$120k Scam Attempt Foiled by Firm's Anti-Fraud Measures

A local healthcare firm in Singapore narrowly escaped losing $120,000 to scammers who impersonated its managing director and chairman over Microsoft Teams chat.

The chief financial officer was asked by her 'bosses' to submit the firm's financial statements, but she only realized she had been tricked when she spoke to the real managing director, who denied giving such an instruction.

'Everything happened so quickly. The scammers acted with a sense of urgency that made my colleague anxious to get the job done,' said Jane, one of the firm's directors.

The amount lost to business e-mail compromise scams rose significantly from $19.5 million in the first half of 2025 to $57.3 million during the same period in 2026.