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Teen charged over sharing Singpass credentials for money, 3 others charged with selling bank accounts later used to launder money from scams

Three of those charged allegedly accepted offers from Telegram advertisements for the illegal activities, one was offered $600 from an acquaintance.

One of the men caught by the police (left) and Singapore thousand dollar notes (Photos: SPF and Getty Images)
One of the men caught by the police (left) and Singapore thousand dollar notes (Photos: SPF and Getty Images)

SINGAPORE — Three men and one woman, ages 17 to 21, were charged on Friday morning (8 March) for their suspected involvement in money laundering activities related to scams.

The four people allegedly sold their bank accounts or disclosed their Singpass credentials, which were then used to set up bank accounts for unknown persons.

The accounts were later used to launder money from various scams, including friend impersonation scams and e-commerce scams, the police said in a statement issued on Thursday.

Three allegedly offered thousands of dollars through Telegram advertisements

Last May, a 19-year-old man allegedly responded to a Telegram advertisement offering him $2,300 to relinquish three bank accounts.

According to the police, he opened three bank accounts, and later disclosed his internet banking credentials to an unknown person. The accounts were then used to launder money from job and friend impersonation scams.

Five months later, a 17-year-old teenager also allegedly responded to a Telegram advertisement offering him $3,000 to share his Singpass credentials. His credentials were then used to open a bank account to launder proceeds from a phishing scam, the police said.

Singpass is a Singapore resident's digital identity, which, according to the Government Technology Agency (GovTech), can used for easy access to over 2,000 government and private sector services online.

Last November, a 21-year-old man allegedly responded to a Telegram advertisement which offered him $1,300 to share his internet banking credentials.

According to the police, his credentials were shared with an unknown person, and his bank account was subsequently used to launder money from job scams.

In January 2024, a 17-year-old teenager was allegedly offered $600 from an acquaintance to open a bank account.

According to the police, she accepted the offer, and later disclosed her internet banking credentials. Her bank account was then used to launder money from e-commerce, job and investment scams.

What is the punishment for selling bank accounts or sharing Singpass credentials

For conspiring to cheat the banks into opening bank accounts, they could face a three-year jail term, a fine, or both.

First-time offenders assisting to secure unauthorised access to a bank’s computer system could face a fine not exceeding $5,000, jail time of up to two years, or both.

First-time offenders found guilty of unauthorised disclosure of access code could face a fine not exceeding $10,000, jail time of up to three years, or both.

How to avoid becoming a money mule accomplice?

"To avoid being an accomplice in these crimes, 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," the 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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Yahoo Singapore Telegram
Yahoo Singapore Telegram