Singaporeans have been cheated of millions of dollars since the start of 2022, with one of the biggest luxury scams costing $32 million making headlines over the past few weeks. Such ruses including phishing scams are increasingly common so it is important to know how to react when you suspect you’re being scammed. Follow the below anti scam steps while dealing with scammers:
- Check the domain name
Spoofing websites often use domain names that look or sound similar to the legitimate site addresses. For example, instead of fundingsocieties.com, a spoof site might use an “fscapital” domain name, which looks similar to the original site. Or in a more sophisticated manner, the spoof site may redirect the user to a legitimate company site, and when the user tries to sign up or log in, the scammer tricks him or her into the phishing site.
- Be careful how you pay
The scammer may have asked you to pay money via a link, which you received over email or text message. Never pay money directly to the bank account specified in these text messages. Always be aware that financial institutions will never send a text or call asking for credentials or to transfer money.
- Too good to be true?
The scammer offers a good loan scheme that seems to be very beneficial and in your favour. Stop and think twice. If it is too good to be true, it might be a trap.
- Do an Internet search
If you still can’t figure out the legitimacy of the organisation in question, do an Internet search about the website, group, or loan scheme. Have a look at what other people are saying about it online.
- Always use a secure connection
When you visit a legitimate site that asks for financial or secure data, the company name should be visible next to the URL in the browser bar, along with a padlock symbol that signifies you’re logged into a secure connection. If you don’t see this symbol or if your browser warns you that the site does not have an up-to-date security certificate, it is a sign of warning.
- Report scam. Contact the legitimate company via their official channels
As the scammer may have sent fake contact details, it is your responsibility to email or call the company in question to verify whether they have, indeed, sent that email, SMS, or message that you received.
Read more on our website here to find out how to secure your Funding Societies account and make sure you’re not being scammed.
We’ve come to a conclusion for our 3-part “Are you sure you’re not being scammed?” cybersecurity awareness series. Stay tuned on our blog for more information related to financial services and how to use them wisely and safely!
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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