In Singapore, the year 2022 saw a troubling rise in scam losses, reaching a total of $660.7 million, as compared to $632 million in the previous year, according to data released by the police in early 2023. Scam syndicates frequently resort to recruiting individuals as “money mules” to facilitate the movement of funds within Singapore and beyond, often utilizing bank and Singpass accounts for this purpose.
Research conducted by the cyber-security firm Group-IB revealed the existence of 14 Telegram groups solely focused on offering payments for Singpass accounts.
Further investigation by The Straits Times discovered five public group chats on Telegram actively seeking both bank and Singpass accounts. The appeal of gaining access to Singpass credentials for cyber criminals lies in their potential to open multiple bank accounts, as explained by Tan Hwei Qiang, a fraud protection solution engineer at Group-IB.
Advertisements on Telegram solicited various types of bank accounts, including those from DBS, OCBC, and UOB, offering money mules rates ranging from $600 to $1,800 per opened account. Scam syndicates often accumulate several bank accounts due to the automatic flagging of transactions exceeding $10,000 by some banks.
This approach allows them to divide substantial sums into smaller amounts, evading detection, as pointed out by Caryn Leong, regional anti-money laundering director for Asia-Pacific at the Association of Certified Anti-Money Laundering Specialists. By distributing smaller sums across multiple accounts, such as $1,000 or $2,000, these transactions appear inconspicuous, explained Caryn Leong.
Andy Prakash, co-founder of local cyber-security firm Privacy Ninja, highlighted that scam syndicates distribute accounts across different banks to avoid detection, considering that each bank has distinct transaction limits, security measures, and investigation protocols. Singpass accounts, which offer broad access to data, are priced between $2,000 and $6,000, occasionally reaching $7,500.
Advertisements on Telegram distinguish between “clean” and “dirty” Singpass accounts, stating that the former have not been involved in previous fraudulent operations. These “clean” accounts enable more extended periods of bank account utilization and financial transactions without detection, as stated by Tan.
The value of Singpass details surpasses that of bank accounts due to the broad data access they offer, rendering them highly attractive for criminals, according to Prakash. Additionally, besides opening multiple bank accounts, Singpass accounts can be employed to secure bank loans, establish companies, or engage in unlawful activities like renting cars for drug trafficking.
One of the recruiters, when contacted by Singapore’s leading English daily The Straits Times, repeatedly emphasized that selling bank accounts is “not illegal” and “confirmed safe.” Police officials cautioned against such Telegram advertisements, labeling them as highly dubious and advising the public to be vigilant. They collaborate with service providers to gather information about account users and remove accounts utilized by malicious actors.
