At least S$1.7 million (approximately $1.275 million) has been lost to scams involving the impersonation of officials and institution representatives since January. Singaporean authorities said this on Friday.

In a joint statement, the Singapore Police Force and the Monetary Authority of Singapore warned the public about scams in which fraudsters posed as MAS officials, representatives from the National Trades Union Congress, and financial institutions.

Typically, victims receive unsolicited calls from individuals claiming to be from these institutions, alleging outstanding premiums linked to a new or expiring life insurance policy under the victims’ names.

Victims are then redirected to a second scammer, who requests personal information under the guise of verifying policy details.

To “cancel” the policy, victims are instructed to transfer funds to verify their bank accounts.

In some cases, victims are further misled by another scammer impersonating an MAS officer, who falsely claims that their bank accounts are linked to money laundering activities or that their personal information has been compromised.

(Xinhua/NAN)