A joint operation between the Anti-Fraud Centre (ASC) and the Bank of Singapore has resulted in the freezing of more than 300 suspicious bank accounts and the seizure of more than S$1.8 million. OCBC.
The operation, which took place between May and August 2024, targeted accounts allegedly facilitating fraud-related activity, particularly accounts opened by foreign nationals.
of Singapore Police We have observed an increase in suspicious transactions involving these accounts, which were being used to conceal the source of fraudulent proceeds.
This practice has hindered efforts to trace and regulate financial flows, posing major challenges for authorities in fighting financial crimes.
In response, ASC and OCBC worked together to leverage their in-house data analytics models and network detection tools to identify and freeze accounts that may be engaged in money mule activities.
This partnership has resulted in the successful seizure of funds believed to be linked to fraud rings.
Authorities stressed the seriousness of these crimes and warned citizens not to use their bank and Singpass accounts for illegal purposes.
Investigations are ongoing into a range of offences, including aiding and abetting the retention of proceeds of crime and unauthorised disclosure of access codes.
Penalties for these crimes include imprisonment and fines.
Police also urged the public to take precautions such as using the ScamShield app, enabling security features and verifying the legitimacy of sellers before making payments.
For more information on scams or to report suspicious activity, visit www.scamalert.sg or contact the anti-scam helpline at 1800-722-6688.
“OCBC is committed to protecting our customers’ privacy and the security of our financial services,” said Beaver Chua, head of fraud at OCBC’s Group Financial Crime Compliance Division.
“We actively monitor for emerging financial crime types, staying abreast of the latest developments while leveraging technology to enhance existing processes and controls to detect and block suspicious transactions and accounts.”
“We remain committed to working closely with the Singapore Police Force and other ecosystem partners to fight fraud, disrupt money mule activities, and prevent criminals from misusing Singapore’s financial system.”
