Singapore company CFO nearly loses S$120,000 after scammers impersonate bosses on Teams

In a recent incident in Singapore, a company's chief financial officer nearly lost S$120,000 (RM384,000) due to scammers impersonating the firm's chairman and managing director on Microsoft Teams. This surge in business email compromise scams in Singapore saw losses reach S$57.3 million (RM183.4 million) in the first half of 2026, compared to S$19.5 million (RM62.4 million) a year prior.

According to the incident report in The Straits Times, the fraudulent request came when the CFO was asked to submit financial statements through a Teams group chat, followed by instructions to transfer S$120,000. The scammers' impersonation was convincing, as they communicated fluently in English and posed as the two prominent company figures.

Jane, one of the company's directors, recounted that the urgency of the request made it difficult for her to question the instructions. The company's payment protocol, which required physical signatures for bank transfers, prevented the loss, and UOB took steps to monitor large transactions and strengthen safeguards. Cybersecurity experts noted that these scams exploit messaging, voice, and video platforms, including AI-enabled impersonation, to deceive employees into transferring funds.

Businesses are advised to exercise caution when faced with unexpected and urgent payment instructions and to verify such requests through established channels.