SINGAPORE – Just before the bank closed on 16 October, a woman in her 70s rushed into DBS’ South Bridge Road branch, urgently seeking to withdraw $40,000 – nearly all of her life savings.
Bank officer Karen Teo noticed the urgency and asked the woman why she needed the money. The woman claimed it was for her son’s home renovation and repeatedly urged, “Quickly get the money. Someone is waiting for me.”Sensing something was wrong, Ms Teo offered to call the son to confirm the purpose of the funds. The woman’s story quickly shifted: first it was her son overseas, then her godson, and later a boy at a temple who supposedly needed the money. It became clear she was being targeted by a scam. The woman later admitted she had received a call claiming she had purchased an insurance policy. An “insurance agent” then connected her to a man posing as a government official, who sent a purported court order threatening the seizure of her assets. The order, however, was easily identified as fake due to a glaring grammatical error – the phrase “for office use only” in large, bold letters.“When she realised she had fallen for a scam, she looked like a weight had been lifted off her shoulders,” Ms Teo said. “It’s not just about preventing a scam; it’s about protecting someone’s life savings.”
Rising Insurance Scams in 2025
Insurance-related scams have emerged as a growing threat, ranking seventh among the top 10 scams of concern in the first half of 2025. Police data released in August showed 791 cases reported, with losses exceeding $21 million. The average loss per case was around $27,000, and approximately three in ten victims were aged 65 or older.
Income Insurance reported an increase in scam reports from its customers in early 2025. Scammers impersonate company representatives, claiming victims have outstanding premiums on new or expiring life insurance policies. Victims are then directed to other scammers and pressured to provide bank account details to “cancel” the policy and avoid fees.In some cases, victims are further misled by scammers posing as government officials, claiming their bank accounts are linked to money laundering. They are instructed to transfer money to a “safe” account under the guise of an investigation, with promises of reimbursement that never materialise.Authorities continue to urge vigilance, particularly among older adults, as these sophisticated scams increasingly target life savings.