How to Avoid Scams in Singapore

A scam is a trick that is done to take money from you without getting anything in return. They come in various forms and modes of communication but they all have one thing in comming : which is to take money from you.

The Bait

Usually they will offer you something you want or a disaster to avoid in return for the money that they want to convince you to give.

Some thing you want :
It could be large returns on investment, lottery, sex, love, relationship, marriage etc.

Something you don’t want :
Lawsuit, fine, physical threats, emotional threats, psychological threats etc.

Tips you can follow to avoid scams or minimise losses.

Tip #1

Be extremely stingy with your money. Make it really hard for someone to convince you to part with your cash. If you find it hard to turn people down, just walk away or put down the phone. Usually they will not call you again.
Then, go talk to your friends/family or someone you trust about it and get their views. Google about it, chances are it will be online if someone has reported it. You can also go this website and see if your story is similar to what is listed there, chances are you are not the first person to be approached by this type of scam. http://www.scamalert.sg/

If you just follow this one tip, you will be pretty immune to any losses from scams.

Tip #2

Any promised or guaranteed investment returns over 10%. 99% of the time it will be a scam. Fact is no investment can be guaranteed, except maybe other than CPF, no matter how small the return is. Investing is always a risk, and it usually goes up if the returns are higher.

Tip #3

Don’t answer calls from unknown numbers or foreign numbers. High chance it is a scam, call from a bank/insurance/telemarketer or a wrong number.
If you happened to answer the call and the caller sounds dubious or speak in a language that is not expected, you should put the phone down and not answer from this number again.

Tip #4

Do not be Greedy. Don’t expect to win the lottery if you did not buy any ticket. There is no free lunch.

Tip #5

Don’t transfer money to anyone you have never met or just got to know. No matter how convincing the story is. Be stingy with your money.

Tip #6

If you are buying something, get it from a trusted source, ask others for their opinion and always go for the cash-on-delivery option if you can.

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