Fake watches, fake designer items, now fake moneylenders

Illegal moneylenders have come up with a new ploy to get clients to secure loans from them: They are copying the company names and licence numbers of legitimate moneylenders for their own advertising materials, such as flyers.

They also copy the writing style of SMSes that banks send to their customers, and use these as templates when they reach out to their potential clients.

The Moneylender’s Association of Singapore told The New Paper that they are aware of these activities and have received complaints from their registered members in recent months.