank accounts which were then used to launder criminal proceeds
• A 28-year-old man allegedly agreed to disclose his Singpass credentials to an unlicensed moneylender to offset his loan repayments in May 2023. The Singpass credentials were subsequently misused to open bank accounts which were then used to launder criminal proceeds
• Between late 2022 and early 2023, another 28-year-old man and a 16 year-old teenager had allegedly sold their bank accounts for monetary gains. A 25-year-old man was believed to have facilitated the sale of the 28-year-old man’s bank accounts. Their bank accounts were later used to launder proceeds of crime amounting to more than S$520,000

The police said they take a serious view of these offences and will not hesitate to take action against individuals who may be involved in scams, and perpetrators will be dealt with in accordance with the law.

For disclosing Singpass credentials, first-time offenders may face a jail term of up to three years or a fine not exceeding S$10,000 or both.

For conspiring to cheat the bank into opening a bank account, offenders may be jailed for up to three years, a fine or both.

For abetting unknown persons to secure unauthorised access to the bank’s computer system, first-time offenders may face a jail term of up to two years, a fine of up to S$5,000, or both.

“To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or allow their personal bank accounts to be used to receive and transfer money for others,” said the police.

“Individuals will be held accountable if they are found to be linked to such crimes.” 

Members of the public may visit www.scamalert.sg or call the anti-scam helpline at 1800-722-6688 for more information on scams.

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