Beware of scammers

[Nzy]

I think as long as never answer, its ok, right?

 

Anyway, I always ignore these overseas numbers ... cos, I don't have any relatives overseas

 

But if I have time, I may entertain them .... bring them in circles and circles and circles ....

If never answer sure no charge la. But sometimes I do answer if I got nothing to do, so far never been charged for any calls yet since incoming is supposed to be free for me.

[Kusje]

Ask your boss use watsapp call lor. Tell your boss overseas phone call expensive, use watsapp call cheaper if there is free WiFi avaliable.

I'm pretty sure incoming is foc LA.

 

If he WhatsApp calls me then I gotta pay for data.... Dun want.

[Showster]

Better not to answer.

 

I have a close friend who answered and entertained the caller for a while. But the caller turned aggressive and started to use all kinds of vulgar language and curses on him. And kept calling him non-stop.

 

Even after reporting to police, the caller continued. And police can't do anything because the caller's region is not within the jurisdiction of the police. The number can also keep changing so no way to block. Even the Telco can't do anything then, which was like 5 years ago.

 

If answer, best to keep the conversation as curt as possible.

 

 

I think as long as never answer, its ok, right?

 

Anyway, I always ignore these overseas numbers ... cos, I don't have any relatives overseas

 

But if I have time, I may entertain them .... bring them in circles and circles and circles ....

 

[GLXi]

These days you got to be very careful which credit card  you use for S$ payment in Singapore.

 

Just receive a statement in  small print from  CitiBank Creditcard about Administrative Fee charges for transaction in Singapore in Singapore dollars with effect from 18 April 2016.

 

 

[Ktglfc]

Better not to answer.

 

I have a close friend who answered and entertained the caller for a while. But the caller turned aggressive and started to use all kinds of vulgar language and curses on him. And kept calling him non-stop.

 

Even after reporting to police, the caller continued. And police can't do anything because the caller's region is not within the jurisdiction of the police. The number can also keep changing so no way to block. Even the Telco can't do anything then, which was like 5 years ago.

 

If answer, best to keep the conversation as curt as possible.

 

Wah... scary leh ...

 

Ok, better don't answer.. save my ears and saliva :)

Edited April 7, 2016 by Ktglfc

[Kusje]

These days you got to be very careful which credit card you use for S$ payment in Singapore.

 

Just receive a statement in small print from CitiBank Creditcard about Administrative Fee charges for transaction in Singapore in Singapore dollars with effect from 18 April 2016.

This shitnis actually damn unfair. As consumers, how will we know how the merchant is processing the fee? Inside SG or outside SG?

[GLXi]

This shitnis actually damn unfair. As consumers, how will we know how the merchant is processing the fee? Inside SG or outside SG?

I ask the retail staff... They don't even know if their company process the S$ transaction in Spore or overseas..

 

 

 

[Kusje]

 

I ask the retail staff... They don't even know if their company process the S$ transaction in Spore or overseas..

 

 

 

 

Only the back-end finance staff will know lor.

 

Wah lau. We, consumers getting shafted again.

[GLXi]

Only the back-end finance staff will know lor.

 

Wah lau. We, consumers getting shafted again.

 

Everybody is following the new norm ... I want a million dollars paycheck.

They say what's wrong with milking more money from users.

 

[Kusje]

Speaking of scams - is it just me or does facebook have a lot of ads on share trading/investing talks these days?

[BanCoe]

Speaking of scams - is it just me or does facebook have a lot of ads on share trading/investing talks these days?

Facebook know you n your pattern one  -  money got many many one  ;  so they approach you more  

 

Mine only got groupon massage parlours one   always adverts

[Kb27]

These days you got to be very careful which credit card  you use for S$ payment in Singapore.

 

Just receive a statement in  small print from  CitiBank Creditcard about Administrative Fee charges for transaction in Singapore in Singapore dollars with effect from 18 April 2016.

 

I believe it's charged outside of Singapore, but in SGD, then you get an extra fee charged.

 

If you're in that country, you should always be charged in that country's currency.

Example, if you're in Japan, you should be charged in yen and not SGD.

Then you'll not incur extra fee.

[BanCoe]

I think as long as never answer, its ok, right?

 

Anyway, I always ignore these overseas numbers ... cos, I don't have any relatives overseas

 

But if I have time, I may entertain them .... bring them in circles and circles and circles ....

i tell them (the ones marketing shares or properties from overseas numbers ) that i'm in a police station for some fraud case and they usually say sorry and hang up 

The best is the ones from China before I say hello can hear is a small kiddo crying on the phone; WTF!! 

[Jman888]

Why do Singaporeans still keep getting conned by these scams?

