Man loses S$100K after fake MAS officer pressures him into making transfers
A 67-year-old man in Singapore lost more than S$100,000 after scammers convinced him that his “insurance policy” had matured over a call in end October.
They had then pressured him over three days to transfer money into bank accounts they controlled.
The case left the man shaken, forced him to rethink retirement, and pushed his family to step in.
Call about ‘expiring policy’ kicks off elaborate ruse
It all started when Mr Zhang (not his real name) returned a call that he had originally missed on 21 Oct.
The caller claimed he had been paying S$780 a month over two years for a policy that was about to mature, and asked if he wanted to renew it.
When Mr Zhang refused, the caller then said someone from the Monetary Authority of Singapore (MAS) would contact him.
A second caller, claiming to be from MAS, emerged soon after, and told him that his bank account had been compromised.
Source: Shin Min Daily News
The scammer even showed him an official-looking work pass.
Mr Zhang did not have any such bank account — but he still believed the caller.
Told to download crypto wallet app and share his screen
The fake officer instructed him to download a cryptocurrency wallet app.
Mr Zhang was also told to make a WhatsApp video call and enable screen sharing.
Following the scammer’s instructions, he then raised his bank transfer limit.
Mr Zhang’s first transfer of S$31,740 went to a Standard Chartered account, SMDN reported.
He was assured the large transfers would be returned “in four or five days”.
Mr Zhang later admitted he felt uneasy after increasing the limit, and even removed his SIM card for the night to prevent further contact.
Still, after reinstalling it the next day, he continued following instructions.
Over the next two days, Mr Zhang made five more transfers that totalled more than S$70,000.
The scammers told him the funds were needed to “protect his bank account”.
By the end of the third day, he had lost S$104,620.
Only called 1799 on third day, but it was too late
Mr Zhang eventually felt something was wrong and asked the scammer to return the money.
When he received vague replies, he decided to call the anti-scam hotline, 1799.
There, the operator described the typical scam script — and everything matched his experience.
His account was frozen, but the transfers had already gone through.
Source: Singapore Police Force. Image for illustrative purposes only.
Mr Zhang said that his children helped him to lodge a police report.
Retirement plans shaken
Mr Zhang had hoped to retire in a year or two, SMDN said. Those plans are now up in the air.
He hopes others will learn from his experience and avoid sharing their screens or speaking to unknown callers.
“Looking back, the request for screen sharing was probably to check if I used online banking,” he said.
“It made it easier for them to scam me.”
Also read: At least 384 Government impersonation scams in S’pore since June 2025, over S$20M lost
At least 384 Government impersonation scams in S’pore since June 2025, over S$20M lost
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Featured image adapted from Shin Min Daily News and pixelshot on Canva. Image on the right is for illustration purposes only.
