Would You Know if You’re Dealing with a Scammer?

Aug 18, 2023

By Citi

Would You Know if You’re Dealing with a Scammer?

Key Takeaways

1. If an offer sounds too good to be true, it probably is.
2. Stay informed about current scams and the signs to be wary of.
3. If you believe you’re a victim of a scam, contact your financial institution immediately.

Test your scam-spotting skills

Scams are becoming increasingly sophisticated in today’s digital world. From phishing emails to fake websites and investment fraud, scammers are always thinking of new ways to trick unsuspecting victims.

Take our quiz to test your scam-spotting skills and learn more about how to protect your sensitive information from scammers. Quiz starts below the disclaimer section!

Disclaimers

This article is for general information only and is not intended to be a forecast of future events nor a guarantee of future results and should not be relied upon as financial advice. All views and opinions are as of the date hereof, and are subject to change based on market and other conditions without notice. The article has no regard to the specific objectives, financial situation and particular needs of any specific person. It is neither an offer nor a solicitation to purchase, nor endorsement or recommendation of any products or services mentioned therein, and the products or services mentioned may or may not be offered by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together "Citigroup").

This article and its contents do not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution, offer or solicitation is not authorised or to any person to whom it is unlawful to distribute such information or make any offer or solicitation.

Citigroup is under no duty to update this article and shall not be liable for any complaint, suit, action, claim, expense, loss or damages directly or indirectly arising out of or in connection with any person’s reliance on, or acting upon, or use of, any contents on this article. The article is subject to amendment without notice. Investment Products are (i) not insured by any government agency; (ii) not a deposit or other obligation of, or guaranteed by, the depository institution; and (iii) subject to investment risks, including possible loss of the principal amount invested. The information contained herein is not intended to be tax or legal advice, or an exhaustive discussion of the strategies or concepts mentioned herein. Please seek advice from your tax, legal or financial adviser as appropriate about the contents discussed herein or before investing in any investment products. Should you choose not to seek such advice, you should carefully consider the risks associated with any investments and make a determination based upon your own particular circumstances and assess whether such investment product is suitable for you.

Frequently Asked Questions

You receive an email from ‘citibankgroup.singapore.com.sg.noreplyTeHigxCTpcOSChs@mangoone.net’ with an urgent subject line saying ‘CITIBANK SINGAPORE: We need you to re-authenticate your account’. The email has the same logo and formatting of a normal Citi email. However, you notice it addresses you as ‘Dear Citi Bank member’ and has errors and typos. The email asks you to re-authenticate your account by clicking on an unfamiliar link: http://citibankgroupaccount.com.sg/re-authenticate/acc.

Should you click on the link?

No. This email shows several signs of a phishing scam, including: a suspicious sender address, an urgent subject line, no personalisation, errors and typos and a call to action to click on a link.

Phishing scams are the most common scam in Singapore¹ with 7,097 cases reported in 2022.

Banks will never ask you for your personal details through an email or SMS. You should never click on links or download attachments from suspicious emails and SMS messages. It is also unwise to respond to suspicious emails as this may encourage further banking scam attempts.
You see an advertisement online for a luxury watch at 60% off the retail price. After clicking on the ad, you’re taken to a website that you’ve never heard of, but looks legitimate: "http://cheapwatches.com.sg". The watch listings, categories and descriptions on the website look credible. You love a bargain, but is this offer too good to be true?
Unfortunately, yes. eCommerce scams are the third most common in Singapore, and instances increased 75% year on year.

Due diligence is necessary when making a purchase from a website or vendor you’re unfamiliar with. Check the website’s ratings or reviews on Google. Always check the URL of the site before purchasing – websites that don’t have ‘https’ in the URL are considered unsecured, meaning your credit card details are at risk.
You receive an unsolicited call from someone claiming to be a financial advisor with an opportunity to invest in cryptocurrency with high guaranteed returns and low fees. The advisor tells you this is a limited time opportunity available to only a select few. To take advantage of the opportunity you need to create an account on http:cryptoexchangesingapore.com.sg and make an initial deposit of S$20,000.

Should you invest?
No. The saying, “If it’s too good to be true, it probably is,” also applies to this type of scam. Victims of investment scams lost S$198.3M in 2022, which represents nearly 40% of the total lost from all scams in Singapore.

Beware of any investment that promises incredibly high returns with low risk and fees. Before investing in any product, always check to see if it is licensed and registered with the Monetary Authority of Singapore (MAS).
You get a friend request on social media from someone who was an acquaintance in secondary school. The profile picture and name are familiar to you, and you notice that they have some of the same friends as you on social media. You accept the request and over messages casually reminisce about your school days. A few months later, the acquaintance asks if it’s possible to borrow S$2,500 to help pay medical expenses from a recent accident.

Should you lend your friend the money?
Probably not. Fake friend scams or impersonation scams, where a scammer clones the profile of a real person on social media, are on the rise in Singapore, increasing by 207% from 2021 to 2022. Scammers use cloned profiles to connect with you to try to get you to reveal personal information or request money. Do your research before accepting any friend request and see if you can spot the signs of a cloned account. These can include: duplicate accounts for the same person, no other friends in common, phrasing that seems out of character.

Try to arrange to meet in person – if they’re reluctant to meet with you, that could be a sign they’re not the same person in the photos on the account. Also, make sure to adjust your privacy settings on your own social media accounts to reveal as little information as possible about yourself to potential scammers.
You receive a phone call from someone claiming to be with the Inland Revenue Authority of Singapore (IRAS). The person says that your bank account has been hacked and they urgently need you to confirm your login and password, as well as the account you use for your monthly payment plan.

Should you provide your information?
No. Employees representing government agencies will never ask for your personal or banking details over the phone, email or SMS.

If you receive a call from someone claiming to be an employee with a government agency, visit the agency’s official website to obtain their correct help line and speak to someone directly to confirm if your details are secure. Don’t give in to high-pressure tactics and threats and never make any payment based on unsolicited calls or emails.
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