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Beware of New Money Making Scheme Emerging in Singapore

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Old 10-11-2008, 10:47 PM   #1
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if it looks too good to be true, it probably is!

[] Looks Too Good To Be True.com

Every day, American consumers receive offers that just sound too good to be true. In the past, these offers came through the mail or by telephone. Now the con artists and swindlers have found a new avenue to pitch their frauds — the Internet. The on-line scams know no national borders or boundaries; they respect no investigative jurisdictions. But, as with all scammers, they have one objective — to separate you from your money!

An interesting point about fraud is that it is a crime in which you decide on whether to participate. Hanging up the phone or not responding to shady mailings or emails makes it difficult for the scammer to commit fraud. But con artists are very persuasive, using all types of excuses, explanations, and offers to lead you — and your money — away from common sense.

This website was developed to arm you with information so you don't fall victim to these Internet scam artists. Education, good judgment, and a healthy dose of skepticism are the best defenses against becoming a victim. Remember, if it looks too good to be true, it probably is!
[] Stop. Think. Click: OnGuard Online!
(US Federal Govt Agencies) Topics, Games and Videos
Learn more about Investment Fraud
[] Fraud on the Internet: Old Games, New Tricks
U.S. Postal Inspection Service offers consumer brochures
[] USA FTC(Federal Trade Commission) Facts for Consumer: (HTML/PDF)
[] Investment Schemes
Day Trading Ads: Cutting Through the 'Bull'
Cautions consumers about ads for some day trading systems or advisory services that make investing look like a virtual bonanza.
Investment Risks [PDF]
Cautions consumers about ventures that are touted as sure-fire money-makers. Explains approaches used by investment scam artists to take your money.
Multilevel Marketing Plans [PDF]
Explains how MLM plans and illegal pyramiding works. Offers tips to help you decide whether to join a MLM plan.
Seminar Pitch: A Real Curve Ball [PDF]
Warns consumers about solicitations and infomercials promoting seminars/conferences that promise to help consumers make a lot of money.
Tips to avoid getting hit by the seminar pitch.
[] Test Your Investment IQ
Produced by FTC in cooperation with the North American Securities Administrators Association.
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Old 07-04-2009, 11:18 PM   #2
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[] Beware online programs that promise cash

Update May 25 2013
[UK Guardian] 27 common scams to avoid
27 common scams to avoid | Money | guardian.co.uk
As Scams Awareness Month begins, we run through some of the most widespread and believable cons attempting to part you and your money
More than 22,000 people were scammed in 2012, according to UK Citizens Advice Citizens Advice *- the charity for your community, and fraudsters are constantly inventing ways to swindle you out of your cash. The month of May has been designated Scams Awareness Month by Citizens Advice and Trading Standards, and forewarned is forearmed so here are 27 to look out for.


[] Pyramid Scheme Alert (PSA)
The first international organization to expose, study and prevent illegal pyramid schemes

[] Beware online programs that promise cash
Beware online programs that promise cash - SFGate
A pyramid scheme that regularly surfaces during recessions is gaining momentum, this time supercharged by the social-networking power of the Internet, according to the Better Business Bureau and other consumer watchdog groups.
Cash gifting programs are spreading rapidly online, popping up in growing numbers of sponsored advertisements, search results and user-generated videos on sites like Google, Yahoo and YouTube.
In many cases, promoters pose in front of Webcams and count out hundred dollar bills they say they received in the mail. They offer viewers the chance to make thousands of dollars a week from home, dismiss claims that cash gifting is a scam or illegal and encourage surfers to contact them or join their program.
If Web surfers come across such videos or advertisements, "bells and whistles should be going off in your head," said Alison Southwick, a spokeswoman for the Better Business Bureau, which plans to issue a warning about cash gifting in the coming weeks. "Money is just changing hands, and most of the money is going to the people at the top of the pyramid."

Last edited by epsilon8; 25-05-2013 at 11:35 AM.. Reason: Update May 25 2013
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Old 25-07-2009, 05:03 PM   #3
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Scam Alert II

[USA ABC News Money Matters] Lessons Learned from Bernie Madoff scandal.
Watch out for the tell tale signs of a con in the works
7 Warning Signs of a Financial Scam by David Bach
Author of the #1 New York Times Bestsellers The Automatic Millionaire and Start Late, Finish Rich

[+] Fake Check Scams
that require you to wire money to the scammer after depositing a bad check into your bank account.
Take home message: You are responsible for the missing funds!
Take the Fraud Tests to find out if you are susceptible to being a victim of these scams,
watch the Fake Out and victim videos to learn more, and review the prevention info on how to avoid these costly mistakes.

