Loan Scam

How does it works:

  • Fraudsters will impersonate as staff or agent from licensed moneylender or bank and approach potential victims via social media or text message to offer loan facilities.
  • Fraudsters will share their fake staff or business card to gain victim’s trust.
  • If victim is interested, fraudsters will then trick victim into providing documents/information including banking details and confidential information in order to proceed with the loan application.
  • Subsequently, fraudsters will notify victims that the loan application has been approved and request victims to pay certain fees e.g, advance deposit, processing fee, stamp duty and etc. into a third party account (individual/company account) before the loan can be disbursed.
  • In order to convince the victims, fraudsters may deposit bad cheques into the victim’s account which appears as floating amount to give a false impression that the loan has been disbursed. In fact, this cheque could not be cleared and will be rejected.

How to protect yourself:

  • Do not click on any links from unsolicited social media posts, emails or text messages.
  • Do not pursue any loan application through unknown third party agents.
  • Do not make upfront payment in exchange for a loan. This could be a scam.
  • Beware of quick and easy loan application process which does not require credit check or guaranteed approval.
  • Do not divulge your sensitive personal and financial information to unsolicited phone calls, text messages and email from unfamiliar companies or persons.
  • Report to the bank at nearest branch or our Customer Service Centre at +603- 2059 5566 and police immediately if you think you might already be a victim of a loan scam.  
  • Alternatively, you may contact National Scam Response Centre hotline at 997 if you having difficulties in contacting our bank.