Public urged to stay vigilant amid potential tariff-related scams: Police and CSA
SINGAPORE - Recent developments involving import tariffs may trigger a rise in scams targeting individuals and organisations in Singapore, said the police and the Cyber Security Agency of Singapore (CSA).
In a joint advisory on May 20, the authorities noted reports from other countries indicating that cyber criminals are likely to exploit the uncertainty surrounding these changes to scam people.
They urged the public and organisations to remain vigilant and take proactive measures to strengthen their online defences against such scams.
President Donald Trump's April 2 decision to slap a 10 per cent tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies, caused stock markets to slump.
However, the 90-day truce on the US-China tariff war announced on May 12 and the US-Britain trade deal have lowered anxiety levels on the health of global trade that powers Singapore's export-driven economy.
On May 16, Deputy Prime Minister Gan Kim Yong reported progress on trade talks with the US. He said while a 10 per cent baseline tariff on Singapore remains non-negotiable, there is hope that the Republic will be spared from an upcoming sectoral levy on its pharmaceutical exports.
The four potential scams linked to tariff-related developments include:
1. Fake investment opportunities
Cyber criminals may promote bogus investment schemes or financial products, falsely claiming they offer profits from the effects of import tariffs.
These scams are often framed as time-sensitive opportunities promising high returns with little to no risk, aiming to lure unsuspecting investors.
2. Business-related scams
These criminals may target organisations involved in import and export operations, claiming to offer assistance in managing the tariff adjustments.
They may provide fraudulent information, request for upfront payments or changes to payment details, or attempt to gain access to confidential business data by sending e-mails with attachments containing malware to the organisations.
Once the malware is downloaded and the attachments are opened, the malware can compromise devices, potentially leading to data theft and system breaches.
3. Online shopping scams
Fake online shops on existing shopping platforms or phishing sites impersonating legitimate online shops may be created by cyber criminals.
They would claim to sell imported products at heavily discounted prices or prices that are raised prematurely, citing reasons linked to the upcoming increase in import tariffs.
4. Government officials impersonation scams
Scammers may impersonate government officials from local and international agencies using fake domains to send phishing e-mails or messages.
They may claim that you or your organisation are required to pay additional taxes or are eligible for tax refunds due to changes to tariff policies.
The authorities said that government officials will never ask you to transfer money, disclose bank log-in details, install mobile apps from unofficial app stores or transfer your call to the police during a phone call.
Members of the public and organisations are advised to verify the authenticity of advertisements, e-mails, calls and messages.
They should also purchase from reputable sources, and stay informed about the latest phishing and impersonation tactics.
If they come across suspicious tariff-related scams, they should report them to the police and the Singapore Cyber Emergency Response Team on 1800-255-0000, or online at www.police.gov.sg/iwitness.
Organisations should also establish a clear and accessible process for reporting of scams within the organisation, including protocols for verifying potential deepfake claims related to fund transfers. They can also conduct trainings for employees in finance, procurement, logistics and IT departments to help them recognise possible tariff-related scams.
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