At least $1 million lost to scams involving unlicensed money changers, cross-border transfer services
At least $1 million has been lost since the start of the year to scams involving cross-border money transfer services and money changers, the police said on Friday.
At least 116 victims have been duped by these unlicensed services, added the police.
This comes as borders reopen globally, with Singaporeans leaving the Republic likely to seek the lowest foreign exchange rates.
Changi Airport is now handling up to 150,000 passengers a day, Transport Minister S. Iswaran said on Sunday.
Average hotel room rates have shot through the roof as well, hitting a 14-year high of $283.47 in September 2022. The latest available rate, for November, is $276.53.
On Friday, the police said: “Victims would be enticed by favourable exchange rates offered by scammers providing money changing or cross-border money transfer services on e-commerce or social media platforms such as WeChat, Facebook or Carousell.”
The victims are asked to transfer money to a bank account, but they realise they have been scammed when they do not receive the currencies they paid for, or the intended recipient of the transfer does not receive the funds.
The police said: “Unlicensed payment service operators are not subjected to strict anti-money laundering and counterterrorism financing measures. Money collected from the public may become co-mingled with illicit proceeds from crimes, such as scams.
“If the co-mingled funds are sent to the beneficiaries’ account, the account may be frozen or seized and subject to scrutiny by the authorities.”
For a list of payment service providers licensed by the Monetary Authority of Singapore (MAS), the public can check https://eservices.mas.gov.sg/fid
The police said they will not hesitate to take action against any individuals or entities involved in conducting unlicensed money changing or cross-border money transfer services.
Those who have information relating to such scams can submit a report at www.police.gov.sg/iwitness
For scam-related advice, the public can call 1800-722-6688 or visit www.scamalert.sg
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