Business Loans

Avoid falling prey to online scams with these tips

Belinda Wan
January 21, 2022

All systems secure: You can never be too careful when transacting online using your devices. Photo credit: Unsplash


Unless you have been hiding under a rock, you must have heard about a recent spate of bank SMS phishing scams, and how some victims ended up losing their life savings.

Thankfully, they were able to get back their money from the bank, but as they say, prevention is better than cure; as not all banks may repay the victims’ losses.

It is particularly worrying that the scammers seem to be targeting mostly banks and financial institutions (FIs).

Here are a few forms these scams may take, as well as how you can protect yourself from getting duped by them.


Some common types of online scams

Sadly, this list is far from exhaustive.

1.    Email or SMS phishing scams: Scammers impersonate your bank and send you SMSes or emails that contain a phishing link to extract your log-in details.

 2.    Website impersonation: Scammers pretend to be a bank or financial institution by posting fake phone numbers, or replicating an entire website by using the same URL of the FI (e.g. a licensed moneylender). The latter is a tactic that is often employed by loansharks.

3.    Dubious SMSes offering personal loans: Licensed moneylenders are not allowed to advertise their services. Hence, such messages are most likely sent by loansharks or illegal moneylenders. 

 4.    Fraudulent SMSes claiming your bank account has been suspended: You will be redirected to a phishing website to “unlock” your account.


What you can do to protect yourself

A little vigilance goes a long, long way. If in doubt, seek clarification before you take any action.

1.    Never click on any links sent in SMSes or emails – whether from known or unknown senders.

2.    Change your bank log-in password regularly and ensure your connection is secure. Never log into your bank account using public wi-fi.

3.    Contact the bank directly using the contact details found on the bank’s official website if you require clarification on whether your account has been suspended.

4.    Never key in your log-in details or One-Time Password (OTP) to websites that seem suspicious – especially if the link was sent via SMS or email.

 5.    Do not reveal your bank account log-in details or OTP to anyone.


If you need to contact Lendingpot, please visit our official site, email us at ask@lendingpot.sg, call us directly at 6303 0918 or WhatsApp 8774 9895.

You can also contact us via our official Facebook and LinkedIn accounts.


Leading digital loan marketplace Lendingpot connects SMEs to its network of 45 lenders comprising relationship managers from banks, financial institutions, and private and peer-to-peer lenders in Singapore for free. It aims to help SMEs overcome the information asymmetry problem and lack of transparency prevalent in the SME financing sector by offering SMEs financing options such as business term loans, property loans, revenue-based financing, credit lines, working capital loans, bridging loans, invoice financing, and more.


Safe and secure

Apply for a loan through our digital business loan marketplace and instantly connect with 45 financial institutions for free!


Leading digital loan marketplace Lendingpot connects SMEs to its network of 45 lenders comprising relationship managers from banks, financial institutions, and private and peer-to-peer lenders in Singapore. It aims to help SMEs overcome the information asymmetry problem and lack of transparency prevalent in the SME financing sector by offering SMEs financing options such as business term loans, property loans, revenue-based financing, credit lines, working capital loans, bridging loans, invoice financing, and more.

About the author

Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.

Tips
Online Scams
loans

You may also like

Business Loans
8 reasons to engage a business loan broker
Belinda Wan
June 23, 2021
Business Loans
4 Best Business Loans to Start a Business
Lina Tay
May 15, 2024
Business Loans
Budget 2020: Combat The Business Downturn With These SME Business...
Jennifer Tjahyadi
March 10, 2020