My aunt got scammed recently and was left with $181.00!
The scammers impersonate a bank, claiming that she has accidentally click on a subscription and an amount of $500 will be deducted from her bank account monthly.
To avoid automate renewal, the scammers offered to help unregister the subscriptions from all her bank accounts. She was guided to share screen and the scammers able to look at the balance in each bank account she has in Singapore.
One of her account which has the most money requires digital token and I'm glad my aunt has forgotten the numbers cos I created for her. Unfortunately, the other one has around $27+k in it.
The scammers taught her to make money transfer and ensured the amount is transferred to her another bank account. When she feels not right, she called the scammers.
The scammers wanted her to find out the token number for the other bank account if she wanted to retrieve the $27,300.00. 🫥
This amount was part of her Retirement Fund and she is going to be 65 years old. She has been working hard and saving diligently for the past more than 30 years in Singapore.
An unexpected 2hrs phone call left her heart shattered and helpless.
I have also heard few of my friends got scammed their savings recently. They are in their late 20's and mid 30's. Being scammed doesn't mean this individual is foolish.
To be honest, scammers nowadays using increasingly sophisticated methods. They often succeed by exploiting trust, urgency, and emotions, making it crucial for everyone to be aware of how to protect their wealth.
Diversifying your wealth and being informed about financial products can help safeguard against such risks.
🏦 Have a few bank accounts and split their functions. (e.g: Savings, Monthly Transactions, Fixed Deposits, Emergency Funds etc). An account that is meant for savings shouldn't apply for credit/debit card.
📝 Diversify wealth into other instruments that you're familiar with. For me will be insurance products like Endownment and Investment for I know scammers are not able to access these platforms.
Education and awareness can empower individuals to recognize potential scams and make informed decisions to enhance their financial security.
Let's have a conversation if you're interested to diversify and protect your wealth from scammers! ☺️