10 Ways to Spot a Scam – Infographic

In the first six months of 2021 alone, investment scams in Singapore have robbed a staggering $66.2 million from the pockets of innocent victims.

Internet scams, and investment scams particularly, have seen a sharp rise in the past year, with number of cases tripling since the same period last year- a significant factor being the COVID-19 pandemic. Amid the uncertainties and anxieties from the pandemic, scammers have learnt to prey on victims’ heightened sense of vulnerability.

Over 60% of Singaporeans have been targeted by a tech-scam in the last 12 months, reports Microsoft’s Digital Crime Unit. While young people were most exposed to such scams, Gen-Xers were reported as most likely to fall victim to or further interact with the scammers.

The takeaway? There is a dire need for strong digital literacy and financial vigilance.

Our team at GFC have put together a list of 10 ways to spot a scam and better protect yourself in the face of growing cyber risks. If you would like to be advised on a more personal basis, we recommend reaching out to one of our experienced financial consultants to discuss your unique circumstance.