Be Wary of e-Commerce Scams
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e-Commerce scams have become a notorious scheme employed by fraudsters, posing as buyers or sellers that typically target businesses, using tactics that will negatively affect their victims.
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UNDERSTANDING HOW IT WORKS
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Fake Seller
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Advertises deceitful offers on social media, typically at lower-than-market price. |
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Seller requests for immediate payments to an unknown account, where usually the name does not match that of the seller personal or company name. |
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After paying, the shipment never arrives, and the seller becomes uncontactable. |
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Fake Buyer
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Reaches out to sellers, expressing their interest in a product/service. |
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After a successful delivery, the buyer then claims to have “overpaid” and requests for a refund, showing a falsified transaction receipt. |
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The buyer then threatens to lodge a police report against the seller if they don’t receive a refund. |
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In worst cases, the buyer could also be colluding with the fake seller and pretends to source for bulk purchase. After payment to the seller, goods are never received and both buyer and seller disappear. |
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WAYS TO AVOID THE SCAM
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Always practice extra caution when making deals online. Here are some preventive measures to take:
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Use trustworthy e-Commerce platforms to buy and sell
There are a number of trustworthy platforms to choose where numerous mechanisms are in place to address dispute and prevent scams between both the buyer and seller.
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Always verify bank accounts via Semak Mule
If you are ever in a situation where you are asked to transfer to an unknown bank account, always verify the account with Semak Mule before taking any action. Verify all the transaction requests before approving them.
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If something is too good to be true, it probably is!
If you encounter an online offer that is selling at a ridiculously low price or a buyer that is offering a too good to be true offer, take extra caution as these signs often indicate potential scams.
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If you suspect that your online banking account has been compromised, immediately make a report to your bank or to the police. For more safe banking tips, please visit OCBC Security Advisory page.
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STOP. THINK BEFORE YOU ACT.
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Stay vigilant and learn to avoid e-Commerce scams. If you receive any phone calls, SMS, or email notifications alerting you on unknown transactions within your account, please call us immediately at +603-8317 5200. You can also immediately block your online banking account access from our OCBC Velocity login page or Business Mobile app. Recognise the designated OCBC SMS Short Code (62662) as the bank's official messaging channel. Do not trust messages received from unknown phone numbers.
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