At least 52 people fell prey to scammers impersonating officials from the Inland Revenue Authority of Singapore (Iras) in 2023, with losses amounting to...
Scams involved victims being offered tax refunds, or being asked to pay capital gain tax or income tax on investment-related profits.At least 52 people fell prey to scammers impersonating officials from the Inland Revenue Authority of Singapore in 2023, with losses amounting to around $2.3 million.
Five per cent of reports were related to phishing e-mails, while the other one per cent includes variants such as fake stamp certificates and forged tax documents. Since the start of 2024, at least six people have fallen prey to this scam variant, with losses totalling at least $3,000. Scammers have also contacted victims via e-mail or messaging platforms to trick them into paying capital gain tax or income tax on their investment profit or dividends. These scammers usually claim to be linked to cryptocurrency investment companies, financial institutions, or Iras.
Members of the public are advised to do their own checks on unfamiliar financial institutions by using resources such as the Financial Register of Representatives and Investor Alert List that can be found on the Monetary Authority of Singapore’s website.