300 OCBC bank accounts linked to scammers frozen by police
More than 300 OCBC bank accounts with suspected links to scam-related activities were frozen by the authorities, and more than $1.8 million seized.
The police, in a statement on Aug 20, said officers from the Anti-Scam Centre worked with OCBC Bank from May to August to carry out a joint operation aimed at weeding out money mules.
The police said they observed an increase in suspicious activity in local bank accounts opened by foreigners.
These bank accounts were used as a channel to receive scam proceeds, and hide the actual sources of fund. That was how scam syndicates carried out illicit financial activities like money laundering, and made tracking and regulating the flow of funds a challenge.
With the surge in suspicious activities, the police worked with OCBC to use the bank’s data analytic models and network detection tools to identify transactions and bank accounts that followed patterns similar to money mules.
During the joint operation, the police and OCBC staff were able to identify and freeze more than 300 bank accounts that displayed suspicious transactions and activities.
More than $1.8 million, believed to be illicit funds transferred in and out of the accounts by scammers, was seized.
Those found guilty of helping someone retain the benefits of criminal conduct can be jailed for up to three years, fined up to $50,000, or both.
Those found guilty of unauthorised disclosure of access codes can be jailed for up to three years, fined up to $10,000, or both.
In 2023, there were 46,563 scam cases reported, the highest since the police started tracking such cases in 2016. This is 46.8 per cent higher than the 31,728 cases in 2022. The same year, scam victims in Singapore lost $651.8 million.
To avoid becoming an accomplice to such crimes, Singaporeans should always reject seemingly attractive money-making requests by others to use their Singpass and bank accounts, the police said.
They can also add security features, check for signs of a scam, and tell the authorities and others about the scams.
For more information on scams, members of the public can visit scamalert.sg or call the anti-scam helpline on 1800-722-6688.
Those with information about such scams can contact the police on 1800-255-0000 or submit information online at police.gov.sg/i-witness
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