Crypto Scam Leaves S$15M in Estimated Losses
Singapore authorities have sounded the alarm over a cryptocurrency scam that has left businesses and individuals reeling, with estimated losses of US$11.8 million (S$15.9 million) since August.
The scammers use fake job offers to gain access to company systems, often through fake technical assessments or coding tests. One unsuspecting victim was contacted on LinkedIn by a fake recruiter claiming to represent a cryptocurrency-related company and was tricked into downloading malware during the test.
The malware allowed the scammers to harvest internal company credentials and carry out unauthorized cryptocurrency transfers, leaving companies vulnerable to further breaches.
CSA and SPF have issued warnings urging businesses, especially those in technology and cryptocurrency, to verify recruiters and companies before allowing applicants to download software or access internal systems. They also advise isolating compromised devices, resetting stolen credentials, and reviewing accounts for unauthorized changes.