Protecting Yourself from Scams: Stay Informed and Stay Safe

Updated on 24 June 2023

In today's digital age, scams have become a prevalent threat, targeting individuals from all walks of life. Singapore, known for its technological advancements and financial prowess, is unfortunately not exempt from these fraudulent activities.

Hence, it is crucial that we all learn to be aware of common scams and take proactive steps to protect ourselves. In this blog post, we will explore some prevalent scams in Singapore and discuss practical measures one can take to avoid falling victim to them.

(Common) Types of Scams:

a) Phone and Internet Scams: These scams often involve impersonating government officials, banking institutions, or tech support personnel. They aim to trick victims into revealing personal information or making fraudulent payments. b) Investment and Ponzi Schemes: Scammers promise high returns on investments, enticing individuals to part with their hard-earned money. These schemes eventually collapse, leaving victims with substantial financial losses. c) Online Purchase Scams: Fraudulent sellers advertise products online at attractive prices, but once payment is made, the goods never arrive, or they are counterfeit. d) Love Scams: Scammers build online relationships with victims, gaining their trust before requesting money for various reasons, such as medical emergencies or travel expenses.

Key Steps to Avoid Being a Victim

It helps to have a certain level of skepticism. And don’t be afraid to take the trouble to verify the accuracy of information that is shared with you, especially by someone whom you do not know personally.

a) Be Vigilant: Stay informed about the latest scams through news sources, police advisories, and government websites. Remain cautious when dealing with unsolicited phone calls, emails, or messages. b) Verify the Source: Always verify the legitimacy of the person or organization before sharing personal information or making payments. Contact the official helpline or visit the official website directly to confirm any requests or offers. c) Protect Personal Information: Never disclose sensitive data, such as bank account details, NRIC (National Registration Identity Card) number, or passwords, to unknown individuals or unsecured websites. Legitimate organisations will not ask for such information through unsolicited communication. d) Practice Secure Online Behaviour: Use strong and unique passwords for online accounts, regularly update software and antivirus programs, and avoid clicking on suspicious links or downloading files from unknown sources. e) Conduct Due Diligence: Before making any financial investment, research thoroughly and seek advice from licensed financial advisors or institutions. Be cautious of high-yield or risk-free investment opportunities that sound too good to be true. f) Be Wary of Online Purchases: Purchase goods only from reputable sellers and platforms. Check for customer reviews, use secure payment methods, and be cautious of unrealistic discounts or deals. g) Protect Your Social Media Presence: Be mindful of the personal information you share on social media platforms. Adjust your privacy settings to limit access to your personal data and be cautious of friend requests or messages from unknown individuals. h) Report Suspected Scams: If you encounter or suspect a scam, report it to the police or relevant authorities promptly. Your vigilance could help prevent others from falling victim to the same scam.

i) Consider downloading the ScamShield app to block unsolicited messages and calls (only available on iOS devices) via https://www.scamshield.org.sg/.

j) Join ScamAlert Mailing List or Whatsapp Broadcast/Telegram group to stay alert on the latest scam updates https://www.scamalert.sg/fight/individual-pledge

Lastly...

Scammers are continuously evolving their techniques to exploit unsuspecting individuals. By staying informed, being cautious, and taking proactive measures, we can protect ourselves from falling victim to scams. Remember to spread awareness among family and friends, as collective efforts are essential in combating these fraudulent activities.

Stay vigilant, stay safe, and empower yourself with knowledge to outsmart scammers in the digital world.

Disclaimer: The information in this post is purely for informational purposes and should not be relied upon as personalised financial advice. Please do your own research or speak to a financial advisor accordingly.