Cybercrime related news reported in Singapore

Yee, L. (2006, July 29). MAS warns of e-mail scam using its logo. The Straits Times. Retrieved on March 4, 2008, from Lexis-Nexis Academic database.

In this article, the Monetary Authority of Singapore (MAS) tries to inform the public that fake “e-mail containing its name, logo and letterhead are being used in a financial scam.” “The e-mail - sent by cyberspace tricksters on the lookout for easy money - typically asks recipients for personal information or to transfer funds to a particular party or account” was reported. The problem that MAS encountered is called ‘phishing’ – a form of Internet fraud that tries to dupe someone into providing confidential information such as credit cards, passwords, and make someone do something he/she would not / should not normally do such as transferring of money into a foreign account. Similar acts of ‘phishing’ also happened to big banks in Singapore such as OCBC Bank and Citibank.

The implication of ‘phishing’ could be devastating if one is not aware of the danger and clueless of how to protect he or she against cybercrime. The article below is an example of a man being cheated of $48,000 by cyber thefts.

Chong, E. (2006, June 13). Man loses $48,000 in Nigerian e-mail scam; One con artist arrested, sentenced to three years' jail; others still at large. The Straits Times. Retrieved on March 4, 2008, from Lexis-Nexis Academic database.

“BUSINESSMAN Ng Yong Ngee responded to an e-mail that sounded too good to be true - a 30 per cent share of $8US.5 million ($13S.6 million) for his help in transferring the money out of Britain.” With that, the 30-year-old owner of an interior design firm parted with about $48,000 - and became yet another victim of Nigerian con artists.”