Loan Scam
As of December 2022
1031
victims
Have fallen prey to scammers
S$9.3
million
Total amount lost to scammers
WHAT IS A LOAN SCAM?
If you receive phone calls, unsolicited text messages via SMS, messaging apps or come across advertisements on social media or online offering loans or loan services, you’ve encountered a loan scam. The scammers may claim to be staff from a licensed money lender to gain your trust. You are then instructed to transfer money before the loan can be disbursed. The scammers disappear once the money is transferred. They may also ask for personal information like NRIC and contact numbers, Singpass details and bank account numbers. The information is then used to harass or threaten you for more payments.
Look out for these scam signs
Ads that reach out to you through social media platforms, SMS, messaging apps or cold calls.
Scammers may also create fake websites to convince you of their legitimacy.
They promise instant, fuss-free loan approvals, however, you'll have to transfer fees to them before they can process your loan application.
Scammers may offer to approve your loan remotely directly via messaging apps. This is illegal.
How to stay safe
Only contact the licensed moneylenders via the contact details found in the registry. Scammers may impersonate licensed moneylenders by using their names, licence numbers and creating fake websites.
Loan Scam: Real Stories
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What to do if you've been scammed
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Spot Signs
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Get Scamshield
Protection
ScamShield blocks messages and calls from numbers known to be used in illegal activities.
Find out more at scamshield.org.sg.
