Scam Alert

Scams happen every day in Singapore. To learn more about the various scams, read the true stories shared by victims and protect your loved ones from scams today.

1. Investment Scam

You receive a message from someone claiming to be stockbrokers or bank or financial company employees on social networking sites like Facebook, WeChat or Line. They ask you to share personal details like NRIC and passport numbers for an investment form. You are then asked to transfer money to banks in Hong Kong and China, pay hefty administrative and security fees, and taxes in order to receive the profits and returns.

You may also receive phone calls from people claiming to be from the Hong Kong Monetary Authority or Hong Kong Overseas Control Centre, asking for a deposit before profits can be released. In other cases, you may be asked by an online friend to invest in cryptocurrencies, which are highly volatile and unregulated in Singapore.

2. Cold Call Supplier Scam

You run a trading firm and get a call from a person overseas offering you exclusive rights to sell a product in Singapore. You accept the offer and shortly after receive a large order for the product, which actually comes from the scammers. To fulfil the new “order”, you order and pay for the products. The products never arrive and the scammer disappears.

3. Sex Scam

A stranger befriends you through social media platforms such as WeChat. The scammer talks you into buying them a gift card (e.g. Alipay Purchase Cards, iTunes Gift Card, etc.) in exchange for a meet-up, date or sexual favours.

4. Inheritance Scam

You receive a letter, call or email stating you’ve been left a large fortune. However, to have the funds released, you must first pay the administration fees and taxes.

5. Wechat Scam

You see a pop-up or online ad for game credits or Chinese Reminbi at attractive rates If you click on the ad you’re instructed to add the seller on WeChat and register an account with your personal information and bank account details on a website in order to receive the game credits. You’re asked to pay for the game credits via Alipay, iTunes or MyCard. Once you’ve paid, the scammer does not deliver the game credits and becomes uncontactable. You may be asked to make multiple payments or authenticate or activate the bank account.

In the case of foreign currency, you’re asked to transfer money to a Singapore bank account before you receive the Chinese Renminbi in your WeChat or Alipay account. Once you’ve transferred, the scammer goes dark and blocks you on WeChat.

6. Money Mule Scam

In this scam you unwittingly become part of a money laundering syndicate. Scammers pose as lonely individuals seeking companionship and love online. They befriend you on social media or dating sites, and after gaining your trust, ask you to open a new bank account or use your existing bank account to receive and transfer money on their behalf. You will be asked to transfer the deposited cash to another person or company, usually based overseas. You may be promised a small token for helping this online friend.

Alternatively, scammers post job advertisements on job sites and social media platforms. You are promised a commission for receiving and transferring money.

How to Protect Yourself from Scams

To learn more about the prevention, and share to protect your loved ones from scams today.

Only use Paygo to send money to friends and family. Never send money to someone you have not met in person.

Do not transfer money to anyone who asks you to send them money:

For an emergency, you haven’t confirmed.
For an online purchase.
For anti‐virus protection.
For a deposit or payment on a rental property.
To claim lottery or prize winnings.
To pay taxes.
For a donation to charity.
For a mystery shopping assignment.
For a job opportunity.
For a credit card or loan fee.
To resolve an immigration matter.

If you transfer the money, the receiver will receive the money within a short period. After the money is paid, Paygo may not be able to give you a refund, even if you are the victim of fraud, except under limited circumstances.

If you believe that you are the victim of fraud, contact us at office@paygointl.com immediately.