Police and Digital Asset Trading Firm foil S$500,000 Scam

A digital asset trading firm alerted the police over a suspicious transaction that allowed them to foil a scam attempt involving S$500,000. The police were tipped off by the staff at QCP Capital about a suspected cheating case on October 28th. On December 17th, Friday, the police disclosed via a press release that officers from the Anti-scam Centre had discovered that a 59-year-old woman had been tricked into sharing her personal details, along with credentials of her bank account. Investigations discovered that the woman had received a call on October 22nd from an automated voice machine. The man introduced himself as an official from the High Court and told the victim that she had been accused of money laundering. 

The victim had been advised to file a police report when she denied knowledge of the person who had made the money laundering accusation. The caller than transferred the call and allegedly connected her to an inspector of the Singapore Police Force (SPF). The woman had then been asked to provide her personal data, which included all her sensitive banking information. This included her account details as well as online banking credentials that were requested on the pretext of police investigations. She had also been told to download a messaging app on her phone for reporting her daily movement.

QCP Capital had discovered discrepancies on October 28th, when they discovered that a new customer had tried to register an account online with them and used the details of the scam victim. The firm’s staff made some checks and become suspicious, so they immediately alerted the police. They were able to convince the victim that she had fallen into a scam that involves impersonating government officials and put a stop to the scam attempt. The press release said that the police wanted to recognize the digital asset trading firm i.e. QCP Capital Pte Ltd and its team for their vigilance. 

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They had helped in ensuring a timely intervention and foiled the scam attempt. In the three quarters of 2021, almost 50 people have become victims of similar scams and the scammers have managed to get away with a whopping S$6.8 million. The police said that they wanted to remind people to be wary and vigilant of people who claim to be government officials, which includes police officers as well as officials of the High Court. Members of the public have been told to ignore calls, especially when they are from a suspicious number. 

The police also advised that people can hang up and call back on the number after five minutes to check its validity. Any instructions that are given to transfer or remit money should be ignored at all costs and no personal information or banking details should be shared online or over the phone. With these scams increasing, especially on digital asset trading platforms, it is essential for people to become more careful than ever because once lost, recovering the money is next to impossible. 

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