How did the scam work?
Phone calls or E-mails were made to the victims either promoting investments that promised high guaranteed returns or congratulating the victims on winning the top prize of a lottery or lucky draw.
To receive the winnings or investment returns, victims have to pay an “administrative fee” to a bank account.
Based on past scams reported, usually these victims had not even entered into any lottery or lucky draw when they were informed of winning such prizes. Variations to these scams include having to pay for “taxes”, “release fees” or even “identification verification”. Pay an “administrative fee” and it will be followed by some issue of “taxes” where more payment is needed. More often than not, it involves a few of such payments which may explain why some victims can be duped of SGD$536,000.
My main concern when reading this article?
They have now made it more believable by adding a step to their modus operandi.
For lotteries or lucky draws, they will now send emails or call victims to participate in a survey. To thank them for participating in the survey, they will be informed if they win a prize.
For Investments, the scammers actually befriend the victims online on social networking websites and building the friendship before persuading them to make the “investments”!
As usual, before you part with any of your hard-earned money, always do your own checks. Anything that sounds too good to be true, probably is.
Help share this to avoid having loved ones fall victim to the scams.