Loan Scam

WHAT IS A Loan Scam?

SMSes or WhatsApp messages are sent offering loans and loan services to random users. The scammers may claim to be staff from a licensed moneylender. Interested parties are instructed to transfer money as a deposit before the loan can be disbursed. After making the transfer, victims find that the scammers are no longer contactable. As part of these scams, the scammers may ask for personal information like NRIC and contact numbers, Singpass details and bank account numbers. When handed over, the information is used to harass or threaten victims for payment.

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OF CASES REPORTED
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$

WORTH OF MONEY LOST
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  • Advertisements on messaging platforms. It is illegal for licensed moneylenders to advertise via SMS or WhatsApp.
  • Ignore these advertisements and messages
  • Block and report the number as spam on WhatsApp or through third-party applications
  • Only engage the services of licensed moneylenders listed on the Ministry of Law's Registry of Moneylenders website at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/

What to look out for

  • Advertisements on messaging platforms. It is illegal for licensed moneylenders to advertise via SMS or WhatsApp.

How to protect yourself

  • Ignore these advertisements and messages
  • Block and report the number as spam on WhatsApp or through third-party applications
  • Only engage the services of licensed moneylenders listed on the Ministry of Law's Registry of Moneylenders website at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/

RELATED SCAM STORIES

Showing 6 of 101 Stories
Showing 6 of 30 Stories
27 May 2020

If you received messages offering loans, ignore and block it

Over the last 3 days i have received 3 separate offers for financial assistanT thru Whatsapp & SMS PLATFORM, i bElieve they Are loan scam THEIR CONTACT DETAILS AS FOLLOWS 1. Person/business loan from…...

27 May 2020

Don't respond to any forms of adverts offering loans!

I reeived an SMS offering loans, got attracted to it and contact the number for enquiry. The process carry on in WhatsApp chat. I was asked to give snap shot of my NRIC, prove of Address and bank acc…...

26 May 2020

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na, received sms loan proposals. "IM Kenny from quick credit. a high approval up to 99.99%. we provide with many types of loans whatsapp 91041800 for more detail"...

25 May 2020

Do not respond to loan advertisements! Licensed moneylenders are not allowed to advertise their services

I reeived an SMS offering loans, got attracted to it and contact the number for enquiry. The process carry on in WhatsApp chat. I was asked to give snap shot of my WP, prove of Address and bank acc to…...

22 May 2020

Do not respond to advertisements offering loans!

Here to warn everyone not to google and search for loan company. I faced this situation upon finding a loan therefore checking for interest rates .. I came across http://apcredi?-sg.com this website look…...

18 May 2020

I lost over $2k to Loan scam

I received a msg thru my number regarding loan promotions, i was attracted by it and decided to contact a person named ricky thru whatsapp and enquire abt the loan. I applied for a 20k loan and thereafter…...

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