e-Wallet Scam - Fraud/Scam Types

What is an e-Wallet Scam

Scammers apply for e-wallets with information gathered from victims who received unsolicited calls on messaging applications such as WhatsApp.

How to spot an e-Wallet Scam

Scammers will deceive victims via phone calls, SMS or emails by claiming the victims have won a lucky draw/contest with a gift/cash reward.

Scammers will deceive victims via phone calls, SMS or emails requiring the victims to replace/renew/upgrade their e-wallet accounts.

Scammers will deceive victims via phone calls, SMS or emails by requiring the victims to verify/update their latest personal details.

Scammers will deceive victims via phone calls, SMS or emails claiming the victims’ e-wallet accounts are suspected to have been defrauded.

Scammers will deceive victims via phone calls, SMS or emails by claiming the victims have won a lucky draw/contest with a gift/cash reward.

Scammers will deceive victims via phone calls, SMS or emails requiring the victims to replace/renew/upgrade their e-wallet accounts.

Scammers will deceive victims via phone calls, SMS or emails by requiring the victims to verify/update their latest personal details.

Scammers will deceive victims via phone calls, SMS or emails claiming the victims’ e-wallet accounts are suspected to have been defrauded.

How you can prevent an e-Wallet Scam

Never give out authorisation codes sent to your phone.

Be it One Time Passwords (OTP), Transaction Authorised Codes (TAC), or other authorisation codes, never give them out to a third party, especially if you are not expecting a code in the first place.
Remember that all it takes is a few-digit code for your entire life savings to get debited away.

Be wary of what information you put out.

Most e-wallets have levels of security that prevents scammers from gaining access to your account, even if they have certain personal info such as your NRIC and contact number (which can easily be found anyways).
The trouble begins when you provide an unhealthy amount of info online, which gives scammers more room to create tactics directed personally at you.

Beware of phishing attempts

You can think of phishing as scammers trying to “phish” for victims through emails, messages, texts, calls etc. Essentially, they’re trying to obtain sensitive information from you such as your card details, social media login details etc. These details can then be used to gain access to your bank accounts, social media accounts and others alike.
These phishing attempts will typically try to assume the identity of a trustworthy source such as your bank, company, EPF, various service providers, or as in the case above - even a friend.

Don’t use public WiFi networks

Make sure you’re using SSL VPN Security.
Turn off sharing on your phone (Airdrop if you’re an Apple user or NFC mode if you’re an Android user).
Refrain from logging into personal accounts such as your social media and bank accounts when using public WiFi.

Don’t download APK files or click links from texts or emails

In line with phishing attempts mentioned above, scammers who impersonate these sources may send you an email or text with a seemingly harmless link.
Clicking on this link may direct you to a spoof website where you will “login” to your account as usual, unbeknownst that it’s not the official website at all. This enables the scammers to install malware on your computer or steal your personal data.
To put this into context, this may be an email from an e-wallet you’re currently using asking you to “change your password” or “join a competition”.
Luckily, you can be more careful of these attempts by looking out for misspelled domain names, extra subdomains, bad grammar and inconsistent graphics etc.

Never give out authorisation codes sent to your phone.

Be it One Time Passwords (OTP), Transaction Authorised Codes (TAC), or other authorisation codes, never give them out to a third party, especially if you are not expecting a code in the first place.
Remember that all it takes is a few-digit code for your entire life savings to get debited away.

Be wary of what information you put out.

Most e-wallets have levels of security that prevents scammers from gaining access to your account, even if they have certain personal info such as your NRIC and contact number (which can easily be found anyways).
The trouble begins when you provide an unhealthy amount of info online, which gives scammers more room to create tactics directed personally at you.

Beware of phishing attempts

You can think of phishing as scammers trying to “phish” for victims through emails, messages, texts, calls etc. Essentially, they’re trying to obtain sensitive information from you such as your card details, social media login details etc. These details can then be used to gain access to your bank accounts, social media accounts and others alike.
These phishing attempts will typically try to assume the identity of a trustworthy source such as your bank, company, EPF, various service providers, or as in the case above - even a friend.

Don’t use public WiFi networks

Make sure you’re using SSL VPN Security.
Turn off sharing on your phone (Airdrop if you’re an Apple user or NFC mode if you’re an Android user).
Refrain from logging into personal accounts such as your social media and bank accounts when using public WiFi.

Don’t download APK files or click links from texts or emails

In line with phishing attempts mentioned above, scammers who impersonate these sources may send you an email or text with a seemingly harmless link.
Clicking on this link may direct you to a spoof website where you will “login” to your account as usual, unbeknownst that it’s not the official website at all. This enables the scammers to install malware on your computer or steal your personal data.
To put this into context, this may be an email from an e-wallet you’re currently using asking you to “change your password” or “join a competition”.
Luckily, you can be more careful of these attempts by looking out for misspelled domain names, extra subdomains, bad grammar and inconsistent graphics etc.

Scenario of an e-Wallet Scam

You will receive a call impersonating the police or the court before directing the victim to transfer some money into an e-wallet account that was opened using an identity card obtained from the previous victim.

After that, the scammer will contact you to inform you that you are involved in a drug case and to avoid having your assets frozen, you will have to transfer all your money into the e-wallet accounts provided. The scammers use this e-wallet method because it is difficult to detect.

Contact Us

Contact Us immediately if you believe your banking information is compromised or there has been an unauthorised transaction on your account.