#Finance101: 4 tips to steer clear of scams

In 2022 in Singapore, some $660.7 million was lost to scams, up from $632 million in 2021.

Investment and job scams were among the biggest contributors to the rise, and now it appears malware scams are so prevalent that even banks are taking measures to protect their customers better.

Here are 4 additional tips that can help you steer clear of scams:

1. Don’t click on any links you receive from SMSes or emails. Scammers often build legitimate-looking websites to con you into providing your details, passwords and PIN. This is known as phishing, and claimed over $34m in losses in 2021, and $16.5m in 2022.
2. Use credit cards instead of debit cards when transacting. Debit cards have direct access to your bank accounts. This makes it extremely inconvenient when your funds get frozen while investigating a possible scam transaction. Using a credit card avoids these situations as you can easily block your existing card and get a new card with a new number.
3. Be sceptical of investments that promise high returns with little to no risk. A licensed financial representative will always be able to provide you with legitimate information about an investment product and should never pressure you into committing your hard-earned money.
4. Speak with others for advice and support. Be open to getting help from your friends or family members to verify the authenticity of a deal or offer before making any decisions. And in a worst-case scenario, be ready to turn to them for help should you be the target of a scam.

Remember, that anyone can be a scam victim and that scammers are always trying new strategies to target you.

Having an awareness of scams definitely doesn’t hurt. But the key is to always be sceptical, alert and aware.

Remember, whether it’s a person, an investment, or a good deal…if it sounds too good to be true… it probably isn't.

Find out how you can build wealth and achieve your financial aspirations below.