FridayOL

Singapore – Drivers in Singapore are being warned to be extremely vigilant about a sophisticated car finance scam currently circulating via SMS. Fraudsters are sending out messages that appear legitimate, even including your car's registration number and make – a tactic designed to trick you into believing the message is genuine.

These scam messages typically claim you're eligible for a refund or compensation related to your car finance agreement. The message might state you were potentially mis-sold car finance and encourages you to click a link to verify your details or claim your compensation. Do not click the link!

Why is this scam so effective? The use of your car's registration number is a key element of the scam. It creates a sense of personalization and legitimacy, making it much more likely that recipients will fall for the trick. Fraudsters are clearly investing in gathering personal information to make their scams more convincing.

The Background: Car Finance Mis-selling Claims

This scam is capitalizing on the ongoing investigations and potential compensation claims related to car finance mis-selling. Thousands of drivers in the UK and other countries have already received compensation after it was revealed that some car finance agreements may have been unfairly sold, particularly those with Guaranteed Asset Protection (GAP) insurance and Payment Protection Insurance (PPI).

While similar investigations are not currently underway in Singapore to the same extent, the scammers are exploiting the awareness of these cases to target drivers.

How to Protect Yourself: Key Safety Tips

• Be Suspicious of Unsolicited Messages: Never trust SMS messages offering refunds or compensation, especially if you didn't initiate the contact.
• Verify Directly with Your Finance Provider: If you’re unsure about the message, contact your car finance company directly using a phone number or website you know to be legitimate. Do not use any contact details provided in the suspicious SMS.
• Don't Click on Links: Links in suspicious SMS messages often lead to fake websites designed to steal your personal and financial information.
• Report the Scam: Report the scam to the Singapore Police Force and the National Crime Reporting Centre.
• Check Your Bank Statements: Regularly review your bank statements for any unusual activity.

What to Do If You Think You’ve Been Scammed

If you've clicked on a link in the SMS or provided any personal information, immediately contact your bank and report the incident to the authorities. Change your passwords for any online accounts you use.

Stay Informed and Stay Safe! Be vigilant and share this warning with your friends and family to help prevent them from becoming victims of this car finance scam.