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
25 Jun 2022 | Loan Scam
A call came to my mobile number asking if i needed a loan. I rejected right from the start but scammer got furious when I threatened to call the police because he was not supposed to make cold calls to…...
09 Jun 2022 | Loan Scam
I have been received lots of spam calls over the past while, and this time round the caller called me via his mobile number 82693610 to promote a personal loan scam. I answered the call and once he started…...
18 May 2022 | Loan Scam
100% of all online loan offers are either illegal, scams or loan sharks. I met my scammer on locanto sg. instead of asking victims for upfront fees, they have reversed tactics now. insisted to deposit…...
ScamShield blocks messages and calls from numbers known to be used in illegal activities.