Why we fall for scams (and it’s not because we’re stupid)
Older, less educated folks may be sitting ducks for scammers, but in today’s hurried digital world, it is younger, tech-savvier people who make up a larger proportion of victims. Given the proliferation of scams, are we destined to be fooled?
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HE WAS a restaurant owner-cum-chef in his 30s, whose business was suffering due to the Covid-19 pandemic. He needed money to pay rent and other overheads, but couldn’t get a bank loan.
Eventually, he found a money lender online, who offered him a good interest rate and assured him that not much documentation was needed. He went to the money lender’s address to see if it was legitimate, but couldn’t find the office.
His next decision proved to be the wrong one – he rang the lender to ask about the office and was told it was closed due to the pandemic and everything was done online. He accepted the explanation and transferred money to pay upfront administration fees totalling some S$70,000. Then, the lender disappeared.
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