A Singaporean entrepreneur has lost at least S$4.9 million (about RM15.3 million) in a sophisticated deepfake scheme that impersonated Prime Minister Lawrence Wong on Zoom. The Singapore Police Force issued a public advisory yesterday, warning that scammers are increasingly targeting corporate leaders by using AI-generated video of senior officials.
According to police, the fraud started when the victim received a WhatsApp message from someone claiming to be Wong Hong Kuan, Secretary to the Cabinet. The message invited him to a high-level meeting with PM Lawrence Wong. Soon after, the victim got an email from a spoofed address (WongHongKuan.secretarycabinet@proton.me) containing what looked like an official guarantee letter, complete with a forged prime ministerial signature. The letter sought urgent financial assistance related to developments in the Strait of Hormuz and promised full reimbursement by the Singapore Government within 15 days.
To add credibility, the victim was asked to sign a non-disclosure agreement and provide a copy of his NRIC. He was then invited to a Zoom call where deepfake technology produced realistic images of PM Wong and other supposed local and foreign officials. Believing the meeting genuine, the businessman approved multiple transfers totaling S$4.9 million to a corporate bank account specified by the scammers.
Only after the funds had cleared did the victim become suspicious and contact the real Wong Hong Kuan, uncovering the fraud. Police caution that this scam exploits professionals who have prior dealings with government representatives, making the initial contact appear authentic.
In connection with similar incidents, authorities have arrested and charged three individuals suspected of SIM-swap fraud. The Singapore Police Force advises executives to verify any unsolicited requests—especially those involving large sums—through official channels before taking action.
📊 Market Context & Insight
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💡 What This Means for Malaysian Investors
Note: This article is for informational purposes only and not financial advice. Please consult licensed property agents or financial advisors in Malaysia before investing.
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The Malaysian property market is shaped by urban demand in Kuala Lumpur, Selangor, and Penang, government initiatives like PR1MA, interest rate adjustments by Bank Negara Malaysia, and infrastructure projects such as MRT3 and LRT expansions. REITs listed on Bursa Malaysia also reflect broader economic conditions.
