What are Loan Scams?

Loan scams are social media or SMS messages and calls offering loans to people. Scam artists are professional scammers and they will make it seem that they come from a professional and licensed moneylender. The usual instructions by scammers to interested people is to transfer money before a loan can be disbursed. After the transaction is done, scammers would block the victims and successfully steal their money. Scammers may ask private information of victims such as NRIC, Singpass details and bank account numbers. Once the information is obtained, scammers would threaten to expose details or steal information to gain money.

How to avoid being Scammed?

Signs that show lender might be a scammer

How to spot a legitimate lender?

What can you do when you get scammed?