Assalamu'alaikum and a very good day to you, Syed Afiq here from Modern Muslim Finance.

In this digital age, while we enjoy so many conveniences, there's also a rising tide of scams that threaten our hard-earned Rizq (sustenance). It's a worrying trend, and I’ve heard too many stories of good people in our Singaporean community falling prey. In fact, my own past negative experiences, where I felt I was "scammed, cheated and sold financial products that I didn't understand or need," are a key reason I'm so passionate about financial education today.

Protecting our wealth isn't just a worldly matter; it's also an Islamic imperative. The principle of Hifz al-Mal (protection of wealth) is one of the core objectives of Shariah. This means we must be responsible stewards of the blessings Allah SWT has given us, and that includes being vigilant against deception.

So, let's talk about some of the most common scams out there, how we can spot them, and most importantly, how we can protect ourselves and our families, InshaAllah.

Common Scams We're Seeing in Singapore

Scammers are getting more sophisticated, and their tactics are constantly evolving. Based on recent reports and what we're observing, here are some prevalent ones:

1. Phishing Scams: These are attempts to steal your personal information like NRIC numbers, bank account details, login credentials, and One-Time Passwords (OTPs). Scammers may send fake emails, SMSes, or WhatsApp messages that look like they're from legitimate organisations (banks, government agencies like SPF or MOH, courier companies, etc.). They often create a sense of urgency, asking you to click on a link or download an attachment to "verify your account" or "claim a prize." These links can lead to fake websites that capture your details or install malware on your device.

Recent Trend: Scammers impersonating officers (e.g., police) via video calls (like Google Meet), alleging issues with bank accounts to phish for details.

2. Investment Scams: These promise unrealistically high returns with little or no risk. Scammers might use professional-looking websites, fake testimonials, and even add you to chat groups (on WhatsApp or Telegram) promoting "exclusive investment opportunities" in stocks, cryptocurrencies, or other ventures. They often pressure you to invest quickly and may even show some initial "profits" to lure you into investing more, before disappearing with your money.

3. Job Scams: Especially targeting those looking for flexible or part-time work, these scams offer seemingly easy jobs with attractive salaries. You might be asked to pay an upfront fee for "training" or "processing," or to purchase goods which they promise to reimburse later. Some may involve you in tasks that could be part of illicit activities.

4. E-commerce Scams: With online shopping being so popular, scammers set up fake online stores or post fake advertisements on social media platforms (like Facebook, Instagram, Carousell) for popular items (e.g., concert tickets, electronics, household goods) at incredibly low prices. After you make payment, the goods never arrive, or they are counterfeit. Sometimes, they send fake payment links or QR codes to phish for your banking details.

5. Impersonation Scams (e.g., "Fake Friend" Call Scams): You might receive a call or message from someone pretending to be a friend, relative, or a figure of authority (like a government official). They might claim to be in trouble and urgently need money, or they might try to trick you into revealing personal information.

6. Malware-Enabled Scams: Scammers trick you into downloading malicious software (malware) onto your phone or computer, often through fake app updates, links in messages, or by asking you to scan QR codes. Once installed, this malware can steal your banking credentials, personal data, or even allow scammers to control your device remotely.

Red Flags: How to Spot a Scam Like a Pro!

Being able to identify the warning signs is your first line of defence. Here’s what to look out for:

"Too Good to Be True" Offers: If an investment promises sky-high returns with no risk, or a job offers incredible pay for minimal effort, be very skeptical. Legitimate opportunities are rarely that easy.

Pressure Tactics & Urgency: Scammers often create a sense of panic, telling you the offer is for a "limited time only" or that you need to act immediately to avoid a negative consequence (e.g., account suspension, fines). They want to rush you into making a decision before you can think clearly.

Requests for Sensitive Information: Legitimate organisations, especially banks and government agencies, will NEVER ask for your full banking login details (User ID, PIN), OTPs, or Singpass credentials via unsolicited calls, SMS, email, or social media messages.

