How to Avoid These 5 Common Scams in Singapore

1. How to Avoid These 5 Common Scams in Singapore Singaporeans are known for being hardworking individuals. They always look for ways to save money and make investments to improve their financial position. Scams target people of all backgrounds and income levels across Singapore that can badly affect their financial plans. It’s important to know the most common scams and how you can avoid being a victim ofscammers. 1. Cryptocurrency Scams As more and more people are getting interested in cryptocurrency, scammers are looking for ways to trick people into sending money to an unknown account or sharing their account details.Scammers use the account details to fleece people of their hard-earned cash. The best way to avoid cryptocurrency scams is to avoid sharing your details with anyone and learning to invest on your own. Learn ‘how much should I save per month’ so that you don’t need to invest in the cryptocurrency market. Even if you want to enter this volatile market, make sure youenhance your knowledge about cryptocurrencies and make wise decisions with due diligence. 2. Rental Scams Rental scams are rampant in Singapore. People looking for an apartment or accommodation can be scammed by imposters who claim to be a property manager or landlord. They try to rent a property that doesn’t even exist. The best way to avoid such frauds is to visit a property and speak with the current tenants. Check the city records or ask the building manager to verify the landlord. Never provide up-front cash or do a wire transfer in order to secure the place. Make the payment only when you’re 100% sure of the property and landlord. 3. Phone scams Robocalls are on the rise in Singapore. This scam targets people working from home. Scammers pretend to be local agencies or organisations and hook their victims by saying that they need to update their Internet connection or go and receive their parcel that has been detained. If you want to know how to identify a scammer, the best solution is to download the ScamShield app by the Government Technology Agencyof the Singapore government. This app flags suspicious SMS messages and calls, so you can easily avoid the ones from scammers. 4. Fraudulent Transactions Scammers are now taking advantage of technology to make fraudulent transactions. In the first half of 2020, Singaporeans lost $102 million to various scams. Fraudsters often hack into internet banking accounts of people or their e-commerce accounts to make fraudulent transactions. You should use your credit card for online transactions and run a monthly audit to check suspicious activities. If possible unlink your card from e-commerce accounts and use only legit online payment platforms. 5. Carousell Scams

2. SG Carousell offers a platform where you can sell anything and find great deals to make some cash. Some people are abusing this platform by tricking people into paying more and more before the delivery of any item. So how to identify a scammer on SG Carousell? If a Carousell member insists you transfer money to him before receiving an item, you should avoid such a person. You should buy only from Carousell members who have a proven track record and send you the item via registered mail. Never send your IC picture as it can be used for identity theft. Conclusion So now when you know what are the different scams and how to identify a scammer, you should make smart decisions when it comes to investing or spending your hard-earned money. If you think something is suspicious, call 1800-722-6688 - the hotline number for victims of scams in Singapore that is maintained by the National Crime Prevention Council.