FSMOne.com is committed to the prevention of frauds and scams to safeguard our investors’ online privacy and safety. Everyone has a part to play in being vigilant when receiving or dealing with suspicious and unverified calls, messages, or persons. To prevent getting scammed, it is important to remain updated and be knowledgeable about the different types of scams, and knowing what to do in such situations. Here are the top few types of scams that everyone, and especially investors, should be wary of:
Scam calls
Scam calls occur when scammers impersonate company staff to extract personal information from you, trick you into buying a product or to transfer monies to them. The more common scam calls include automated voice messages, where the caller claims to be from government agencies or established organistions, such as Singapore Police Force, Singapore Customs, or even Ministry of Health (MOH) and Monetary Authority of Singapore (MAS), local banks or other companies.
Image Source: Scam Alert website – Impersonation Scam
Dos:
- Look out for suspicious calls from unknown numbers. A way to identify if an unknown number is calling from overseas is to note if there is a + prefix before the number. From 15 April 2020, the + prefix will be displayed for incoming calls from overseas. Hence, when you receive a call from someone not from your existing contacts, or if you are not waiting for any calls from overseas, you should refrain from picking up and exercise extra caution when taking the call.
- You can also verify the phone number of the caller by checking the webpage of the organisation or company for their verified phone number. Also note if there are notices on the website to alert users of possible scams.
- Report any scam calls you receive to the Police hotline.
- For iOS users, you can download and install ScamShield, a safe app that filters scam calls and SMS. This is done by checking if the number is in a list the Singapore Police Force collates.
- In the event of a suspicious call claiming to be from FSMOne.com and requiring personal information (E.g. Bank account details, login passwords, one-time passwords (OTP)): Hang up and perform a call-back to FSMOne.com hotline immediately at +65 6557 2853 if you are in any doubt of the call’s validity. DO NOT provide any information.
Don’ts:
- Never provide unsolicited callers your personal details, banking/other account related information, or any sensitive personal information, including login passwords or OTPs. Ignore such calls and the caller's instructions or threats.
- Don’t believe everything you hear, ensure that the information is factual and verified from relevant trustworthy official sources.
- Without proper identification, FSMOne.com staff will never ask you for such information. When in doubt, take down the details and perform a call-back to FSMOne.com hotline immediately at +65 6557 2853.
Phishing emails/SMS / websites / mobile applications
Phishing emails/SMS are sent with the intent to get you to follow the scammers’ instructions, and either include links to suspicious sources such as fraudulent websites or downloadable files. Such emails/SMS could trick you to provide your personal information via the link, or to download malware which the scammers could then access personal information of your account on your electronic devices.
The fake websites and in some cases mobile applications that are linked to phishing emails / messages are usually “designed” to either look identical to the original website, they also use extremely similar domain names in the website links to trick unaware victims into a false sense of security.
Types of phishing emails/SMS could include attractive discounts/ promotions, threats, or warnings of breaches.
Images from: Singapore Police Force website - Police Advisory On Phishing Scams Involving E-Mails And Text Messages
Dos:
- Be wary when receiving emails/SMS from unverified sources or people not in your contacts. Emails/SMS from scammers tend to have poor spelling or grammar, account names indicated in the messages usually do not match up, and links do not lead to official websites.
- Report such phishing emails/SMS to the Police hotline.
- Counter-check with the official originating organisation within the email/SMS. (E.g. If the email claims to be from your bank, check with your bank’s official hotline regarding the contents of the email.)
- In the event where you accidentally click on a phishing link, do not enter any data and disconnect your internet. Scan your device using a safe antivirus software to check if your device or information has been breached.
Don’ts:
- Don’t click any links in emails/SMS from unverified sources.
- Don’t download any files sent to you from unverified sources.
- Don’t reply to such emails or provide information on their linked websites, especially not with personal details.
- Don’t spread the emails/SMS by forwarding them to others.
- Don’t think you can trick the scammers by providing false information. Giving false information might reveal your IP address to them.
Fake news
Fake news are easily found and spread due to the widespread use of internet. Fake news can come in many forms, and the most commonly seen include social media posts, messages forwarded around and articles on online websites.
For investors, believing blindly in fake news can lead to one being scammed or even incur losses. For example, fake news about a listed company have the potential to cause stock price to plummet or rally, causing investors who invest based on such fake news and not the true value and worth of the company to potentially lose large amounts of money.
Dos:
- Make sure to fact check your information with reputable sources like official newspapers or verified websites.
- Only share news or information from trustworthy and verified sources to others.
Don’ts:
- Do not engage or spread suspicious information and news that are potentially unreal to others.
- Do not believe everything that you read or see, especially if the information is not from a trustworthy source.
- When in doubt, verify and counter-check and do not further spread the news.
- Do not spread your own fake news or information to others.
Pump and Dump scams
In the September 2020 special edition of “Enforcement Reporter” published by Hong Kong SFC, a “Pump and Dump” scam is similarly described as a form of stock market manipulation, whereby the scammers “pump” up the share price of a listed company via different methods, before subsequently “dumping” the company shares at artificially high prices to their victims.
Read more about “Pump and Dump” scams and how not to fall for them in this article:
Dos:
- Always fact check any information given to you with credible sources.
- Do report any of such scams you witness to the Police hotline.
- Do your research before making any form of investment or monetary transaction.
- For listed companies, investors could also make use of the tools and information available on FSMOne.com, including the Chart Centre, Stock Screener, Stock Factsheet and etc to assess information pertaining to valuations, market cap, shareholding, and liquidity of the stocks to see if the stocks in question fit the description of easily manipulated stocks.
Don’ts:
- Don’t listen and follow advice or instructions given by strangers or people you barely know/gotten close to but cannot verify their identity.
- Don’t believe the “insider information” given to you about investment ideas.
- Don’t invest in something you do not fully understand or know about.
Where to get help?
Always take precautions when it comes to your personal information or monetary matters. Never have a false sense of security and always be alert when dealing with such scams. In the event where you have already provided your personal information or got scammed, do reach out to the authorities to flag out the case.
As indicated in the advisories issued by the authorities, if you have any scams related information, you can call the Police hotline (1800-255-0000), or proceed to www.police.gov.sg/iwitness to provide such information.
For advice on scams, you can contact the anti-scam hotline at 1800-722-6688, or visit www.scamalert.sg for more information.
For advice related to phishing, visit the MoneySense website at http://www.moneysense.gov.sg/Understanding-Financial-Products/Banking-and-Cash/Things-to-Watch-Out-for/Phishing.aspx .
For further assistance, please contact FSMOne.com during the following hours:
8:30am to 10:30pm, (Mondays to Fridays
except PH)
and 8:30am to 12:30pm, (Saturdays except PH)
Hotline: +65 6557 2853
Email: clienthelp@fundsupermart.com
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