June 25, 2008
inSingapore: New ‘scam’ — Fast Cash Loan Companies
I’ve been wondering for a while now about certain signs I’ve been seeing near our MRT (commuter train) station, signs saying something like: “Need Cash? Call xxxx xxxx.” No names and other details are given on the signs, which are casually tied to railings. Seems really dodgy, doesn’t it?
Anyway, while I was writing my hubpage about the HDB heartlands (For the ‘real’ Singapore, visit the Heartlands),, I came across the answer in a Yahoo News Feed:
CPF board warns public against fast cash loan companies
Channel NewsAsia
Friday, June 20SINGAPORE: Advertisements promising fast cash at low interest rates are now widely displayed at HDB blocks and bus stops.
One unemployed man, who did not want to be identified, fell for it.
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“The (person) said they could give me S$200 every month and then they asked for my SingPass and IC number. And after that, I gave them my SingPass and IC number.”
By revealing these details, the companies would have access to the man’s Central Provident Fund (CPF) account.
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While such companies are not illegal, the CPF board has advised the public not to approach these fast cash companies.
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To read the full article, go here:
http://beta.ph.news.yahoo.com/cna/20080619/tap-354964-231650b.html
I always thought the CPF had strict guidelines on what Central Provident Fund money can be withdrawn for, so the fact that these companies are able to somehow get someone’s money from their CPF legally is a surprise to me. Particularly since it sounds like these companies are just more sophisticated versions of the loan shark. I do hope whatever loophole these companies are exploiting is dealt with. And soon.
EDITED TO ADD – PICTURE TAKEN OPPOSITE JURONG POINT ON 10TH JULY:
Crooked Turret 