Financial Fraud - How to stay safe from scams

by  Kimberly Tan | 11 November 2025 | 8 min read

Financial Fraud - How to stay safe from scams

Key Takeaways at a Glance

  • Financial fraud is evolving—anyone can be the target including the affluent.
  • Scam types include investment scams, phishing, impersonation, and more.
  • Wealth signals increase your risk of social engineering scams.
  • Spotting red flags early can protect your assets and identity.
  • Verify offers and alerts through trusted and official channels.

Introduction

In today’s digital-first world, financial fraud is becoming more sophisticated and widespread. Scammers are no longer targeting only the uninformed. They are now using credible-looking messages and platforms to reach a wider audience. With new formats appearing regularly and tactics becoming harder to spot, it becomes important for everyone to stay informed and cautious.

This article outlines the type of scams to be aware of, how to stay ahead of these scams, and what you need to do should you get suspicious. Future articles will explore fraud-proofing your wealth, protecting loved ones, and building layered security into your financial strategy.

What types of financial scams target affluent individuals?

Scams are often targeted and highly convincing. Here are some commonplace scam types to watch out for:

  • Investment scams: Investment scams today are highly convincing and often disguised as genuine financial opportunities. More than SG$30+ million has been lost to such scams in just the first 6 months of 2025 alone. Below are some common tactics used to mislead victims and ways they gain your trust:
  • Unsolicited Group Chats
    Fraudsters use friendly group settings to promote fake schemes with staged profit screenshots.
  • Social Media or Dating Contacts
    Strangers build rapport before urging you to invest in high-return and low-risk opportunities.
  • Deep-Fake Ads
    Scam ads use doctored endorsements featuring falsified images of public figures like politicians/celebrities who would “recommend” these fraudulent investments.
  • Cryptocurrency Scams
    Scammers lure you into investing with fake platforms with promises of quick crypto profits.
  • Phishing and spoofing: Fraudulent emails, SMS, or fake websites mimicking banks or brokers.
  • Government impersonation: Scam calls or messages posing as Bank Officials, Monetary Authority of Singapore (MAS), Singapore Police Force (SPF), Inland Revenue Authority of Singapore (IRAS), or immigration officers.

Impersonation scams use fear and authority to gain trust. These scams involve fraudsters pretending to be trusted authorities or service providers to trick victims into giving up money or personal details. They could be of the following types:

  • Official Impersonation
    Scammers pose as government or bank representatives and claim your identity is linked to illegal activity, inciting fear and intimidating you into following their instructions –
  • Impersonating Citibank
    Please also stay vigilant against scammers impersonating officers from our Fraud department. We will never call you to ask for your personal login credentials, nor perform a call transfer to “government agencies” on the pretext of requiring your help with an investigation.
  • Police Impersonation
    Fraudsters pretend to be police officers and instruct victims to transfer money for fake investigations.
  • Telecom Impersonation
    You may receive calls from scammers acting as telecom staff claiming network or Wi-Fi issues.
  • Social engineering: Scammers track online presence or LinkedIn profiles to tailor pitches and steal personal data.
  • Luxury or lifestyle-related fraud: Fake concierge services, overseas property scams, or impersonation of premium brands.

How can you spot financial fraud before it's too late?

Look for emotional urgency, poor verification, and untraceable channels. Common red flags include:

  • Pressure to act quickly or invest “before it’s too late”.
  • Requests to use unsecured payment methods or third-party wallets.
  • Suspicious sender email domains or masked phone numbers.
  • Poor grammar, strange phrasing, or inconsistencies in formal-looking messages claiming to be from trusted institutions.
  • Being added to unsolicited group chats pitching investments. Legitimate schemes will never reach out this way.
  • Numbers starting with a ‘+’ prefix, including ‘+65’, may not originate from Singapore and should be treated with caution.
  • Requests to install remote access apps like AnyDesk or TeamViewer, or third-party apps not from official app stores.
  • Failure to direct you to official websites or contact points often indicates a lack of transparency or legitimacy.
 The Citi Advantage

Citi clients benefit from a wide range of digital banking security features including:

Money Lock: This feature allows you to lock your current/savings account funds as a preventive measure.

Kill Switch: This security feature allows you to instantly block your internet banking access, accounts and cards if you suspect that you are a victim of scam.

Card Lock: You can also temporarily lock your card via the Citi Mobile® App or by contacting the Citibank Fraud hotline at (65) 6337 5519.

3-D Secure Authentication (3DS): This is an added layer of security for online credit and debit card transactions. If you make a purchase at a merchant that uses 3DS you will be asked to enter a One-Time Password (OTP) generated using our Online Security Device (OSD) or Citibank Online or the Citi Mobile® App to complete the transaction.

What makes HNIs especially vulnerable to scams?

Scams work because they manipulate feelings. Scammers succeed not by targeting wealth, but by exploiting human emotions like fear, trust, and urgency. Fear of missing out, blind trust, or panic can open the door to fraud by:

  • Offering “exclusive opportunities” to gain trust.
  • Referencing known business or lifestyle affiliations.
  • Mimicking real institutions with fake documents.

How can you protect your wealth from fraud in Singapore?

Stay vigilant by learning about different types of scams and how you can act against them:

  • Secure access, layered checks, and real-time verification are key.
  • Nip financial fraud in the bud: Enable transaction alerts and monitor all accounts regularly.
  • Avoid clicking on links or scanning QR codes in unsolicited messages—even those that look legitimate.
  • Always verify via official contact channels listed on the financial institution’s website. When in doubt, stop engagement with suspected scammer.
  • Never disclose personal particulars, banking and credit card details, and OTPs to anyone, especially over unsolicited phone calls, even if they claim to be “from the bank”.
  • Do not transfer funds to strangers that you have not met, even if you have built a relationship with them via online platforms/apps.
  • Use the ScamShield app to block scam calls and filter scam SMSes.
  • When in doubt you may also call the ScamShield 24/7 helpline 1799 to check. Report any suspected scam numbers to ScamShield which will also benefit other potential scam victims.
  • Bookmark the MoneySense and Singapore Police Force (SPF) websites to stay on top of evolving scams and frauds.

What should you do if you suspect fraud?

  • Act quickly to limit loss and exposure.
  • Call your bank directly using published contact numbers.
  • File a report at www.police.gov.sg or your jurisdictional authorities.

Kimberly Tan

 Kimberly Tan | Analyst, Fraud Risk Management

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