Loan Scams In Singapore To Be Cautions

L
phone message receive from loan scammer

Does the above image look familiar in your phone message?

As of December 2022, 1,031 victims have fallen prey to scammers with a total of S$9.3 million lost to scammers.

Loan scams are listed as one of the top 10 scams in 2022.

How Can I Protect Myself Against Loan Scams?

If you receive SMS on loan, it is a scam as Licensed Moneylenders are not allow to send such messages, and they are not allow to approve loans remotely or ask for deposit to secure loans. “Each and Every” loan disbursement, can only conduct physical face-to-face ID verification in their registered office approved by MinLaw. Check out List of Licensed Moneylenders in Singapore.

If you receive such messages or advertisements, below is what you can do:

  • Ignore the message and advertisements for loan services you receive either though SMS, WhatsApp or other messaging platforms. DO NOT REPLY and engage with them.
  • Block and report the number on the platform that you received the message.
  • If you wish to report the number to prevent more victims from happening, you can download the ScamShield App at here,

Some of the Real Stories on Loan Scams

Real Stories 1: Lost $900 to a loan scam

Read the story here

Real Stories 2: Advertisement offering loans turned out to be a scam and lost $10,500

Read the story here

Real Stories 3: Lost $5,000 to a loan scam

Read the story here

Real Stories 4: Scammer got angry when i reject his loan

Read the story here

For more real-life stories, you can read it here.

About the author

MoneyMattersBlog

Hello there, my fellow financial explorer! Welcome to MoneyMattersBlog, where I am more than just a website - I am your companions on the path to financial empowerment. If you've ever felt a bit lost in the world of money, you're in good company.

I understand the ups and downs, the confusion, and the triumphs that come with managing your finances. That's why I am here, not as financial gurus in ivory towers, but as your friend who've been through it all. My mission is simple: to break down complex financial matters into bite-sized pieces, and to offer tips and insights that I have found helpful in my own journeys.

So grab a cup of coffee, get cozy, and let's embark on this money adventure together. Welcome to MoneyMattersBlog - where every financial step is a step toward a brighter future.

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By MoneyMattersBlog

MoneyMattersBlog

Hello there, my fellow financial explorer! Welcome to MoneyMattersBlog, where I am more than just a website - I am your companions on the path to financial empowerment. If you've ever felt a bit lost in the world of money, you're in good company.

I understand the ups and downs, the confusion, and the triumphs that come with managing your finances. That's why I am here, not as financial gurus in ivory towers, but as your friend who've been through it all. My mission is simple: to break down complex financial matters into bite-sized pieces, and to offer tips and insights that I have found helpful in my own journeys.

So grab a cup of coffee, get cozy, and let's embark on this money adventure together. Welcome to MoneyMattersBlog - where every financial step is a step toward a brighter future.

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