According to a report by SYNC Southeast Asia, online sales in Singapore will hit an estimated US$8 billion (S$10.9 billion) this year. And according to Facebook and management consultancy Bain & Company, e-commerce sales in Singapore are expected to grow to US$10 billion (S$13.4 billion) by the end of 2026.
In short, we are shopping online more than ever, particularly since the pandemic-induced digital shift is set to become the norm. But with a surge in online shopping opportunities also comes a surge in online shopping scam types, and the Singapore Police Force has reported that a staggering $764,000 was lost in September alone to non-banking-related phishing scams. Genevieve Noakes, Head of Compliance of the APAC arm at financial technology company Wise tells us about the four types of online shopping scams to watch out for right now.
Check the URL of the page to see if it’s HTTP or a secure HTTPS: a shopping website’s URL (address) should always begin with ‘https’ and a closed padlock icon in the address window when you’re about to make a transaction via the site. Verify if the contact details are real by looking up their phone number in the reverse phone lookup directory to identify their location, and ascertain the name, email address and number of the owner.
With the proliferation of online shopping, it’s increasingly common for scammers to make small ‘insignificant’ purchases with stolen payment information, like items that only add up to under $2. Check your statements regularly for signs of unusual activity and don’t skim past small transactions as scammers are making more efforts to be discreet.
Got a huge haul coming your way? Be wary of fake messages pretending to be parcel delivery companies wanting to arrange redeliveries and requesting address details. To avoid being scammed, be sure to double check the spelling of the business name/website as some scammers may change one letter so it looks similar.
As travel starts to open up, a new travel scam trend is arising, and scammers have been known to reach out to victims pretending to be from the front desk or the owner of the property. The fraudsters claim that a previous payment has been declined or that there has been a technical error and that they need you to rectify this over the phone, asking holidaymakers to share their debit/credit card details again. Some scammers also discounts if victims agree to transfer payment for their stay instead of booking online to avoid booking fees. To protect yourself, you should only book and pay through reputable holiday rental sites that have consumer protections and cancellation policies.
Text: Adora Wong/HerWorld