# Singapore CFO nearly loses S$120,000 to scam

> Singapore company CFO almost transferred S$120,000 to scammers impersonating bosses on Teams.
- Title: Singapore CFO nearly loses S$120,000 to scam · Malay Mail
- Summary: Singapore company CFO almost transferred S$120,000 to scammers impersonating bosses on Teams. A healthcare company's CFO nearly transferred S$120,000 to…
- Keywords: singapore, cfo, teams, scam, business email compromise, s$120000, uob, kaspersky, news, world, nearly, loses
- Source: Malay Mail — https://malaymail.com/news/singapore/2026/09/19/singapore-company-cfo-nearly-loses-s120000-after-scammers-impersonate-bosses-on-teams/235760
- Author: Malay Mail
- Published: 2026-09-19T13:36:13+00:00
- Read time: 1 min
- Topics: singapore, cfo, teams, scam, business email compromise, s$120000, uob, kaspersky, news, world
## Singapore company CFO nearly loses S$120,000
A healthcare company's CFO nearly transferred S$120,000 to scammers impersonating executives via Microsoft Teams.
## Scams rose to S$57.3m in early 2026
Singapore saw business email compromise losses reach S$57.3 million (RM183.4 million) in early 2026, up from S$19.5 million (RM62.4 million) a year earlier.
## CFO's colleague felt urgent pressure
Jane, a 72-year-old company director, said scammers acted with urgency to make her colleague anxious to complete the transfer quickly.
## Scammers impersonated bosses on Teams
Scammers posed as the chairman and managing director to request financial statements via Teams group chat.
## CFO almost transferred funds
The CFO was instructed to transfer S$120,000 from the company's bank account but only realized the scam after speaking to the real managing director.
## Payment protocol prevented loss
The company's payment protocol required physical signature for authorizations, preventing the S$120,000 transfer.
## UOB to monitor transactions
UOB was instructed to monitor large transactions and ensure proper authorization before transfers.
## UOB branch manager confirmed safeguards
UOB branch manager Carlene Lam contacted Risk and Anti-Fraud teams to verify payment instructions and protect the company.
## Scammers use AI to impersonate executives
Cybersecurity expert Adrian Hia said scammers increasingly use AI to impersonate executives and exploit workplace hierarchies.
## Key takeaway

A healthcare company's CFO nearly transferred S$120,000 to scammers posing as executives via Teams after a sharp rise in business email compromise scams in Singapore.