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- Insurers' Case Files: True Crime Stories
On 30 April 2025, Singapore College Of Insurance hosted a gripping session on the rising threats of funds transfer fraud, social engineering fraud (SEF), and fraudulent instructions. A huge thank you to our expert speakers Arthur Yong, Gen Wong, and Nicole Khong for transforming complexity into clarity through real case studies and sharp insights.
To our attendees — thank you for engaging so thoughtfully. Here are some key takeaways from the session:
𝟭. 𝗦𝗼𝗰𝗶𝗮𝗹 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 = 𝗛𝘂𝗺𝗮𝗻 𝗠𝗮𝗻𝗶𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻
It’s more than phishing. Tactics exploit urgency, trust, and authority.
𝗖𝗮𝘀𝗲 𝗙𝗶𝗹𝗲: A finance exec transferred S$670,000 after a deepfake video call impersonated leadership.
𝗟𝗲𝘀𝘀𝗼𝗻: Pause and verify — even when requests come from the top.
𝟮. 𝗬𝗼𝘂𝗿 𝗩𝗲𝗻𝗱𝗼𝗿’𝘀 𝗪𝗲𝗮𝗸 𝗟𝗶𝗻𝗸 𝗜𝘀 𝗬𝗼𝘂𝗿 𝗥𝗶𝘀𝗸
Secure systems can still be compromised by exposed vendors.
𝗖𝗮𝘀𝗲 𝗙𝗶𝗹𝗲: A fraudster intercepted a vendor thread, leading to a USD 150,000 loss.
𝗟𝗲𝘀𝘀𝗼𝗻: Always verify payment changes through known, offline channels.
𝟯. 𝗡𝗼 𝗢𝗻𝗲 𝗜𝘀 𝗜𝗺𝗺𝘂𝗻𝗲 — 𝗡𝗼𝘁 𝗘𝘃𝗲𝗻 𝘁𝗵𝗲 𝗖𝗘𝗢
Fraudsters manipulate inbox rules on compromised devices.
𝗖𝗮𝘀𝗲 𝗙𝗶𝗹𝗲: A CEO’s inbox was hijacked with fake requests and reply blocks.
𝗟𝗲𝘀𝘀𝗼𝗻: Be alert to inbox oddities. Verify urgent instructions.
𝟰. 𝗬𝗼𝘂𝗿 𝗕𝗮𝗻𝗸 𝗖𝗮𝗻 𝗕𝗲 𝗙𝗼𝗼𝗹𝗲𝗱 𝗧𝗼𝗼
Fraud doesn’t always target you — sometimes it targets your bank.
𝗖𝗮𝘀𝗲 𝗙𝗶𝗹𝗲: Malware installed through employee’s inbox led to a USD200,000 loss.
𝗟𝗲𝘀𝘀𝗼𝗻: Act fast. Report odd files, access alerts, or behaviour anomalies.
𝟱. 𝗖𝗿𝗶𝗺𝗲 𝘃𝘀 𝗖𝘆𝗯𝗲𝗿 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
Crime policies cover direct financial losses. Cyber policies typically do not.
𝟲. 𝗖𝗿𝗶𝗺𝗲 𝘃𝘀 𝗙𝗶𝗱𝗲𝗹𝗶𝘁𝘆 𝗚𝘂𝗮𝗿𝗮𝗻𝘁𝗲𝗲
Crime insurance can cover both internal and external fraud. Fidelity policies usually only cover internal acts.
𝟳. 𝗖𝗮𝗹𝗹𝗯𝗮𝗰𝗸𝘀 𝗦𝗮𝘃𝗲 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀
𝗟𝗲𝘀𝘀𝗼𝗻: Create a callback protocol for all payment verifications. Train staff. Reinforce the culture of double-checking.
𝟴. 𝗦𝘁𝗮𝘆 𝗩𝗶𝗴𝗶𝗹𝗮𝗻𝘁. 𝗔𝗰𝘁 𝗙𝗮𝘀𝘁.
See something odd?
Alert your IT and bank
Disconnect affected devices
Document the incident
This session was a reminder: 𝗙𝗿𝗮𝘂𝗱 𝗶𝘀 𝗲𝘃𝗼𝗹𝘃𝗶𝗻𝗴. 𝗦𝗼 𝗺𝘂𝘀𝘁 𝗼𝘂𝗿 𝗱𝗲𝗳𝗲𝗻𝗰𝗲𝘀.
For more information, contact events@scidomain.org.sg
