Loan Scams

Loan Scams

Victims would be enticed into taking up loans with attractive interest rates but subsequently required by the loaners to pay various ‘fees’ to secure the loans. If victims refused to pay the ‘fees’ or tried to cancel their loan application, the scammers would use the victim’s personal data collected by the malware to extort victims into paying the ‘fees’, for example by threatening to expose their compromising photographs and/or harass people in their contact list. Having been put in fear by the scammers, victims would transfer money to local bank accounts provided by the scammers.

At least S$2.5 million lost to scammers

Mid-Year Scams and Cybercrime Brief 2024

It is likely a scam if the loaner:

  • make any cold calls or send any unsolicited text messages to you.

  • instructs you to transfer a sum of money as a deposit before the loan can be disbursed.

  • harasses you by claiming that the loans have already been approved and that you have to pay a processing fee to cancel the loans.

How to stay safe

ADD:

  • ScamShield app to block scam calls and filter scam SMSes. ​

  • Anti-virus app to your devices (see recommendations by CSA).​

  • International Call Blocking option to your mobile account(s). 

CHECK:

  • that you do not use clickable links or QR codes provided by unknown persons to make payments/transfers, as these lead to fake bank websites that phish for your banking credentials.

  • Do not transfer money or send gift cards to unknown persons

  • Never disclose your personal information, internet banking and social media account details, and one-time passwords (OTPs) to anyone.

  • Do not let others use your banking or Singpass accounts to receive or transfer money. They are for personal use only.

  • Call the ScamShield Helpline (1799) to check if you are unsure.

TELL:

  • Warn your friends and family about your scam encounter.​

  • Call your bank immediately and make a police report if you think you have fallen victim.

Learn more about loan scams

Received an unsolicited link? Here’s how to check if it’s legitimate

Encountered this scam? Report it!

If you have transferred money to a scammer, please visit this page for a list of immediate actions: I've Been Scammed!

Help keep the community safe by reporting any instances of this scam you’ve seen or experienced with the ScamShield App.