If you own a trading firm, you might be susceptible to being scammed in a cold call supplier scam. A caller, often from an overseas number, offers you exclusive rights to sell a product in Singapore. You then receive a large number of orders for that product – orders which originated from the scammers themselves. You then place a huge order for that item, and once payment is made, the scammer disappears, and the items never arrive.
WHAT TO LOOK OUT FOR
- If the caller is a stranger offering an investment opportunity that sounds unusually attractive, be aware that this could be a scam
- Be especially wary if they are calling from overseas
HOW TO PROTECT YOURSELF
- You should always check the credibility and identity of the person offering you this opportunity before making any financial commitments. Research their company and address, especially if they are from overseas
- If you have never met a supplier or business associate in person, you should research them more before continuing with the transaction
Source: Scam Alert Singapore