A Singaporean woman seeking to recycle her old clothes by selling them online lost over $80,000 in life savings after encountering a scam. The woman,
A Singaporean woman seeking to recycle her old clothes by selling them online lost over $80,000 in life savings after encountering a scam. The woman, Chen Hongcai (translated), recently quit her job to pursue her master’s degree, hoping to finance it with her savings. She came across a Facebook ad from a recycling company claiming to buy old clothes for restoration. After contacting the company, Chen was directed by an “administrator” to choose a collection time via a provided link.
The website looked legitimate, but Chen noticed odd details, such as the lack of a physical address. However, motivated by her wish to recycle, she continued with the process. She selected a collection time and did not share any personal information. Yet, the next day, Chen received a call from POSB bank notifying her that a new DBS account had been opened in her name, with her savings transferred out without her knowledge.
Distraught, Chen reported the incident to her bank, where she was informed that scammers likely hacked her phone to control notification settings, enabling the transfer without alerts. Though the bank offered $500 in assistance, Chen was told that recovering the money would be challenging.
Reflecting on the ordeal, Chen expressed disappointment in the bank’s security measures, questioning how her identity was used to open and transfer funds without verification. Now left with just 24 cents in her account, she plans to borrow money for living expenses and has filed a police report.
Notably, other Facebook users had previously flagged this recycling company ad as a scam, warning of similar approaches.
COMMENTS