Between October 1 and December 31, 2024, there were at least 656 reports of phished card credentials being added to mobile wallets. The total financial losses from these incidents exceeded $1.2 million.
A significant portion of these cases—at least 502—involved cards explicitly linked to Apple Pay.
The scam typically begins with the perpetrator creating deceptive e-commerce phishing websites, often promoted through social media advertisements.
Victims unknowingly provide their card credentials on these fraudulent sites.
Once the scammer acquires this information, they swiftly add the stolen card details to their own Apple Wallet.
To further exploit the victim, the scammer intercepts the SMS One-Time Password (OTP) that the victim enters on the phishing site.
This method allows the scammer to gain complete access to the victim’s financial information, leading to substantial monetary losses.
After successfully gaining control of the victim’s credit card information, the scam syndicate collaborates with a money mule. This individual is often unaware of their role in the scheme. They facilitate the purchase of high-value electronic items or luxury goods by linking their mobile device to the scammer’s Apple Wallet.
The process allows the scammers to make purchases without drawing attention to themselves. The money mule unknowingly becomes a conduit for these illicit transactions, often receiving a small cut of the profits.
In response to this growing threat, the Singapore Police Force (SPF), in collaboration with the country’s central bank and cybersecurity agency, has issued a joint statement. The statement emphasises the importance of collective action among stakeholders.
“The SPF, CSA, and MAS have been working closely with banks and mobile wallet providers like Apple,” the statement reads. “We are implementing measures aimed at curbing this alarming trend.”
The agencies urge all stakeholders to cooperate and strengthen protections for their customers, highlighting the need for vigilance in an increasingly digital world.
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