Scammers in Singapore are getting bolder. They're not just pretending to be insurance agents, they’re also impersonating staff from NTUC Union, Income Insurance, UnionPay, and even the Monetary Authority of Singapore (MAS) to trick unsuspecting victims into handing over sensitive banking information.
At least $1.7 million has been lost to these scams since January 2025, according to the Singapore Police Force and MAS. (source: Straits Times)
🚨 How the Scam Actually Works
These scams typically start with a phone call, WhatsApp message, or text, claiming to be from an insurance company.
Here's how victims get tricked:
1. The Setup: Fake Outstanding Premiums
Victims are told they have outstanding premiums tied to either a new or expiring life insurance policy.
They are warned that unless the issue is resolved, the premiums will be automatically deducted from their bank accounts.
2. Redirection to More “Officials”
Victims are then redirected to other scammers pretending to be from Income Insurance or UnionPay. These impersonators convince the victim that their case is legitimate.
They proceed to harvest personal and banking details, including:
- Bank account numbers
- Login credentials
- One-Time Passwords (OTPs)
- Personal information like NRIC or address
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3. Instructions to Cancel the Policy
To prevent automatic deduction, victims are told they need to cancel the policy immediately but only after verifying their identity and bank account.
This is the bait: victims are now instructed to transfer money to a specific bank account, supposedly for “verification” purposes.
In some cases, scammers walk the victims through the process via WhatsApp’s screen-sharing function, gaining full visibility into their banking apps and OTPs.
4. Escalation: Threat of Investigation
In more elaborate scams, victims are told their bank accounts have been linked to money laundering or that their personal information has been compromised.
They are then redirected to scammers posing as MAS officials, adding pressure and urgency to cooperate and transfer funds.
🛡️ How to Stay Safe
✅ Ignore unsolicited calls or messages claiming to be about your insurance
✅ Never share OTPs, banking credentials, or use screen sharing with strangers
✅ Contact the insurer directly using official hotlines or websites
✅ Be wary of scare tactics involving police reports, policy termination, or account freezes
✅ Report scams immediately to your bank and the authorities
If in doubt, hang up and call the company directly using the number on their official website.
📞 Need Help?
If you think you’ve been targeted or lost money:
- Call the Anti-Scam Helpline: 1800-722-6688
- Visit www.WhoCalledSG.com to flag this number
- If money has been transferred, contact your bank immediately