Fraudsters are always on the lookout for targets, and they are getting more creative and sophisticated in their efforts. Often, they tap on emotions to trick their victims.
Before initiating transactions, consider these questions:
- ● Are you unsure about who you are transferring money to?
- ● Were you promised attractive returns with little to no risk?
- ● Did you receive an unsolicited call or online friend request from a stranger?
- ● Were you pressured to perform urgent money transfers?
- ● Were you asked to disclose personal details, banking credentials or one-time passwords (OTPs)?
If you have answered yes to any of the above, take a pause and learn how you can protect yourself.
Here are some common scams to watch out for:
Job Scams
– Scammers may approach victims with job offers promising high pay with minimal effort on messaging apps or social media.
– May claim they are from legitimate recruitment companies.
✅ Do not participate if it involves receiving and transferring money or opening a bank account on behalf of a company.
E-commerce Scams
– Scammers may pose as fake sellers or buyers on online marketplaces or social media platforms.
– Scammers may try to take the conversation off the platform.
– Scammers may request for payment via direct bank transfer or ask for multiple payments.
✅ Beware of deals that seem too good to be true.
✅ Transact within the platform and choose reputable sellers or shopping platforms.
Fake Friend Scams
– Scammers may contact victims pretending to be a friend or an acquaintance.
– The scammer will then claim to be in urgent need of funds, seeking financial assistance from the victims.
✅ Watch out for unsolicited calls or online friend requests from strangers.
✅ Always verify the identity of the person you are transacting with.
Phishing Scams
– Beware of emails or text messages containing suspicious URLs that could be phishing links.
– Fake websites are created to resemble official sites of organisations or banks.
– Banking credentials, PINs, OTPs, Singpass login and personal information are stolen or compromised when victims input their details on these fake websites.
✅ Do not click on URLs in unsolicited emails and text messages.
✅ Ensure that the website is legitimate by keying in the organisation or bank’s official web address on the web browser.
✅ Only access your accounts through the bank’s official website or mobile banking app downloaded from Apple App Store, Google Play or AppGallery.
Investment Scams
– Be wary of offers with quick, attractive and easy returns.
– Be cautious of unfamiliar online trading platforms or entities based outside of Singapore.
✅ Check with a licensed financial advisor before making any investments
✅ Do a thorough check on the company and its representatives using resources such as the Financial Institution’s Directory and Investor Alert List, which can be found on the Monetary Authority of Singapore’s website.
Anyone and everyone can ACT against scams.
– Add ScamShield app and security features
– Check for scam signs
– Tell authorities, friends and family
Stay vigilant. If it sounds too good to be true, it usually is.
Click here to learn more about how you can ACT against scams.
