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

10 Nov 2022 | Loan Scam

Fake moneylender used my personal details to apply for loan from another moneylender

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

Do not respond to advertisements offering loans

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

Advertisement offering loans turned out to be a 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…...

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