Fixed Deposit SMS Scams 📵📵 Fixe Deposit promotions

In Singapore newspapers, it was reported that scammers are sending SMS messages, posing as Banks (eg UOB, OCBC) sales staff, offering fixed deposit promotion rates higher than average. These scammers send fake bank staff tags to create a convincing facade. When victims express interest, they are asked to call another number purportedly the Bank's officer in charge and will be offered limited-time, above-average fixed deposit rates.

Victims would then be informed that they have a new created account and are asked to transfer money into those accounts. It turns out those accounts are actually mule accounts not belonging to the victims. Victims even got a bunch of fake fixed deposit certificates with Bank letterhead to provide victims as evidence after funds were transferred to mule accounts.


I have yet to see this kind of scam appearing in Malaysia but I'm sure the scam modus operandi can brought over to a Malaysia context.