Top 5 latest types of scams in Singapore (2024)
With our increasing reliance on digital platforms, it’s unsurprising that scams have become ubiquitous in our daily lives. Some of the most common scams that are rising in prevalence include e-commerce/ online shopping scams, love/ romance scams, impersonation scams, job scams and phishing and malware attacks.
Stay informed and learn more about these cybercrimes so you don’t get caught off guard!
1. E-commerce and online shopping scams in Singapore
In the fast-paced world of e-commerce, online shopping provides a convenient and quick way to purchase goods. However, this convenience can sometimes come at a cost as it has also given rise to a new type of fraud: online shopping scams. These scams typically involve fraudsters posing as either buyers or sellers on online marketplaces to deceive unsuspecting victims.
As phony sellers, these scammers often set up fake online stores or post items for sale on trusted marketplaces. They lure customers with unbelievable discounts or hard-to-find items and once contacted by genuinely interested buyers, they send over a link or QR code that leads victims to a phishing site from which they steal banking and/ or personal information. They may also send over download links or QR for a malware app.
Scammers may also pose as fake buyers, targeting individual sellers on online marketplaces. They typically send fake proof of payment, followed by similar phishing and/or malware links and/ or QR codes that require the sellers to input their banking and/ or personal information to receive the “payment”. The victims’ credentials are then stolen.
Awareness is the first step towards protection. Keep an eye out for red flags such as prices that are too good to be true and/ or requests for unusual payment methods. Only make payment through trusted and official channels, such as DBS Digibank and PayLah!.
Remember, if something seems off, it probably is!
2. Love scams / romance scams in Singapore
With social media and dating apps galore, finding love has never been easier... or more dangerous. Love or romance scams, where fraudsters masquerade as potential partners to trick people out of their money, are on the rise. These scams prey on the lonely and vulnerable, exploiting their desire for connection and companionship.
How I thwarted a 4-year love scam (dbs.com)
Over 15 years at DBS, Luisito Lopez, Deputy Service Manager, has seen scams evolve and become more sophisticated. Read about a particularly memorable Nigerian Prince love scam incident here.
Scammers typically create enticing profiles on dating sites or social media platforms, using stolen photos and inventing compelling backstories. They quickly establish a relationship with their targets, posing either as a romantic partner, overseas pen pal, long-lost relative, or similar. They often profess their love and feelings early on.
Once they've gained their victim’s trust, they concoct various financial emergencies, ranging from medical crises to business ventures gone awry, compelling their victims to send money their way.
(34) Post | LinkedIn
“I can’t make the transfer for you, because I believe that you’re about to be scammed.” – Rohani Hassan, bank officer. Read the story of how Rohani and team prevented a man from losing SGD 3,000 to a love scam here.
Awareness is your best defense against romance scams. Always be skeptical of requests for money from someone you've never met in person. Do a reverse image search of the person's profile picture to see if it's associated with another name, and consider seeking advice from friends or family before making any significant financial decisions. Remember, a genuine romantic interest will respect your caution and patience. Don't let the pursuit of love blind you to the red flags of a potential scam!
3. Impersonation scams in Singapore
Impersonation scams involve scammers posing as reputable entities or even people you trust to con you out of your hard-earned money. These fraudsters are often incredibly convincing and do a good job of appearing legitimate.
One common tactic is to impersonate well-known establishments such as government agencies or banks. They might send you a text message, claiming to be from your bank or the authorities, and ask for sensitive information like your account number or PIN, suggesting there's a problem (like a confiscated parcel, alleged fines, or similar) that requires immediate attention.
But it's not only institutions these scammers imitate. In an even more sinister twist, they might impersonate someone you know personally, like a family member or friend. In these cases, they often weave elaborate stories about being in trouble and needing money urgently, banking on your emotional reaction to bypass your usual skepticism.
To avoid getting scammed, verify the authenticity of the message through a trusted channel before sharing any personal information or making any payments. DBS will never send any links or request for your credentials via text message.
4. Job scams in Singapore
Job scams are a particularly insidious type of fraud that take advantage of job seekers' hopes and aspirations. They often involve promises of lucrative employment opportunities, only to dupe victims into parting with personal information or money. In Singapore, job scammers often pose as employment agencies offering high-paying jobs from well-known brands. They may also create fake job postings on legitimate job platforms to lure in unsuspecting job seekers.
The scammers may prompt you to fill up your details in suspicious forms through online websites or malicious apps. They may also ask you to make upfront payments (supposedly to be reimbursed later). These are all a sham. Credible employers and recruitment agencies will never ask for payment as part of the employment process.
For the more sophisticated job scams, they may even pay you for completing your first few simple tasks (e.g. filling up surveys)! Once they’ve gained your trust and you are convinced it is not a scam, they will request for larger upfront payments before eventually disappearing with your money.
Always verify the legitimacy of the agency or employer, and never share sensitive personal information or money without doing thorough due diligence. When in doubt, consult with trusted sources or professional advisors.
5. Malware and phishing scam attacks in Singapore
Malware (for malicious software and/ or applications) and phishing attacks are two distinct, yet closely related, scam attack tactics.
Malware works by infiltrating your mobile phone or other devices through various means, usually through malicious email attachments and applications. Once downloaded into your device and granted permission to other channels (e.g. your mobile phone and SMSes), it can gain unauthorised control and access sensitive information such as your banking credentials and one-time passwords (OTP).
On the other hand, phishing scams rely on deceptive tactics to trick users into divulging their sensitive information. Phishing attacks are done through cleverly crafted emails, SMSes and other messages, prompting victims to fill up sensitive and/ or personal information on a phishing site. These sites are designed to replicate legitimate ones, so you may not notice that they are fake unless you look closely. Victims are usually directed to these phishing sites through links and/ or QR codes.
Lately, scammers have taken to combining malware and phishing attacks in a new hybrid type of scam. Victims are first lured into downloading a malware app. Then, they are led to a fake payment page within the app where their username, password and/or other credentials are phished.
Be cautious of suspicious emails or messages and avoid clicking on unfamiliar or suspicious links. Do not download applications from any other source besides the Google Play store and Apple App store.
Vigilance is key
As we continue to incorporate technology into our daily lives, it's important to stay vigilant. Cyber space is amazing, but we must also be mindful of the risks, like data security. As we navigate this digital world, let's be cautious and aware, making sure we make the most of technology while safeguarding our personal information and money.
For more information on the latest scams in Singapore, visit #BSHARP by DBS or ScamAlert Singapore by National Crime Prevention Council (NCPC).
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