As of December 2021
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
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
10 Nov 2022 | Loan Scam
4th Nov I saw the adv. online about low interest rate moneylender. I went on to click on the link and they asked me for my personal information such as NRIC, CPF contributions, bank statements, and even…...
21 Oct 2022 | Loan Scam
I fell prey to a loan scam after responding to a text message offering loans. Happened that I needed to funds for my bakery business. Contacted them and given my details, was told i can get a loan of…...
07 Oct 2022 | Loan Scam
I was looking for a loan of 30k. I got a message from a number about a loan and at that time i was interested. So i briefly when to search the company and and check if is listed and it is. Btw the company…...
ScamShield blocks messages and calls from numbers known to be used in illegal activities.