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Phone scams in Singapore

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Times are bad and conmen are out in full force. In a recent media report, a couple in Singapore lost $70,000 to a phone scam.

Apparently, the conmen posed as policemen and called the wife to inform that her credit card had been used for criminal activities in China. She was led into giving her online banking PIN number to facilitate investigation works. Subsequently, both husband and wife realized they had been conned and their savings had been wiped out within hours.

The speed at which the criminals stole their life savings left the couple in a state of shock. Within a day, they had lost everything and even had to borrow from friend for family expenses. Complete disaster.

One thing to note is that such a tragedy can happen to everyone. The common misconception is that only the elderly or less educated people are susceptible to falling prey to scams. This incident vindicated that when it comes to scams, everyone can be fooled. We must all stay vigilant and must never reveal our personal bank details and PIN number to anyone, not even to the authorities or enforcement officers.

For the young couple, this will be a painful lesson for them as they are likely to need the money to move into their new home. With a baby, they also need money for daily expenses. Thus, I can imagine how traumatized it would be to lose their entire savings.

For many wealth builders, it may not be a good idea to park all the cash in the bank accounts. This is because there is a likelihood of losing your entire savings to scams. With money on hand, you are also likely to spend it away. Thus, it is important to diversify our wealth across real hard assets like property and precious metals.

You have worked hard for many years, so don’t let conmen ruin your wealth. Take real actions to preserve your wealth and start buying gold in Singapore now.

In Singapore, you can choose to buy physical gold from BullionStar, one of the largest online bullion dealers with a store-front shop at 45 New Bridge Road. With BullionStar, you can choose to buy gold or silver bullion online and have them delivered to your home or put them into ‘My Vault’ storage in BullionStar’s secure vault storage facility. Alternatively, you can choose to walk in and buy gold and other precious metals at BullionStar shop and showroom premises.

Gold and Silver Bullion

Gold and Silver Bullion

Setting up an online account is pretty simple and you can choose to pay in different currencies, including Singapore dollar and Bitcoins. In addition, the price is very transparency as BullionStar’s website displays the price premium and spread for each bullion. This allows buyers to make price comparisons online before making the purchase.

BullionStar also offers customers their own minted gold and silver bars with zero spread. They have commissioned world-renowned LBMA-approved Swiss gold refiner Argor-Heraeus to produce these stylish and unique minted 100 gram 99.99 % purity gold bars.

Below are some gold bullion offered by BullionStar that are worth buying:

  1. PAMP Gold Bar – 1kg
  2. American Gold Buffalo Various Years
  3. BullionStar Mint Gold (No Spread)

Many Singaporeans urged the police to catch the culprit but even if they managed to nail down the crook, there will be hundreds, if not thousand of criminals ready to pound on your life savings. Hence, it is not practical to just rely on the authorities to protect our assets. Start taking measures to insure your money against thieves and scammers.

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Magically yours,

SG Wealth Builder

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Updated: July 17, 2016 — 5:13 am

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