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OPINIONS
New scam laws in Singapore—how to safeguard your bank account & avoid falling victim in 2025! 🚨🔒
Asian Amos
Edited 12d ago
Business Associate at Investment Networking Club
Scams have been rising for the past 2-3 years so I decided to write something about this!
Scams are evolving, and while Singapore's new law allows police to freeze scam victims' accounts faster, recovering lost money is still not guaranteed.
Source: giphy
📌 Personal Experience: In 2021, I fell victim to a scam.
After four years, the police contacted me, and I recovered a small amount.
The wait was long, and while it was a relief, it’s proof that once money is lost, it’s rarely recovered in full.
Never assume you’ll get your money back! 😔
1️⃣ Enable Transaction Alerts 📲
Get instant notifications for every bank and credit card transaction.
2️⃣ Use a Dedicated Account for Transfers 🏦
Keep your main savings separate from high-risk transactions.
Source: giphy
3️⃣ Verify Calls & Messages 📞 – Scammers can fake phone numbers!
Always call back through official hotlines.
📌 Case Study: A "DBS officer" called a friend about a "suspicious transaction." The number looked real, but it was a scam.
They almost lost $5,000!
4️⃣ Activate Banking Security Features 🔑
✅Set withdrawal limits
✅Enable biometrics & digital locks.
5️⃣ Stay Updated on Scam Tactics 📰
Follow ScamAlert.sg and bank advisories.
Source: giphy
New laws help, but being cautious is still your best defense.
✔️ Double-check before making transactions ✔️ Never rush into urgent requests ✔️ If in doubt, pause and verify! 🛑
🚀 Stay sharp, stay safe! 🚀
Image: Seedly Writer Amos
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ABOUT ME
Asian Amos
Edited 12d ago
Business Associate at Investment Networking Club
Juz a local Gen Z with an inquistive mind. A lifestyle writer from💲finance🏦to anything else
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