Victims lose $1.7m to scams involving supposedly outstanding insurance fees

At least $1.7 million has been lost since January in six cases involving scammers who baited their victims with supposedly outstanding insurance premiums, the police and the Monetary Authority of Singapore (MAS) said on March 14.

- Raul Dancel

In these cases, the victims received calls from scammers who pretended to be representatives or employees of NTUC Union, Income Insurance, UnionPay and MAS.

The victims were told they had outstanding premiums tied to their new or expiring life insurance policies.

They were redirected to other scammers, claiming to be with Income Insurance or UnionPay, who proceeded to harvest their bank account details, private credentials and other personal information.