Advisory On Emergence Of New Variant Of Loan Scam
The Police and Ministry of Law’s Registry of Moneylenders (ROM) would like to alert the public on the emergence of a new variant of loan scam whereby victims were instructed by the perpetrators to make payment after they responded to unsolicited text messages offering loans. Since September 2019, the Police have received more than 20 of such reports, with at least $110,000 cheated.
Once the victims responded to the text messages, the perpetrators would typically send victims PDF documents, purportedly from the Ministry of Law and/or Monetary Authority of Singapore, informing them that they are required to pay a deposit sum and 7% GST for the loan amount, before the loan can be approved. The intent is to deceive the victims into believing that they are corresponding with a licensed moneylender. In some cases, the victims received another PDF document informing that the loan request had been processed. When these victims declined to make the payments, the perpetrators would harass them by claiming that the loans have already been approved and that they had to pay a processing fee to cancel the loans.
The screenshots below show mobile text messages and falsified documents that a typical victim would receive from the perpetrators:
Source: Singapore Police Force