A victim lost at least S$4.9 million (US$3.8 million) in a scam promising funding assistance related to the Strait of Hormuz, authorities said today [1, 2, 3].
Scammers impersonated senior Singapore government officials including Prime Minister Lawrence Wong, Secretary to the Cabinet Wong Hong Kuan, President Tharman Shanmugaratnam, and Minister Indranee Rajah [1, 2, 3]. Victims were approached via WhatsApp and email and invited to attend a virtual Zoom meeting involving government and private sector participants [1, 2, 3].
The Zoom meetings were fabricated using deepfake AI technology, combining pre-recorded videos and fake audio that did not synchronize with the speakers’ lip movements [1, 2, 3]. The conference also included fake appearances by foreign officials like Canada’s foreign minister and a senior diplomatic adviser to the UAE president, along with representatives from BlackRock and Dubai International Financial Centre [2, 3].
During the meeting, "the victim would be introduced to the meeting as one of the private sector participants," and the conference would end with a deepfake video of Prime Minister Wong delivering closing remarks that acknowledged the victim’s attendance, according to the Singapore Police Force [2].
The victim signed a non-disclosure agreement sent by scammers and was later instructed to transfer funds to a corporate bank account controlled by the fraudsters [1, 2]. After sending the money, the victim grew suspicious and contacted the real Secretary to the Cabinet, confirming the scam [1].
Police first advised the public to be vigilant about the scam on May 14 and identified the modus operandi involving sophisticated impersonations and deepfake technology on May 16 [1, 2]. They warned that the impersonation targeted business professionals with prior government interactions [1, 2].
A fake government letter promised reimbursement within 15 business days as part of the fraud [1]. Authorities continue to investigate the case.
The police urged the public to remain cautious of requests for funds following virtual meetings with apparent government officials. No further incidents have been reported as of today.
