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

25 Jul 2022 | Loan Scam

Beware of loan scams

Recieved a call mentioning that i enquired a loan before, was in a meeting hence i ask them to send me details to my email instead. then i was contacted via whatsapp. i asked for their uen(201828743E)…...

23 Jul 2022 | Loan Scam

I lost over $42k to a Loan scam

Loan company provided "official documents" and "system snapshots" from bank stating secured loan required ‘MAS’ validation, rectification charges, meps, origination fee. Promised to disburse the loan…...

23 Jul 2022 | Loan Scam

I fell prey to a Loan scam

I chanced upon an advertisement on facebook regarding about a personal loan. I provided my personal particulars (contact , name and email). A day later a fella named Roy claimed that he was from "icredit"…...

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