The scam starts with victims receiving unsolicited text messages offering loans.
After receiving the victims' SingPass IDs, passwords and SMS one-time passwords, the scammers use the details to create bank accounts or sign up for telephone lines, the police said. "Victims would discover that they had been scammed only when the scammers failed to disburse the loan as promised," the police said.
A fully online loan transaction is also not allowed, and licensed moneylenders must meet borrowers at an approved place of business to verify their identities before granting loans.Ministry of Law's Registry of Moneylenders website.
Source: Loan News Today (loannewstoday.net)
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