Since April, cybercriminals have been targeting POSB customers in a wave of phishing scams, resulting in over $172,000 in losses. At least 13 victims have reported cases to the police, with scammers impersonating POSB to trick users into revealing sensitive banking details.
The scam typically begins with a fraudulent email that appears to come from POSB. Victims are told their mobile banking digital token is expiring and are prompted to click a link to update or activate it. This link leads to a fake website, designed to steal personal information such as login credentials, card numbers, and OTPs.
Once this information is submitted, the scammers gain access to the victim’s bank account. Unauthorized transactions—often in foreign currencies—are one of the first signs that the account has been compromised.
On May 6, the police issued a public advisory, urging the public not to click on suspicious links in emails, SMS, iMessage, or Android’s Rich Communication Services that appear to be from banks.
To safeguard your accounts, it’s crucial to:
- Avoid interacting with unsolicited messages
- Set transaction limits on your internet banking
- Use POSB’s Money Lock feature, which protects your funds by preventing withdrawals from selected accounts
Singapore saw a record $1.1 billion lost to scams in 2024, underscoring the urgency of staying vigilant against phishing threats.
Stay alert, don’t fall for POSB phishing scams—protect yourself today.
