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- Loan scams are fraudulent schemes that prey on people who are in need of money. In Singapore, the police have issued several advisories on loan scams. These scams can take many forms, including phone calls, SMSes, fake letters, or emails purportedly from banks, lending companies, or government agencies that require an administrative fee before the loan can be issued. Scammers may also request victims’ confidential information to process loans and solicit payment for administrative fees. To avoid falling victim to loan scams, you should be wary of unsolicited loan offers and also verify the legitimacy of the lender at the link below.
Types of scams
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