Scams Alert: Top Scams in Q1 2020. Types of Scams and How Scammers Scam Their Victims
$41.3 Million Lost to Scammers Over Three Months
That is a hell lot of money!
We are looking at Singaporeans losing an average of $13.8 million to scams every month.
That is about $460,000 per day!
Top Scams Committed in Singapore
| Type of Scam | Number of Cases | How Much was Lost? |
|---|---|---|
| E-Commerce Scam | 1,159 | at least $1.3 million |
| Social Media Impersonation Scam | 466 | at least $1 million |
| Loan Scam | 421 | at least $1.6 million |
| Bank Phishing Scam | 374 | at least $1.6 million |
| Internet Love Scam | 175 | about $6.6 million |
We are working with the Singapore Police Force, to help spread awareness on scams in Singapore. The article is not sponsored, and we believe strongly in a world without scams!
Here more insights to these scams so that you can warn your loved ones about it!
Sounds Like Easy Money!
Of course, if easy money entices you and you wish to pursue your career as a scammer, here are some career advice.
The offence of cheating is punishable with
- Imprisonment term of up to 10 years
- A fine
If you commit the offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the punishment will be:
- Imprisonment term of up to 10 years
- A fine of up to $500,000
E-commerce Scams
In case you are wondering, there is an increase in scam cases for e-commerce on digital platforms such as
- Shopee
- Lazada
Some of these cases rode on the need of COVID-19 related products such as face masks and game consoles.
Turns out cases of Carouhell are dropping. There is actually less e-commerce scam cases on Carousell.
If you are looking at a transaction that is too good to be true, it probably is!
At times, it is worth paying a little more from reputable retailers.
The last thing you want is to suffer a monetary loss and miss out on the fun of Animal Crossing.
Social Media Impersonation Scams
I remember receiving a Facebook request from my mother not so long ago. She asked me for my mobile number and my particulars.
Thing is, my mother passed on quite a while back…
You have probably experienced someone impersonating your friends or family on social media, trying to get some private information out of you.
Here are the common details that the scammers will ask for:
- Mobile number
- Internet banking account details
- One-Time Password (OTP)
These scams are usually on the pretext of a fake contest or promotions organised by Lazada, Shopee and Qoo10. The victims will later notice fraudulent transactions being made on their bank account.
Loan Scams
By targetting bank customers, loan scammers usually call their victims to advertise a loan.
They pretend to be working with POSB, DBS, UOB, CIMB or OCBC, targetting Singaporeans in need of a loan.
Do take note that banks and licensed moneylenders are not allowed to send out loan advertisements. If you are receiving one that seems legit right now, it is not!
Bank Phishing Scams
We published about phishing call scams targeting at DBS and POSB customers.
The victims receive a call from scammers posing as bank staff. Of which, victims were asked for their Internet banking usernames, Personal Identification Numbers (PIN) and OTPs.
Scammers then make their way into the victim’s bank account and transfer money out from there.
Another form of such scams occur when victims were asked to provide their personal details on a phishing URL that was sent by SMS.
Whatever the case is, banks will never ask you for your ibanking details or OTP, and you should never disclose it to anyone.
Internet Love Scams
Well, a lonely Valentine’s Day should not be as bad as losing $450,000 (the largest sum cheated from love scam in a single case).
Victims typically meet scammers online and developed a relationship with them.
The scammers will then claim to have sent parcels to the victim from overseas. Scammers then lied about the parcel being detained for inspection and require a transfer or remit of money to resolve the issue.
In the act of love, the victim complied.
There are also instances of scammers using medical or personal reasons to request victims to transfer money over to them.
Simple Rule of Thumb
To prevent any monetary losses through scams, here are some simple rules:
- Do not divulge any personal information such as ibanking login credentials to others
- Transact on platforms with consumer protection policies
- If a deal is too good to be true, it probably is
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