Background
Impersonation scams involving financial institutions (“FIs”) or authorities have become increasingly sophisticated. These scams often involve fake websites, spoofed emails or calls, and unauthorised use of company names, logos, or licence numbers to mislead investors.
On 2 April 2025, the Singapore Police Force and Monetary Authority of Singapore (“MAS”) issued an alert regarding a new scam variant involving misuse of MAS’ Register of Representatives. In these cases, victims received unsolicited calls from local numbers, with scammers posing as MAS officials. Victims were directed to verify identities using MAS’ official e-service platform, then told that their bank accounts were linked to money laundering activities. They were persuaded to disclose personal banking information or transfer funds to supposed investigation accounts. At least three cases were reported with losses exceeding S$614,000.
Steps to Take if Your Firm is Impersonated
- Report to MAS (Notice CMG-N01 on Reporting of Suspicious Activities and Incidents of Fraud)
Submit a Suspicious Activity Report (Form F1) detailing the scam, including URLs, screenshots, impersonated material, and any affected clients. The report shall be lodged not later than 5 working days after the discovery of the any incident by the FI.
- Lodge a Police Report
File a report with the Singapore Police Force, including all available evidence. FI should standby to support follow-up police investigations.
- Request a Website Takedown
Contact the domain registrar and hosting provider to initiate takedown. Notify IMDA (info@imda.gov.sg) to block local access if necessary.
- Issue a Public Advisory
Publish a scam alert on your firm’s official website and other client communications. Clarify that your firm does not solicit investments through unauthorised websites or third-party channels.
- Review Internal Security Protocols
Escalate the incident as part of your AML/CFT and operational risk framework. Document all actions taken and review your incident response processes.
What’s Next
MAS expects FIs to be vigilant and proactive to protect investors and the public. FIs should implement ongoing surveillance to detect misuse of their identity, including staff identity, and establish clear procedures to manage impersonation risks.
How We Can Help
We can support your firm with the following:
- Assistance in drafting and submitting Form F1 to MAS
- Guidance on public communication and scam advisory notices
- Internal review of AML/CFT escalation and incident handling
- Awareness training sessions for staff and client service teams
And more…
Contact Us today to discuss how we can provide the risk and compliance advisory solutions for you. Find out more here.