Loan Scams

Victims would come across short video clips or advertisements promoting fast cash loans while browsing social media platforms such as TikTok and Facebook, or through their own internet searches. In some cases, victims would receive unsolicited text messaged through SMS or WhatsApp, offering loans.

Victims would then be instructed to transfer money through methods such as iBanking transfers, ATM cash deposits, PayNow, or hand over cash in person.

Victims would only realise that they had been scammed when the scammers failed to disburse the loan as promised.

At least S$6 million lost to scammers

Annual Scams and Cybercrime Brief 2024

It is likely a scam if:

The moneylending company advertises their services, as legitimate moneylenders are prohibited from doing so.
The loan application and approval process is conducted online or over the phone rather than requiring you to visit their registered business premises in person, which is mandatory for licensed moneylenders.
Any unsolicited loan offer is a scam.

Licensed moneylenders are not allowed to advertise their services except through business or consumer directories (in print or online), internet websites belonging to the licensed moneylenders, and those placed within the approved place of business.

How to stay safe

ADD:

ScamShield app to block scam calls and filter scam SMSes.

CHECK:

the Registry of Moneylenders for the official details of licensed moneylenders.
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.
Call the ScamShield Helpline (1799) to check if you are unsure.

TELL:

Warn your friends and family about your scam encounter.
Make a police report if you think you have fallen victim.

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.