Two Malaysians nabbed for scam involving compromised Singpass accounts to create LiquidPay e-wallets
Two Malaysian nationals were arrested in Singapore for allegedly exploiting customer Singpass credentials to create fraudulent e-wallet accounts. These accounts were reportedly used to launder over $110,000 in scam proceeds.
Why it matters
The incident highlights the growing threat of identity theft and digital fraud targeting government-linked authentication systems in the fintech sector.
SINGAPORE: Two Malaysian mobile phone shop employees were arrested on Tuesday (Aug 25) for their suspected involvement in a scheme to register bogus e-wallet accounts for receiving scam earnings, said the police.
The two men, aged 25 and 47, are suspected to have exploited the identities of their customers by obtaining their Singpass login credentials to create LiquidPay e-payment accounts without their knowledge, the police said in a news statement on Aug 26.
LiquidPay is a digital wallet and payment app operated by Singapore-based fintech company Liquid Group.
In one instance, one of the suspects, in offering to help a customer who was buying a SIM card update his Singpass details, used the opportunity to create a LiquidPay account.
Further investigations found more than 170 Singaporeans and foreign workers whose Singpass accounts were linked to similar activity, said the police.
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