SINGAPORE – Three men and one woman aged 17 to 21 were charged on Friday morning (March 8) for their alleged involvement in money laundering activities related to fraud cases.
The four people are accused of selling their bank accounts or disclosing their Singpass login details, which were then used to set up bank accounts for unknown persons.
The accounts were later used to launder money from various scams, including impersonating friends and e-commerce fraud, police said in a statement released Thursday.
Three allegedly offered thousands of dollars via Telegram advertising
Last May, a 19-year-old man reportedly responded to an ad on Telegram offering him $2,300 if he gave up three bank accounts.
According to police, he opened three bank accounts and later gave his internet banking login details to an unknown person. The accounts were then used to launder money from scams in which he posed as a job or friend impersonator.
Five months later, a 17-year-old teenager also allegedly responded to an ad on Telegram offering him $3,000 if he shared his Singpass login details. His login details were then used to open a bank account to launder the proceeds of a phishing scam, police said.
Singpass is a Singapore resident’s digital identity that can be used for easy online access to over 2,000 government and private services, according to the Government Technology Agency (GovTech).
Last November, a 21-year-old man reportedly responded to an ad on Telegram offering him $1,300 to share his online banking login information.
According to police, his login details were passed on to an unknown person and his bank account was subsequently used to launder money from job fraud.
In January 2024, a 17-year-old teenager was allegedly offered $600 by an acquaintance to open a bank account.
According to police, she accepted the offer and later revealed her internet banking login details. Her bank account was then used to launder money from e-commerce, job and investment scams.
What is the penalty for selling bank accounts or sharing Singpass login information?
They could face a three-year prison sentence, a fine, or both for conspiring to defraud banks into opening bank accounts.
First-time offenders who assist in unauthorized access to a bank’s computer system face a fine of up to $5,000, imprisonment for up to two years, or both.
First-time offenders found guilty of unauthorized disclosure of access codes face a fine of up to $10,000, imprisonment for up to three years, or both.
How do you avoid becoming an accomplice to a cash cow?
“To avoid becoming complicit in these crimes, the public should always reject seemingly attractive money-making opportunities that promise quick and easy payouts for using their Singpass accounts and bank accounts,” police said.
They should also not allow their personal bank accounts to be used to receive and transfer money for others.
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