Banking-related phishing scams spike more than 2,500% in first half of 2020

SINGAPORE: The total number of banking-related phishing scams increased by more than 2,500 per cent in the first half of this year to 898 cases, compared to 34 cases in the same period in 2019, said the police on Wednesday .

The victim had provided his one-time passwords to scammers who claimed to be employees from local banks, said the police.The scammers told the victim that his accounts have been hacked and they needed his OTPs to disable his bank accounts. "Criminals have been taking advantage of the COVID-19 situation to find new victims, by exploiting the public’s fear and sense of uncertainty.

The total amount cheated increased to S$5.4 million, up from S$1 million in the same period last year, with the largest sum of S$175,000 cheated in a single case on an e-commerce marketplace. In April, a total of S$367,000 was cheated off one victim in a social media impersonation scam, said the police.

"Their victims would later discover that unauthorised transactions had been made from their bank accounts or mobile wallets," added the police.

Source: Financial Digest (financialdigest.net)

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