SINGAPORE - In the first three months of 2022, around 93 victims lost at least $56.2 million to business e-mail compromise scams, said the police on Friday .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.