Woman loses $72,500 despite ‘knowing about scams’

A 68-year-old woman lost $72,500 from her POSB bank account in a scam involving a malicious app. She was trying to sell her kitchen appliances online and was directed to download an app called I-Recovery, which turned out to be malware. Trackers accessed her bank account, raised her transaction limit, and drained her savings. The incident warns against the risks of unauthorised banking transactions through malware, a scam that has cost more than 750 victims a total of $10 million in H1 2023.