Beware of new SMS loan scam - Police

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If you received an SMS asking if you are interested in taking up a loan, beware that it might just be a scam.

In a statement to the media, police said that they have received a number of reports from members of the public who have fallen pray to this SMS-related hoax.

Victims would receive an SMS with a mobile number to call to take up a loan.

They would then be asked to transfer a percentage of the loan amount into a particular bank account as deposit, before the full amount could be disbursed to them. But the loan would never come.

After victims had transferred the deposit, the money would be withdrawn or transferred out of the bank account, leaving them high and dry.

AsiaOne understands that the scam is still on-going, but police said today that they made a break in the case.

Four men and two women were arrested on Thursday in a 14-hour islandwide blitz for their suspected involvement in the loan scam.

Members of public with information about the scam may call the police hotline at 1800 255 0000 or 999 for urgent assistance.