Safeguarding customers’ savings, by thinking like a scammer

When Mr Alan Teng receives a call from an unfamiliar phone number or a suspicious text message claiming to be from a legitimate financial institution, he makes sure to respond and play along. 

His goal is to gather insights into the scammer’s tactics, with the ultimate aim of preventing others from falling prey to similar scams. As head of DBS Singapore’s Anti-Scam Team, Mr Teng – who has criminal investigative experience – leads a team dedicated to combating fraud.

In 2019, DBS became the first in Singapore’s financial services industry to establish an anti-scam unit dedicated to early fraud detection and prevention. Through real-time transaction monitoring, the unit analyses alerts from surveillance systems that scan millions of transactions daily, intercepting any suspicious activity. 

When alerted by bank staff to a potential scam, the Anti-Scam Team steps in to investigate and inform the customer of the risks. Unfortunately, some customers remain convinced by the scammers and refuse to listen. The team must carefully balance firmness with empathy, exercising patience and understanding to persuade customers not to proceed with the transaction.  

“We’re passionate about the work that we do,” said Mr Teng. “It’s challenging, but when we leave the office, we feel satisfied knowing that we’ve prevented someone from losing their life savings.” 

WORKING TOGETHER TO PROTECT THE PUBLIC

To stay ahead of emerging scams, members of the DBS Anti-Scam Team continuously study scammers’ tactics, sharing case studies and updates to anticipate their next moves. This work complements the efforts of DBS’ Behavioural Science Team, which analyses scam tactics to understand and counter the psychological triggers scammers exploit; and the bank’s tech teams, which leverage artificial intelligence and machine learning to detect suspicious activity in real-time. Together, these teams are able to provide a multi-layered defence to protect customers from fraud.

Mr Teng has been known to take the fight into enemy territory, engaging with scammers directly to discover their modus operandi.  

When a friend alerted him to a suspicious text message, Mr Teng used his personal phone to contact the number provided, expressing interest in the advertised fixed deposit scheme. The scammer, using a POSB Bank logo as their profile picture, responded immediately by offering to open a fixed deposit account for him, sending over a bank statement with instructions to deposit money into a specific account. 

Although the statement was fake, the bank account number listed was real. Upon conducting an internal check, Mr Teng found that the account belonged to a foreign worker whose work permit had expired. It was likely a money mule account, where the owner had sold or handed over their SingPass and login details, giving scammers access to a “clean” bank account that couldn’t be traced back to them.  

Knowing that the scammer was still active, Mr Teng kept a close watch on the bank account, checking it every few minutes to see if anyone had fallen victim.  

Sure enough, a deposit of S$50,000 came through. Acting quickly, he froze the account and alerted the branch where the deposit had been made. Thanks to this swift action, the customer who was advised to file a police report was able to recover their money. 

The team also collaborates closely with the SPF, ensuring alignment of strategies to protect the public. “With DBS staff stationed at the Singapore Police Force’s (SPF) Anti-Scam Centre (ASC), we can escalate cases and intervene more quickly, minimising losses for victims,” explained Mr Teng.

According to Assistant Superintendent of Police (ASP) Lynn Tan, a senior investigation officer at the SPF, the ASC serves as the nerve centre for a nationwide, multi-agency effort to combat scams. “We work with banks to raise public awareness of scams through mass SMS alerts, advising scam victims to halt further transfers,” she said. 

DBS and SPF also collaborate on joint public education initiatives, such as the Red Flags educational video series. This series breaks down common scam tactics and shares actionable tips to help individuals protect themselves and their loved ones from falling victim to scams.

Mr Teng observed that in an environment where people are inundated with online offers and notifications, even the most vigilant individuals can overlook subtle warning signs, such as an email that appears to come from a trusted source or a suspiciously discounted shopping deal.

In August, SPF identified a new variant of malware scams targeting unsuspecting victims through fraudulent Facebook postings advertising food. These ads redirected victims to WhatsApp, where scammers, posing as sellers, engaged them in conversation. “They would initiate a video call, asking victims to share their screens and disable the security app Google Play Protect on their devices,” explained ASP Tan.

Victims were then instructed to download an Android Package Kit containing malware, supposedly required to obtain an order number or confirm receipt of goods. Once installed, the malware allowed scammers to take control of the victims’ phones and initiate unauthorised bank transfers. Since September 2023, banks, including DBS, have implemented anti-malware controls, which are continuously enhanced based on the latest trends and insights to effectively combat malware-related scam threats.

“Fighting scams requires a collective effort across all sectors of society, from customers and government bodies to banks and private companies,” said Mr Teng. “Our partnership with the SPF allows us to be more effective in protecting our customers from increasingly sophisticated scams, but ultimately, customer vigilance is still the most important defence.”  

The community plays a crucial role, too, emphasised ASP Tan. “We urge everyone to stay vigilant, report suspicious activities or individuals to the police and help raise awareness by sharing scam prevention tips with friends and family,” she said. 

These include avoiding responses to requests for personal information from unverified sources and practicing healthy skepticism – pause, check, and confirm before sharing personal details with anyone.

To further enhance customer protection, DBS offers a range of self-managed security tools that empowers individuals to safeguard themselves against scams. Customers are encouraged to use these tools or visit the DBS Bank Safely hub to access valuable tips and resources for staying vigilant against fraudulent activities.
 
Think you know your way around scams? Test yourself by doing the DBS x CSA Anti-Scam Quiz to see if you can spot the signs of common scams.