Singapore Police Warn of Rise in Cryptocurrency Account Breaches via Compromised Emails

The Singapore Police Force (SPF) has warned of an increase in unauthorized access to cryptocurrency accounts through compromised email accounts since mid August. According to a police advisory issued on September 12, investigations revealed that several affected email accounts had previously appeared in data breaches on other platforms. Perpetrators exploited these exposed credentials to access cryptocurrency accounts, specifically targeting victims who reused the same passwords across multiple online services.

Scammers typically search compromised email accounts to identify which cryptocurrency platforms or exchanges a victim uses. To avoid detection, they may create inbox rules to automatically archive, forward, or delete emails from those exchanges. The attackers then initiate password reset requests and intercept the resulting reset links, one time passwords, or verification emails.

To prevent such breaches, the police urged the public to use strong, unique passwords for every account and to enable multi factor authentication or two factor authentication. The SPF recommended using authenticator applications over SMS based verification, as the latter is more susceptible to interception. Users are advised to regularly review email security settings for unauthorized inbox rules and suspicious login activity, and to monitor cryptocurrency transaction histories.

Individuals who suspect their accounts have been compromised should immediately contact their email service provider and cryptocurrency exchange to secure or freeze the accounts. They should also change passwords for all affected services. Anyone with information regarding these crimes can contact the police hotline at 1800 255 0000 or submit information via the i-witness platform.