SINGAPORE - A series of scams promoting fixed deposit schemes with high interest rates have claimed at least 12 victims, with losses amounting to $650,000 since January.
The victims would then be instructed to contact a number, provided within the SMS, if they were interested and to obtain more information. The victims would then be instructed to deposit or transfer money into these accounts. The conmen would dissuade them from verifying the accounts by claiming that the accounts were meant to “hold the funds prior to the creation of their account”, or lying that there was an “activation period”.
Source: Loan Digest (loandigest.net)
Scams Fixed Deposit Schemes High Interest Rates Victims Losses Impersonation Banks Registration Fraud
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