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.
- Ads that reach out to you through social media, SMS or messaging apps or even cold calls
- Fake business websites might be created to convince you that they are legitimate
- Instant, fuss-free loan approvals
- Requests for fees to be transferred to them before they can process your loan application
- Ignore the message
- Block and report the number on the platform that you receive the message
- Seek financial help from legitimate financial institutes registered with the Registry of Moneylenders at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/