Do not lend your bank account, ATM card, SIM card or internet-banking token to anyone. If these are used to facilitate unlicensed moneylending, the law may presume that the holder assisted the illegal business.
How illegal lenders approach people
They may send unsolicited offers through WhatsApp, Telegram, TikTok, Facebook or Instagram; promise fast approval; ask for upfront “GST” or processing fees; or approve a loan without meeting at an approved business address.
The consequences can be severe
The Singapore Police warn that assisting unlicensed moneylending can lead to imprisonment, substantial fines and caning. Work passes may be revoked. Migrant workers involved may also be repatriated and barred from working in Singapore.
Never promote or forward a loan advertisement
Do not post, repost, forward or help create an advertisement for a lender on TikTok, WhatsApp, Telegram, Facebook, Instagram or any other platform. A promise of payment for sharing a post does not make the activity safe or lawful.
A real Singapore case
In February 2024, the Police announced that a migrant domestic worker would be charged for allegedly promoting an unlicensed moneylending business on TikTok. The case was also reported by The Straits Times. Read the primary Singapore Police Force news release for the official account.
What to do
- Do not reply to unsolicited loan advertisements.
- Block and report suspicious accounts.
- Do not transfer an upfront fee.
- Do not allow another person to use your account, card, token or phone line.
- Call ScamShield at 1799 if you are unsure.
- Report crime information to 1800-255-0000, or call 999 for urgent assistance.
See the current SPF unlicensed moneylending advisory.