Teenagers lured by ‘fast cash’ among 9 people to be charged with disclosing Singpass, banking details

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SINGAPORE: Teenagers lured by the opportunity to earn “fast cash” are among nine people who will be charged on Tuesday (Oct 31) with disclosing their Singpass or bank account details, which were later used to launder crime proceeds. The nine of them, of whom five are teenagers, are suspected to be involved in money laundering activities linked to banking-related phishing scams. “FAST CASH” ADVERTISEMENTS In one case in July, a 16-year-old boy responded to an advertisement on Telegram that offered him “fast cash”, the police said in a media release on Monday. He later opened a bank account and disclosed the internet banking credentials to an unknown person. The bank account was then used to launder proceeds of crime. This was similar to a case in August when a 19-year-old also responded to an advertisement on Telegram offering “fast cash”. After he opened a bank account and handed over his internet banking credentials, three new accounts were set up without his knowledge, and they were used to launder crime proceeds. The following month, an 18-year-old girl disclosed her Singpass credentials to an unknown person on Telegram after responding to an online advertisement on cryptocurrency investment. She later received several SMS notifications from the banks and three new accounts were opened. These accounts were also used by criminals, said the police. In the same month, a 17-year-old girl handed over her internet banking details and ATM card to an unknown person who offered her cash to use her bank account. Police also arrested a 19-year-old who gave away her Singpass credentials to a friend on Instagram, who asked for the information to open an investment account. Five new bank accounts were opened without her knowledge and used to launder proceeds of crime. The other four arrested were aged between 22 and 30 – two cases involved people responding to online advertisements offering “fast cash”. The offence of disclosing Singpass credentials carries a jail term of up to three years, a fine of up to S$10,000 (US$7,300), or both, for a first-time offender. If convicted of conspiring to cheat a bank into opening an account, a person may be jailed for up to three years, fined or both. For abetting unknown people to secure unauthorised access to a bank’s computer system, a first-time offender can be jailed for up to two years, fined up to S$5,000, or both. “To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or allow their personal bank accounts to be used to receive and transfer money for others,” said the Singapore Police Force. “The police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes.”

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