Singapore Reports Surge in Mobile Wallet Scams, Warns Public

The Singapore Police Force (SPF) has issued a warning about a sharp rise in scams involving phished card credentials and mobile wallets. Between October 1 and December 31, 2024, at least 656 cases were reported, with losses exceeding $1.2 million. Over 500 of these cases involved cards linked to Apple Pay.

Scammers typically obtain victims’ card details through phishing websites, often promoted via social media ads. They then add the stolen credentials to their own Apple Wallet and intercept the SMS One-Time Password (OTP) entered by the victim. Once the card is compromised, the scammers collaborate with money mules to purchase high-value electronics or luxury goods using the stolen credentials.

In a joint statement with the Monetary Authority of Singapore (MAS) and the Cyber Security Agency (CSA), the SPF emphasized ongoing collaboration with banks, mobile wallet providers like Apple, and card service providers to combat this trend. The statement urged stakeholders to implement stronger measures to protect customers.