At least 93 victims lost RM181 million to business e-mail compromise scams from Jan to March 2022, says Singapore police

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BEC involves the sending of e-mails supposedly from the victims' colleagues, business partners or suppliers informing them of a change to their company's bank account number.

The victim had been duped into making several large transactions amounting to US$14m to bank accounts held with DBS, by spoofing e-mails purportedly from the victim's client. This enabled DBS and the police to prevent the loss of most of the transactions, although US$4m had already been transferred out of Singapore.

For its efforts, the DBS Anti-Scam Team received the SPF Community Partnership Award at a ceremony on Friday. The victims would realise they had fallen prey only when they clarified with their supplier or supervisor and realised they did not make any request or receive any payment. “Scammers can easily find the organisational charts of these companies online and targeted middle and senior managers who clearly have people reporting to them and spoofed their e-mails.”

 

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