While there are legit moneylenders who uses Whatsapp as a mean of communication, if you aren’t versed with a few things, you may fall into being a prey to WhatsApp scams without knowing.
Here’s a classic way they do it:
1.You receive a text message on WhatsApp offering a loan amount.
If you are in doubt, they send you a link to a fake website. To entice you even more, they’re light on documentation. They appear willing, if not eager, to assist you as long as you have your SingPass and NRIC.
2. You are required to make a deposit immediately.
They know you’re desperate for money, so they request you to first make some money deposit for loan ‘processing’ and other stuff that doesn’t add up. They send you forged documents Supposedly from the MAS or MinLaw to get you to pay. It includes information on the GST and deposit amounts. The scammers will send you another paperwork verifying the loan approval to ease your fears and gain your trust. It’s done to persuade victims they are dealing with a licensed moneylender.
3. Even after paying the deposit, you don’t receive the loan.
As soon as you pay the deposit, you receive nothing and suddenly when you try to call the number; they’re switched off.
Sometimes, if you don’t pay the initial deposit, the scammers harass you since you’ve shared some personal details already.
Here are some pointers to help you avoid becoming the next victim.
- Note that licensed moneylenders are never allowed to contact you first through SMS or text.
- Report the number to WhatsApp and block it.
- Do a background check before sharing your personal details.
- Only borrow from legitimate financial institutions.
Check that they list the money lending company on the website of the Register of Licensed Moneylenders.