Fraud prevention – information from Commercial Affair Department Singapore

Commercial Affair Department Singapore’s website has a lot of useful information on fraud prevention. I’m amazed with the many types of scams/frauds.

Some resources:

Crime alerts
Examples of scams/frauds:
Job Application Scam
Lottery/Lucky Draw scam
Kidnap scam
Impersonation scam
Elderly gold scam
Apple scam
Government welface scam
Counterfeit currency/credit card scam
Renovation scam
Rental scam

Crime prevention advice
The PDF files at the bottom are good reads.
More frauds/scams..

Press releases on scams/frauds

Other information:
links to MAS’s MoneySense – Protect Yourself Against Bogus Investment Opportunities
link

Singtel *127 Crime Alert SMS. (Wonder what is the cost ?)
link

Many of these scams/frauds are operated internationally. Therefore, it is good to explore internationally on other countries’ regulators/legal enforcers’ website for information on scams/frauds.

Really scary.. The real world is like "a jungle out there". Equip yourself with fraud prevention knowledge.

Fraud prevention – don't take risk dealing with unlicensed financial operators: Singapore

Singapore is a financial hub.
It has many financial institutions doing different kinds of transactions.

Licensed financial institutions and services that they are licensed to provide.
You can click on "all institutions (alphabetical order)" to search for a particular company.
However, they are also unlicensed financial institutions that are doing businesses in Singapore, often disguised themselves as operating in Singapore or have names similar to licensed financial institutions.

The names can be deceiving. They can be sophisticated sounding (International, Consultancy, Wealth Management, Asset Management). Don't be deceived by the names.

Investor Alert List – not authorised companies
The list is not exhaustive. Choose to transact only with the regulated ones, rather than with the ones not in the alert list, for better fraud prevention.

These advices are good read. Very useful in preventing fraud.

Regulations & Licensing of Singapore financial institution
Useful if you want to know the legislation guidelines.

A licensed/regulated companies and an approved investment product cannot replace due diligence. Due diligence and self-assessment of risks are still of utmost importance at all times when investing in any investment product.

Think Lehman Brother’s Minibond and related products.

Fraud prevention – don't take risk dealing with unlicensed financial operators (Malaysia)

In this time of financial crisis/recession,
be extra careful of frauds.
For recession survival, beware of frauds.

Bank Negara Malaysia has some useful information which is useful to prevent potential financial fraud.
From its "Hyperlink",
we can find lists of licensed :
banking institutions,
insurance companies & Takaful operators,
dealers of foreign currency,
money changers,
non-bank remittance operators,
issuers of credit cards, charge cards, e-money, remittance services providers,
loss adjusters,
insurance brokers, Takaful brokers,
financial advisers.

Be very vigilant of having transactions with unlicensed financial operators.
Though they may not necessarily fraudsters, don’t take the risk.
It’s a matter of "what if".

Consumer may be more legally protected when he is dealing with licensed ones.
However, due diligence is still needed, especially if large amount of money is involved.


Bank Negara Malaysia’s website has also
"Financial Consumer alerts".

Check occasionally on Financial Consumer Alerts.

Among the ones mentioned:
Unauthorised withdrawals,
Misuse of BNM’s name,
Get-Rich-Quick schemes,
Warnings about companies, for e.g. G-Gold Gallery, PureInvestor.com Inc., Swiss Cash/Swiss Mutual Fund.

Check also on press release.
You will be able to see, for examples:
Sunshine Empire charged for illegal deposit taking;
Walton International Property Group raided..

These advices may save us from potential frauds.

A Manager’s Guide to Creative Cost Cutting – 181 Ways to Build the Bottom Line

In recession, what should a company do to survive ?

One of the ways is by cutting cost.
Cost cutting or building bottom line should be done at all times, not only when times are bad.
However, a manager should try with all his mights especially in recession before he admits defeats by laying off staffs or even filing for bankruptcies.

There is this book "A Manager’s Guide to Creative Cost Cutting – 181 Ways to Build the Bottom Line", written by David W. Young.

The book provides 181 ways for a manager to brainstorm on, with historical examples that works.

I put this book into my "Recession booklist" at near bottom of my blog.

Check this book out. It maybe the book that you need for your company to cut cost or for your boss to do a better job in cost cutting.