On April 28, 2022, a 64-year-old lady was accused of colluding with unknown individuals to trick two local banks into creating bank accounts for her under the false pretence that the bank accounts would be utilized by her.
The lady was also accused of allegedly assisting unknown individuals in gaining unauthorized access to the banks’ computer systems by providing them with online banking login credentials and an ATM card.
Criminals exploited the bank accounts to launder profits of crime arising from three recorded occurrences of Internet Love Scams. The lady is also charged with carrying on the business of providing payment services in Singapore, for allegedly collecting money in her current bank account with the intent of transferring the revenues.
Three Victims
Three victims of Internet Love Scams have fallen in love with people they met online through Facebook and Instagram. At the request of their online loves, the victims transferred a total of S$121,000 over time for a variety of causes.
Some money was provided ostensibly to aid with cashflow issues; money was also transferred under the guise of paying fees required to unlock gifts delivered by their online loves.
“Made friends on Facebook”
According to police investigations, the 64-year-old added unknown people on Facebook since 2019. The lady deceived two local banks into creating two bank accounts in her name at the request of the internet parties to assist them in receiving monies in Singapore for their “business”, by fooling the banks into believing she was the person utilizing these bank accounts.
The woman shipped a bank ATM card to a Malaysian location and gave the internet banking login information to others she met online.
Penalties
For conspiring to cheat the bank into opening the bank account, which act is likely to cause harm to the reputation of the bank, she could be send to jail to up to three years, a fine, or both.Â
For abetting persons to secure unauthorised access to a bank’s computer system for a first-time offender, a fine not exceeding $5,000, an imprisonment term not exceeding two years, or both.
For the offence of carrying on the business of providing payment service in Singapore without a licence under Section 5 of the Payment Services Act 2019, a person convicted of the offence can be fined up to the maximum of $125,000, be sentenced to an imprisonment term of up to three years, or both.