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Loan scams

Discover how not to lose money on illegitimate loan offers

WHAT ARE LOAN SCAMS?

Loan scams typically involve unsolicited offers of loans or loan services under false pretences. Scammers may share attractive rates through advertisements or messages via SMS, social media, or messaging apps. Their intent is to steal money, or personal and banking details from their victims to commit fraudulent activities.

HOW DO LOAN SCAMS WORK?

The approach:

The fraud:

HOW TO AVOID BECOMING A VICTIM OF LOAN SCAMS
  • Ignore, block and report

    Ignore the content of any unsolicited loan advertisement you see. Block and report the number or username used to contact you. Licensed moneylenders are prohibited from advertising their services in Singapore or soliciting loans via text message, phone calls or social media.

  • Protect your details

    Do not reveal your personal details to anyone you do not know or trust. Never share your online banking login credentials, card details or One-Time Passwords (OTPs) with anyone.

  • Perform your checks

    Only seek financial assistance from legitimate institutions that are registered with the Registry of Moneylenders.

  • Understand regulations

    Only contact the licensed moneylenders via the contact details provided in the Registry of Moneylenders.

    Before a loan can be granted to a borrower, the licensed moneylender must verify his/her identity in person at the moneylender’s approved place of business; fully online approval and disbursement of loans is prohibited. Licensed moneylenders will never request your CPF contribution or Singpass login details to facilitate loan approvals.

    Licensed moneylenders will never ask you to pay fees and charges (e.g. administrative or processing fees, GST) to secure the loan or before the loan is disbursed. They are only allowed to deduct an administrative fee from the loan principal already disbursed to you.

  • Do not give in to pressure

    Never make financial decisions, give away sensitive details about yourself or anyone you know or sign any documents under pressure.

  • Spot the signs

    Watch out for lenders that claim ‘guaranteed approval’ – these are often scammers or predatory lenders offering subprime loans. Do not trust lenders that request payment through untraceable methods such as cash, prepaid cards or cryptocurrency.

WHAT TO DO IF YOU HAVE BEEN SCAMMED

Call us

If you believe you have fallen prey to such scams and/or your OCBC account details/funds may be or may have been compromised, please call our Personal Banking hotline at 6363 3333 (or +65 6363 3333 if you are overseas) for assistance. Press 9 to report fraud or 8 to temporarily freeze all your accounts and cards.

Contact the Police and file a report

You can file a police report online or in person at a police station

Find out what information you will need to share if you have fallen prey to a scam.

Contact the platforms involved

Report the scammer to the e-commerce platform, social media website or classified ads website that you purchased the product from and/or where the scammer approached you.

Contact the Singpass helpdesk for Singpass-related issues

You can contact Singpass at 6335 3533 or support@singpass.gov.sg if you need help. If you suspect that your Singpass account has been compromised, make sure to reset your Singpass password and check your Singpass transaction history for any suspicious activities.
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