SINGAPORE: In a media release on Tuesday (Feb 11), the Singapore Police Force announced that a 49-year-old man had been arrested for suspected involvement in credit card fraud.
On Jan 23, the police received alerts concerning several suspected credit card fraud incidents. Multiple local merchants reported that their banks informed them that their businesses had processed unauthorised transactions.
The Tanglin Police Division and Commercial Affairs Department of SPF then conducted follow-up investigations, establishing the identity of the man suspected to have been behind the transactions. He was arrested on Feb 10.
Their investigations have shown that the man allegedly tampered with the Europay, Mastercard, and Visa (EMV) chips of stolen credit cards. He was then able to use them to make several unauthorized transactions of luxury goods amounting to a total of $85,000.
The Police found several credit cards they believed to have been forged, three mobile devices, a branded luxury watch, and a Radio-Frequency Identification (RFID) device. They seized these items as case exhibits.
The Police added a photo of these items in its media release.
Moreover, police investigations revealed that the man is believed to be involved in similar cases. He was scheduled to be charged in court on Wednesday (Feb 12) with cheating under Section 420 of the Penal Code 1871.
He may be sentenced to up to 10 years in prison and fined if found guilty.
In Parliament last month, Gan Kim Yong, the Chairman of the Monetary Authority of Singapore, Deputy Prime Minister, and Minister for Trade and Industry cited statistics compiled by the Singapore Police Force. The statistics showed that an average of 790 cases of credit card fraud were reported annually from 2021 to 2023, with an average loss of $2.1 million.
However, he added that safeguards against fraud implemented by global cards such as those operated by Visa and Mastercard and card issuers such as banks have strengthened over time.
Mr Gan also underlined that members of the public should stay vigilant in safeguarding their cards and card information, monitoring their card transactions regularly. They should also notify their card issuers immediately in cases of loss, theft, or unauthorised transactions. /TISG
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