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Home News

Suspects Apprehended in Banking Scams

August 15, 2023
Reading Time: 2 mins read
in News

 

In a large-scale anti-scam operation, the Commercial Affairs Department (CAD) and Police Intelligence Department (PID) have apprehended nine men, aged 18 to 43, and a 16-year-old youth, suspected of being involved in a recent series of malware-based banking scams across the island. Additionally, three men and three women, aged 17 to 60, are cooperating with ongoing investigations.

Authorities have reported a surge in cases where malware compromised Android mobile devices, leading to unauthorized transactions from victims’ bank accounts, even when they had not disclosed their internet banking credentials. Victims responded to seemingly innocent advertisements on platforms like Facebook, promoting services such as cleaning and pet grooming, only to be later instructed by scammers to download Android Package Kit (APK) files from third-party app stores, resulting in the installation of malware on their devices.

The scammers then manipulated victims into turning on accessibility services, allowing them to seize control of victims’ phones, steal banking credentials, and conduct illicit transactions.

The suspects allegedly facilitated these scams by relinquishing their own bank accounts, internet banking credentials, and Singpass details for monetary gain. Law enforcement authorities emphasize the need for caution while downloading apps and advise the public to avoid suspicious links, QR codes, third-party websites, and unknown sources. To protect devices, they recommend activating security settings that prevent the installation of apps from unfamiliar sources.

Penalties for those found guilty of criminal conduct can be severe, including imprisonment for up to 10 years and fines of up to $500,000. The suspects may face multiple charges, such as deceiving banks into opening unauthorized accounts and cheating. As the investigations continue, authorities urge the public to stay vigilant and informed about potential scams, offering resources such as the Anti-Scam Helpline for assistance and guidance.

Reference:
  • 10 people, including 16-year-old youth arrested for suspected involvement in malware scams
Tags: AndroidAugust 2023Banking TrojanCredentialsCyber NewsCyber News 2023CyberattackCybersecurityMalwareScamsVulnerabilities
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