Whether it is by impersonating a relative, bank or shopping platform, or using malware to attack your device, scammers all have one job – to steal your money. However, you can put them out of work by getting up to speed with their tactics and not responding to them.
All your hard-earned life savings could be siphoned away with just a wrong tap on your phone. The worst part? You may have no idea it is happening until it is too late. This is the pain shared by scam victims who have lost large sums of money. For example, in October alone, a total of S$38,000 was lost to parcel delivery scams - where scammers impersonate delivery companies or e-commerce platforms and request for additional payments.
Globally, scammers stole an estimated US$1.02 trillion (S$1.4 trillion) between August 2022 and August 2023, about 18 times of the US$55.3 billion (S$74.5 billion) lost in 2021. Victims in Singapore, a common target due to their affluence, are particularly vulnerable – they lost the most money on average at US$4,031 (S$5,435) per victim.
In total, scam victims in Singapore lost S$660.7 million in 2022, up from S$632 million in 2021. Rallying the public to join forces and put scammers out of business, Maybank’s latest anti-scam campaign, “Let’s Lay Off Scammers”, hopes to turn the table on scammers and empower the public with key knowledge and tips on how they can do so.
Spotting scammers
Specialising in trickery and deceit, scammers are often be difficult to spot - but not impossible to. Familiarising yourself with common tactics and staying up to date with any new scams is crucial to spotting them.
Scammers typically communicate with their victims through sending text messages, emails, calls or via social media platforms.
One big tell-tale sign is if you receive a call, SMS or email asking for your banking details, or messages with clickable links – things the Bank will never do.
Another giveaway is the language used in messages from unfamiliar numbers. Poor grammar and spelling mistakes are often red flags that the messages may be crafted by a scammer and not from an official source.
In the case of love scams, flattering language may conceal ill intentions. Love scammers typically work to gain your trust and affection, leading you to believe that they are in love with you in order to solicit extravagant gifts or financial payouts. Though you may be tempted to entertain them, mysterious admirers whom you have never met in person could break your heart – and break into your bank account.
Stopping scammers
However, knowing how to spot scammers is only half the battle won. The next step is to not give scammers what they want by not acceding to their requests. For example, when you receive unsolicited calls that seem suspicious, and if the caller cannot identify themselves immediately, hang up immediately. Ending the interaction will reduce your exposure and risk of falling to a scam. By not entertaining their advances, you also ensure that these con artists have no “clients” to scam.
To further protect yourself, you can download the official ScamShield app on your devices. The app will help to block incoming scam calls and detect scam SMSes.
The same goes for e-commerce scams – be on your guard against unsolicited messages that offer flash deals that look “too good to be true”. Transact only within official shopping platforms through secure payment methods and refrain from clicking any suspicious links.
Scammers and their underhanded tactics are always evolving and looking for opportunities, so it is crucial for everyone to be on the lookout together. Join Maybank in our efforts to lay off scammers and put them out of business for good.
the bottom line:
Put scammers out of work by recognising their ruses – and ignoring their advances.
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