Loan Scam

Loan Scam

As of December 2021

2274

victims

Have fallen prey to scammers

S$18.3

million

Total amount lost to scammers

S$361

thousand

Largest amount lost by an individual

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

How to stay safe

Ignore any unsolicited loan ads. Licensed moneylenders are not permitted to advertise. Block and report the number or ad on the platform on which the advertisement appeared.
Seek financial help only from legitimate financial institutions registered with the Registry of Moneylenders at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-Singapore/.

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.
Licensed moneylenders are required to meet the borrower at the approved place of business to conduct physical face-to-face ID verification before granting a loan. Approving and disbursing loans online is disallowed.

Loan Scam: Real Stories

28 Sep 2022 | Loan Scam

Beware of fake job offers!

I wanted to take a loan of 40k. They claimed to be from "s.e. Investments pte ltd", which is a legitimate company MinLaw registered-list of moneylenders. Before they could “release” the loan to me, they…...

20 Sep 2022 | Loan Scam

I lost $5k to a Loan scam

I wanted to take a loan of 10,000. They posed as s.e. Investments pte ltd (they’re not from there), which is a legitimate company under the mas registered list of moneylenders. Before they could “release”…...

12 Sep 2022 | Loan Scam

Beware of scammers and don't be tempted by their offers

To summarise: 1) Avoid any incoming calls starting with +65 2) Even if you have picked up such incoming calls & the caller is introducing himself from any loan company, pls end the call. Be prepared that…...

GET SCAM-RELATED ADVICE: CALL 1800-722-6688 (Mon-Fri 9am-5pm, excl. PH)
GET SCAM-RELATED ADVICE:
CALL 1800-722-6688
(Mon-Fri 9am-5pm, excl. PH)
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Top 5 Scams: Spot The Signs