Unsolicited Contact: Be wary of unexpected calls, messages, or friend requests from unknown individuals or organisations, especially if they start asking for money or personal details.

Poor Grammar, Spelling & Unofficial Channels: Scam messages and websites often contain grammatical errors, spelling mistakes, or use slightly altered logos or website addresses (URLs) that look similar to official ones (e.g., "paypa1.com" instead of "paypal.com"). Always check the sender's email address or phone number – does it look official? Government websites in Singapore will always end with ".gov.sg".

Requests for Upfront Payments or Fees: Be suspicious if you’re asked to pay a fee to secure a job, claim a prize, or receive a loan before it's approved.

Unusual Payment Methods: Scammers might insist on payment through unconventional or untraceable methods like specific e-wallets, wire transfers to overseas accounts, or even gift cards.

Protecting Yourself and Your Family – The Modern Muslim Finance Approach

Protecting your wealth is an act of responsibility. Here’s how you can fortify your defences, keeping our Islamic values in mind:

1. Be Skeptical & Exercise Tawakkul with Action: While we trust in Allah SWT for our Rizq, Islam also teaches us to take practical precautions. Don't just blindly trust; critically evaluate every offer and request.

2. Verify, Verify, Verify (Tabayyun): Before acting on any information or request, especially if it involves money or personal details, independently verify its authenticity.

• If someone claims to be from a bank or government agency, hang up and call the organisation back using their official contact number (from their official website, not the number given by the caller).

• For online sellers, check reviews and their history.

3. Guard Your Information Like a Treasure:

• NEVER share your bank account login details, PINs, OTPs, or Singpass credentials with anyone, not even family members or those claiming to be bank staff or police.

• Be very cautious about clicking on links or downloading attachments in unsolicited emails or messages.

• Do not install apps from unofficial app stores or unknown sources.

4. Secure Your Devices:

• Use strong, unique passwords for different accounts and enable Two-Factor Authentication (2FA) or Multi-Factor Authentication (MFA) wherever possible.

• Keep your phone and computer operating systems and security software updated.

• Consider using tools like the ScamShield app* (available in Singapore) to help filter scam messages and calls.

5. Educate Your Loved Ones (Especially the Vulnerable): Share this information with your family members, especially the elderly or those less familiar with technology. Scammers often target those they perceive as more vulnerable. Make it a family effort to stay informed.

6. Report Suspicious Activity: If you encounter a scam or a suspicious message/call:

• Report it to the relevant platform (e.g., social media site, e-commerce platform).

• You can also report to the authorities. In Singapore, you can call the Anti-Scam Helpline at 1800-255-0000 or submit a report online.

• Inform your bank immediately if you suspect your bank accounts are compromised.

7. Seek Knowledge Before Committing: Just as you wouldn't buy a physical product without understanding it, don't invest in financial products or schemes you don't fully comprehend. This is a core principle of the "Modern Finance Method" – clarity leads to confidence and security.

8. Trust Your Gut Feeling: If something feels off or makes you uncomfortable, it probably is. It's better to be overly cautious than to regret it later.

What If I've Been Scammed?

If you suspect you've fallen victim to a scam:

1. Act Immediately: Contact your bank or financial institution to report any unauthorised transactions and to block your cards or accounts if necessary.

2. Lodge a Police Report: Provide the police with all the information you have about the scam.

3. Change Your Passwords: If you've revealed any login credentials, change them immediately for all affected accounts.

4. Don't Be Ashamed: Scammers are cunning, and anyone can be a target. Focus on taking action and learning from the experience.

Staying Vigilant for Peace of Mind

My friends, our financial well-being is intrinsically linked to our peace of mind. By being vigilant, educating ourselves, and taking practical steps, we can significantly reduce the risk of falling victim to these deceitful schemes. Remember, earning Halal Rizq also means protecting it through lawful and cautious means.

May Allah SWT protect us all from harm and grant us wisdom in managing the blessings He has bestowed upon us. Stay safe, and always strive to spend guilt-free and live worry-free.

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Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice customised to their specific financial objectives, situations & needs.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.