Advisory on the Emergence of Malware Scams In Singapore | British Chamber Of Commerce Singapore
There is an emergence of scams involving malicious software or “malware” that infects android devices, enabling scammers to siphon out funds from bank accounts (and in some cases CPF accounts). From January to June 2023, there were more than 700 reports of malware-related scams with losses in these cases amounting to $8 million. Eight of these malware scams involved CPF savings with an aggregate net loss of $124,000. In such malware scams: