As of December 2021
Have fallen prey to scammers
Total amount lost to scammers
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
27 Mar 2023 | Loan Scam
Never respond to loan advertisements!
My helper responded to a Facebook ad for a loan and was directed to a WhatsApp number. She was asked to provide personal information, including her employer's name and contact number, a picture of her…...
03 Feb 2023 | Loan Scam
Received lots of messages from the above sender with the header 'Likely Scam', Contents are about loan offerings & weekly payment schedules are available. Not the 1st time & information were provided…...
12 Jan 2023 | Loan Scam
On 3rd of January, I saw this loan advertisement on social media, in the first place I thought was licensed money lender so I click on the link to submit my name and my phone number , I was contacted…...
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ScamShield blocks messages and calls from numbers known to be used in illegal activities.