How to PROTECT yourself from SCAMMERS

How to PROTECT yourself from SCAMMERS? 


Mr Danny only realised that he got scammed

after transferring the money


Mr Danny (not his real name) was tricked into performing an online transfer to a third-party account by a scammer. Mr Danny received a call purportedly from a bank that his account has been hacked. To safeguard his savings, he was required to transfer his money into an account with the authority. Danny followed the instructions and transferred the entire balances from his savings account. Danny later realised that he was scammed.  

This is a common scenario that leaves consumers especially the vulnerable to scams.


What types of scams are there?


Scammers use illegal methods like ‘phishing’ 

and threats to steal your personal or financial information


‘Phishing’ Scam

Phishing is an attempt by a fraudster in disguise to obtain personal or sensitive information such as usernames, passwords, credit card details via SMS, telephone call, email, website, social media, or any electronic communication.


Most consumers fall victim by responding to either emails or links purportedly from financial service providers (FSP) or by accessing the FSP’s internet banking portal via search engines instead of manually typing the Universal Resource Locater (URL) in the internet browser. The victims also neither check nor validate the security image or phrase/caption before entering the password.

The victims would enter their username and password to log into an internet banking portal which looked identical to the bank’s portal and subsequently entered a Transaction Authorisation Code (TAC) which was received through their mobile phone. The information was used by the fraudster to perform unauthorised transactions without the victim’s knowledge.

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