The Police have observed a new variant of loan scams where scammers would request victims’ confidential information to process loans and, in some cases, solicit payment for administrative fees. Since January 2022, the Police have received at least 15 reports with losses amounting to more than $20,000 paid to the scammers.
In these cases, victims would receive unsolicited text messages through messaging applications, such as Telegram, offering loans. Victims who replied with the intention to take up loans would be informed that it was necessary to share their Singpass credentials for the scammers to verify their employment status to facilitate loan approval. After receiving the victims’ Singpass ID, password and SMS one-time password (OTP), the scammers would use the details to attempt to create bank accounts or sign up for telephone lines. In some cases, victims were told to transfer money to bank accounts provided, as payment for administrative or collateral fees before the loan could be disbursed. Victims would only discover that they had been scammed when the scammers failed to disburse the loan as promised.
Members of the public are reminded of the following:
- Licensed moneylenders are not allowed to solicit loans via text messages, phone calls or social media platforms.
- Licensed moneylenders will not request CPF contribution or Singpass login details to facilitate loan approvals.
- Licensed moneylenders are required to meet the…
