August 13, 2008

inSingapore: Follow-up on cash “scam” story…

Posted in Musings tagged , , , at 9:51 pm by myrlinn

I wrote about some very suspicious signs seen around Jurong last month: inSingapore: New ’scam’ — Fast Cash Loan Companies

Well, apparently, even these people operating on the fringes of the law have some copywriting skills. Check out how they’ve changed their signs over the weeks:

(All pictures taken at same place, opposite Jurong Point, Singapore)

10 July 2008:

29 July 2008:

9 August 2008:

More importantly, these “entrepreneurs” are so persistent in putting up these signs, they must be reeling quite a few people into their schemes.  Someone needs to step in and warn people!

June 25, 2008

inSingapore: New ‘scam’ — Fast Cash Loan Companies

Posted in Musings tagged , , , at 10:36 pm by myrlinn

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 20

SINGAPORE: 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.

“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.

While such companies are not illegal, the CPF board has advised the public not to approach these fast cash companies.

To read the full article, go here:

I always thought the CPF had strict guidelines on what Central Provident Fund money can be withdrawn for, so the fact that these companies are able to somehow get someone’s money from their CPF legally is a surprise to me.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.