The Police would like to alert members of the public to a scam trend where scammers impersonate banks in SMSes sent to victims and offer fixed deposit scheme promotions with high interest rates. Since January 2024, at least 12 victims have fallen prey to this scam, with total losses amounting to at least $650,000. Victims would receive SMSes from unknown +65 local mobile numbers, purportedly from banks, promoting fixed deposit schemes with high interest rates. They would be instructed to contact a number provided within the SMS to indicate their interest and obtain more details of the promotion. Once contacted, scammers would pose as bank agents and provide fraudulent identification such as staff passes. They would then seek victims’ personal particulars to “apply for the fixed deposit promotion” and subsequently claim to have registered a bank account under the victims’ names. In some cases, victims would receive forged bank statements claiming that new bank accounts are under their names.Victims would be instructed to deposit / transfer money into these bank accounts. Victims were told that the accounts are created “for them” or is an account to “hold the funds prior to the creation of their account”, thereby dissuading further verification.