Advisory: Beware of Loan Scams Impersonating 'ExpresszFundings SG'

expresszfundings.com

The Singapore Police Force (SPF) has observed a trend of loan scams impersonating "ExpresszFundings SG". Scammers are using deceptive websites, like "expresszfundings.com", and various communication channels to trick members of the public into believing they are applying for legitimate loans.

How to Recognise These Scams:

• Unsolicited Loan Offers: Be cautious of unexpected loan offers, especially those promising easy approval or very low interest rates, often received via text messages, social media, or suspicious websites.
• Upfront Fees: Scammers frequently demand upfront "administrative," "processing," or "insurance" fees before disbursing a loan. Legitimate licensed moneylenders in Singapore do not typically ask for such fees prior to loan disbursement.

What to Do if You Encounter or Are Affected by Such a Scam:

If you suspect you have encountered such a scam or have provided personal information, remember to ACT against scams:

• Adding security features: Secure your digital accounts immediately if you suspect your personal details have been compromised. Enable two-factor authentication (2FA) wherever possible to strengthen your account security.
• Checking for scam signs and verifying with official sources:
  • Always verify the legitimacy of any loan offer. Cross-check information with official sources, such as the Ministry of Law's list of licensed moneylenders in Singapore (www.mlaw.gov.sg/content/rom/moneylenders/list-of-licensed-moneylenders). Do not rely solely on links or contact details provided in suspicious messages or websites.
  • Be wary of urgent requests for money or demands for personal banking details via unsecured channels.
• Telling authorities, family and friends about scams:
  • Stop all communication with the scammer immediately. If you have fallen victim, make a police report and inform your bank if you have provided any banking details or made transfers.
  • Share information about these scams with your family and friends to protect them from falling prey.

Unsure if something is a scam? Check by calling the 24/7 ScamShield Helpline at 1799.