In a distressing incident, a 35-year-old civil servant, Mr. Singh, and his wife found themselves victims of a malicious cyber scheme while attempting to sell their second-hand sofa.
The couple, both helpless witnesses, saw a staggering sum of $45,000 vanish from their joint account within a matter of minutes. This ordeal serves as a stark reminder of the evolving threats in the digital realm, according to Lianhe Zaobao.
The Deceptive Transaction
Mr. Singh initiated the transaction after responding to a Facebook ad for buying second-hand items. Engaging in a conversation on Facebook, the negotiation swiftly moved to WhatsApp, a common platform for such transactions.
After negotiating a deal for $600, the fraudster, under the guise of a buyer, initiated a call and sent a link. The link, purportedly for tracking the delivery, was the first step in a carefully orchestrated scam. Mr. Singh, urged to check for the delivery code, unknowingly fell prey to the cybercriminal’s tactics.
The Unraveling Scheme
As evening descended, the fraudster called again, ostensibly to arrange for the collection of the sofa. It was at this moment that Mr. Singh realized his phone was compromised.
The cybercriminal had manipulated his device, creating a new account with a local bank and subsequently exploiting the vulnerabilities to transfer funds from Mr. Singh’s personal and joint accounts.
Despite Mr. Singh’s prompt action, reaching out to DBS bank and the authorities, the cybercriminal managed to siphon off the entire savings of $45,000. The aftermath left the couple in financial dire straits, relying solely on their monthly income to navigate living expenses, loan repayments, and the needs of their two children and pets.
The Bank’s Response
Seeking redress, the couple approached DBS bank, expecting full compensation for their losses. However, the bank, citing its policies, offered only half of the defrauded amount as a goodwill gesture.
In response to the incident, the bank highlighted its anti-malware measures. As of September, the bank has been progressively implementing tools to detect and counteract malicious software on customers’ mobile applications, restricting access if potential threats are identified.