[] Six signs it's a job scam (US centric but still good advice to note here)
There are some obvious signs that a job offer may be a job scam
If they want money up front for a list of available jobs, be suspicious
They promise you can make money in your sleep
If they claim to be from big company, but use a free e-mail account

[] Watch Out For These Home-Business Scams
View the slide shows:
In Pictures: Typical Home-Business Scams
Stopping home-based-business scammers is like never-ending game of Whack-A-Mole: Smack one on the head and another pops up.
Work-at-home-related complaints ranked among the FTC's top 20 fraud complaint categories between 1997 and 2005 (latest figures available).
In those nine years, Americans filed 37,333 work-at-home complaints to the FTC, between 1,400 and 17,300 each year.
There are no signs the shenanigans will slow anytime soon
In Pictures: How To Know When You're Getting Scammed
If It Sounds Too Good To Be True... Then it probably is.
Promises of great riches for little experience are good tip-offs.
Chances are you'll never get a refund for that $29.95 you paid for training materials that would earn you "thousands" in a "huge, untapped market just waiting for you!"
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Last edited by epsilon8; 25-07-2009 at 05:04 PM.. Reason: Typo
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Old 18-03-2010, 03:47 AM   #4
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From the Land Down Under

More Scam Alert Info by[ACCC] Australian Competition and Consumer Commission
(+) Scams & you
(+) The little black book of scams
Your guide to scams, swindles, rorts and rip-offs
It highlights a variety of popular scams that regularly target Australian consumers and small business in areas such as fake lotteries, internet shopping, mobile phones, online banking, employment and investment opportunities. It also offers consumers tips on how to protect themselves from scams, what they can do to minimise damage if they do get scammed and how they can report a scam.
(+) SCAMwatch (Australia)
the campaign portal for the Australasian Consumer Fraud Taskforce.
Information on dozens of different scams targeting consumers and small businesses, including fake lotteries, advance-fee frauds, get-rich-quick schemes, dating and romance scams and miracle health cures.
(+) Tips for a fine time shopping online (PDF)
The internet is a great way to get things done, especially shopping. This brochure provides tips to help make sure your time online is fine.
(+) Small business scams fact sheet(PDF)
This fact sheet provides information to help you protect yourself and your business by being aware of the common scams targeting small businesses.
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Old 04-11-2010, 12:30 AM   #5
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trust is a sign of success!
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Old 03-05-2011, 05:11 PM   #6
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Why does people have to scam other people to earn a living. It's just so disappointing to see these things happening.
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Old 17-08-2011, 06:29 PM   #7
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Additional useful links related to fraud awareness:

Better Business Bureau (US)

Association of Certified Fraud Examiners
Fivecentstencents dot com
singapore-fixed-deposits dot com
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Old 18-08-2011, 08:05 AM   #8
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This is so true ... dunno kena how many times
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Old 12-10-2011, 11:04 PM   #9
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Thank you for the great links. This is serious!!!!

Is there a similar link for fraud alert & scam artists in SG?

Who do we report if we see shades of a scam or con job? Is there someone a whistleblower can blast a loud warning to?

Where do we turn to if we've encountered a fraud? Is there any recourse once we encounter problems here?
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Old 10-10-2012, 06:53 PM   #10
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MAS has a warning list on its website to warn consumers of potential scams. You might want to check out their website
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Old 11-11-2012, 04:39 PM   #11
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MAS has a warning list on its website to warn consumers of potential scams. You might want to check out their website
thanks will check that out
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Old 26-09-2013, 05:35 PM   #12
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Beware of New Money Making Scheme Emerging in Singapore

I realized there is a new money making scheme emerging in the Singapore recently. That is combining Trading Platform with MLM.

This is how the scheme goes...

The platform provider ask you to buy a trading account package with them and you automatically becomes their MLM member.

As a member, you can recommend others to sign up a trading account package under you and in return, you will get 10% to 40% payout depending on your MLM level. The higher your level, the more commission you get.

Furthermore, when your down-line members get other people to signup under them, you also get another cut.

Plus, when your down-line trades using the platform, you get commission for every trades they make.

This system may seem attractive to many people...

However, when I found out where the company get the 40% to pay the up-line in the first place, I was shocked.

The company uses the money which the down-line deposit into their trading account, for trading, to pay the up-line. I've an issue with this.

Essentially, the company is using your money to pay your up-line, which is wrong. The money you deposit into your account is for you to trade, not to pay up-line, and they should not has the authority to touch these money in the first place.

These companies see your deposit as their profits and dipping their dirty hands into the pot as and when they feel like it. This is dangerous and is becoming a new kind of Ponzi Scheme.

Furthermore, these companies are not registered in Singapore and the platforms are not located in Singapore. Even some of the Singaporean owners do not live in Singapore.

I just like to warn everyone of this new Emerging Scam. Please don't suck in by their high return promises.

Last edited by alexchia01; 26-09-2013 at 10:05 PM..
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Old 26-09-2013, 05:43 PM   #13
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Thanks for ur info...
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Old 26-09-2013, 06:24 PM   #14
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care to share the name of the company?
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Old 26-09-2013, 06:54 PM   #15
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care to share the name of the company?
The one I recently encounter is GlobePartners.

However, this is an emerging trend, there is already a few companies doing this.

To me, they are all the same, just different people running them.

Just keep note when you are invited to one of these sales presentation.

If you have not encounter them yet, I believe you'll meet one very soon.

Last edited by alexchia01; 26-09-2013 at 10:07 PM..
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