What is a scam?

Why is cybersecurity important to me? You might ask. Well, nowadays, there are many incidents of scams around us, whether we are existing customers of financial services organisations or not. Since the start of 2022, over S$2.7 million has been swindled from hundreds of people in Singapore in phishing scams involving scammers. Hence, it is important to be aware and take the necessary anti scam precautions to safeguard against these scams.

A scam is a deceptive scheme or trick used to cheat someone out of something, especially money.

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Types of scams

  1. Scam websites: Scam websites are replicas of original websites, which scammers use to deceive users into fraud or malicious attacks.
  2. Scam emails: Scam emails which contain embedded links/URLs asking for personal information and warning messages. For example, notifications of blocked credit cards, false loan offers, money transfer requests, and others.
  3. Scam calls: Scammers claiming to be a bank employee or the employee of a reputable organisation demanding or requesting to confirm your account details, personal details, or your business.
  4. Scam messages: Scam messages are not only limited to mobile SMSes, but may extend to other messaging applications (including WhatsApp, Facebook Messenger, Telegram and others). Scammers often use compromised accounts or claim to be a friend, relative, or any of your acquaintances asking for some funds, sending malicious links, asking you to click on the link – sometimes, even to the extent of changing the conversation from formal to a more personal tone and manner in order to obtain sensitive information.
  5. Scam media accounts: Fake accounts, pages, or groups created by scammers “on behalf” of the targeted companies on social media platforms (Facebook, Instagram etc.). They also include lookalike pages of a company and use company names, logos, and other credentials to impersonate social media accounts to confuse and trick people into following and trusting them blindly.

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How do scammers reach you?

  1. Phone calls
  2. Messages sent to your social media accounts, like Facebook or Instagram
  3. Fake company Telegram groups
  4. Fake SMSes and emails
  5. Fishy advertisements like fraudulent financial loan offers
  6. Fake websites

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Signs of scams

  1. Individuals pretending to be from well-known organisations 
  2. Deals that appear too good to be true
  3. When you are asked to share personal details
  4. When you are asked to transfer money or make payment to a specific bank or bank account
  5. When you are pressured to act immediately
  6. The use of fake contact details including fake names, emails, phone numbers, and addresses

As a user of financial services, it is imperative that you are constantly alert about every single message you receive, particularly those asking for personal and financial information. If you’re unsure about the authenticity of these messages, you can reach out directly to the organisation in question through their official communication channels or anti scam hotline number.

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Read more on our website here to find out how to secure your Funding Societies account and avoid becoming a scam victim.

Disclaimer: The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation.  In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorised third party.

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