Insurance Scams in Singapore: How Fraudsters Impersonate NTUC and Income Insurance

A New Wave of Insurance Scams Is Hitting Singapore

In 2025, a brand-new type of scam emerged in Singapore — and it caught thousands off guard. Insurance service scams racked up 1,003 cases with losses totaling S$25.2 million. In the first half of 2025 alone, 791 cases were reported.

These aren't the clumsy phishing emails of the past. Scammers are now impersonating well-known insurance organizations — NTUC Union, Income Insurance, and even Unionpay representatives — making it dangerously easy to fall for their tricks.

How the Insurance Scam Works

Step 1: The Unsolicited Call

It always starts with a phone call you didn't expect. The caller claims to be from a legitimate insurance company and tells you there's a problem with your existing policy — a billing error, a lapsed policy, or an unclaimed refund.

Step 2: Creating Urgency

The scammer creates panic:

• "Your policy is about to expire and you'll lose coverage"
• "There's a suspicious transaction on your insurance account"
• "You're entitled to a refund, but we need to verify your identity"

Step 3: Remote Access or Money Transfer

Here's where the real damage happens. Victims are asked to:

Scam Tactic	What They Ask	Real Purpose
Remote access apps	Install AnyDesk or TeamViewer	Full control of your phone/computer
"Safe" account transfer	Move money to a "holding account"	Send money directly to scammers
Personal information	Share NRIC, bank details, OTPs	Identity theft and account takeover

Once a scammer has remote access to your device, they can transfer money out of your bank accounts, access Singpass, and steal your personal data — all while you watch helplessly.

Red Flags to Watch For

• Unsolicited calls about insurance policies you don't remember
• Pressure to act immediately — legitimate companies give you time
• Requests to install software like AnyDesk, TeamViewer, or any remote access tool
• Demands to transfer money to "safe" or "holding" accounts
• Caller ID spoofing — the number may look like a real insurance company

What Legitimate Insurers Will NEVER Do

According to the Singapore Police Force (SPF):

1. Never ask you to transfer money to any account for safekeeping
2. Never ask you to install remote access software
3. Never threaten you with policy cancellation over the phone
4. Never ask for your OTP or Singpass credentials via phone

How to Protect Yourself

Verify Independently

If someone calls claiming to be from your insurance company, hang up and call the company directly using the number on their official website. Never use a number the caller provides.

Use ScamShield

The ScamShield app can help filter scam calls before they reach you. It's free, developed by Singapore's GovTech, and available on both iOS and Android.

Protect Your Sensitive Documents

Many victims lose more than money — their personal documents and policy details get stolen too. When you need to share insurance information with family or agents, use a secure channel. Services like LOCK.PUB let you share sensitive documents through password-protected links that expire after a set time, so your information doesn't stay exposed in Messenger or email threads forever.

Report Suspicious Activity

• Police emergency: 999
• ScamShield helpline: 1799
• Anti-Scam Centre: Report online at police.gov.sg

What to Do If You've Already Been Scammed

Step	Action
1	Call your bank immediately to freeze your accounts
2	Report to police at 999 or the nearest station
3	Call ScamShield helpline at 1799
4	Change all passwords, especially Singpass
5	Monitor your accounts for unauthorized transactions

Act fast — the quicker you report, the higher the chance of recovering your funds.

The Bigger Picture: Why Insurance Scams Are Growing

Singapore's high insurance penetration rate makes it a prime target. Almost every working adult has CPF-linked insurance or private policies, giving scammers a wide pool of potential victims. The professional-sounding nature of these calls — using real company names and policy jargon — makes them particularly convincing.

The SPF has noted that these scams are part of a broader trend of impersonation fraud, where criminals pose as government officials, bank officers, and now insurance representatives.

Stay Skeptical, Stay Safe

The simplest defense is also the most effective: never trust unsolicited calls about money. No legitimate organization will pressure you to act immediately over the phone.

Keep your insurance documents secure. If you need to share policy details with a spouse, beneficiary, or financial advisor, consider using LOCK.PUB to create a password-protected link instead of sending screenshots through messaging apps.

Your vigilance is your best insurance against scammers.