Timothy Ho Dollars and Sense Tuesday, Apr 12, 2016

 

Fool me once, shame on you. Fool me twice, shame on me.

 

This is a phrase that Singaporeans should be reminded of if we want to do our part to help reduce the number of scams that have been going around in our country.

 

Last week, we read reports about the latest scam that have surfaced in Singapore. This time, it was a diamond scam operated by Asia Fine Diamonds. The company scam started in June 2015 with the company closing their office in January 2016. It did pretty badly, even for a scam.

 

Time and time again, the same old trick is employed, and worked, which in turn explained why it is employed again. And this ridiculous cycle will continue until we decide to do something to eradicate it.

 

Some people believe that keeping the lookout for scam is the job of the government. Maybe MAS. But should it really be? Aside from putting companies on a watchlist, which only happens after complains had been made and money had been lost, what else can MAS really do? They can't possibly afford the manpower to investigate every new company that gets created each day and to question their business model.

 

Education - The solution

 

Nelson Mandela once said, "education is the most powerful weapon you can use to change the world." This really holds true when it comes to personal financial literacy. If people in Singapore were just a little more educated when it comes to financial matters, we would be able to weave out the effectiveness of such scams in our society.

 

More often than not, it is not difficult to identify a scam. Here are some sure ways of knowing if you are looking at a scam.

 

Free gift for attending a seminar

 

If you are given something free for coming to a "talk", expect the possibility that whatever that is being sold to you is unlikely to be that great. The only reason why the company is willing to cover the cost of the gift is because they know there is a good probability of them being able to make so much more from the people who attend their talk.

 

We are not saying that all talks are bad. But it does not cost you anything to keep your guard up and to bring a dose of scepticism when you are attending them. If you are not comfortable with what you are hearing, you should always say "no".

 

Ridiculously high returns

 

If you are someone who is currently looking for a simple way to get high returns while taking no risk, nor wanting to educate yourself during the process, guess what? There are products for you out there.

 

And they are called scams.

 

If you insist these are the products you want, chances are you will become a victim of them one of these days. Unless you start educating yourself today.

 

Working model Of common scams

 

Fortunately for us, most scam artists are not that clever, nor that hardworking. Famous scam artists such as Frank Abagnale, Bernard Madoff and Charles Ponzi are the exceptions rather than the norm.

 

What scam artists are good at is pitching to your emotions. It is common to hear phrases such as "this investment will help you provide for your parents" or "give your children what they need." Alternatively, you might be invited for a nice wine and dine, to give you an example of the good life that you can get if only you trusted your money with these scam artists.

 

In Singapore, it is typical to see a financial scam operating based on the following model.

 

1. They guarantee your principal

 

No one likes to lose money. At the same time, finance savvy people would understand the risk-return theory - you can't expect higher returns without taking more risk.

 

Unfortunately, there are people in Singapore who do not understand this concept. And this is where scam companies come in to guarantee the principal amount that was "invested" in the company.

 

2. They give you high returns

 

Scam companies know that people are attracted to the idea of getting rich quickly. Hence, they promise high returns to their customers, even while guaranteeing their principal.

 

3. Paying you to give you an option

 

In finance, we have an instrument call a "put option". A put option allows the holder of the option to sell his asset at a given price to the counterparty. The holder purchases this option.

 

In the typical scams that we see in Singapore, this "put option" is almost always given out for free. In addition to that, the scam company also promise a certain return as well. This is entirely illogical, and yet, there are many people who fall for such scams.

 

The most effective way for us to avoid these scams would be for us to do ample homework before making any hasty decisions. Singaporeans also need to take a more proactive approach whenever we come across what we think could be a scam. Rather than to wait for the government to do something, we can do our part to help inform others on businesses that offer suspicious products so that more people will be aware and can avoid these companies.

 

 

 

 

[Ingenius]

We should start fighting scams by talking to people close to us about the scams out there. Sometimes our close ones may be the next victim.

[Ktglfc]

We should start fighting scams by talking to people close to us about the scams out there. Sometimes our close ones may be the next victim.

 

Agreed ... only with education, then will these ppl "wake up" and be clever and more alert ...

[Vratenza]

 

The best is the ones from China before I say hello can hear is a small kiddo crying on the phone; WTF!! 

 

Next thing you hear is "别哭了，快叫你爸爸！”

 

“Don't cry already, quick, call your Daddy!"

 

[Sunny]

Lately I'm receiving several emails from dunno where.

 

Content was payment notice hundreds thousands us $ payment in partial..1 or 2 paid liao..3rd one going to pay soon..asked receiver to acknowledge

 

 

with attached zipped file

 

Trying very hard to be innovative nowadays