Economics
Singapore Says Money-Mule Cases Increase as Residents Swindled
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Singapore police and banks urged the city-state’s residents to be wary of fraudsters seeking to use their bank accounts to funnel illegal funds after an increase of reported cases this year.
The number of reported cases of illegitimate cash being given to so-called money mules to hand over to a third party increased to 133 in the first nine months of this year, up from 93 for all of 2012, the police, the city’s bank association and the National Crime Prevention Council said in a statement today. The amount of illegal monies in those cases fell to S$15.5 million ($12.4 million) from 2012’s S$24.6 million.