At KGI Securities (Singapore), online security and our customer’s safety are our top priority.
While we have equipped our trading platforms and accounts with industry standard security technology and practices to ensure that customers are protected against fraud, you play an important part in protecting your account and transactions too.
1. Stay vigilant against Phishing Scams
Phishing is a way of obtaining confidential information such as one’s banking account details, PIN, OTPs, credit card numbers, user ID or passwords through the Internet, in order to perform unauthorised transactions.
Phishing attacks are often conducted through E-mails and SMS and will try to lure victims into revealing account information or installing malware. Cybercriminals use phishing, the fraudulent attempt to steal credit card details or other sensitive information, by disguising as a trustworthy organization or reputable person in a text message.
With SMS Phishing, cybercriminals use a text message to try to get potential victims to give out personal information. The text message, which typically contains a link to a fake website that looks identical to the legitimate site, asks the recipient to enter personal information. Fake information is often used to make the texts appear to be from a legitimate organization or business.
Tips to protect yourself against such scams
- DO NOT click on such phishing SMS links. The URL will lead you to a fake website controlled by the scammers. Always type URLs directly into the address bar of the browser.
- Always read the transaction notification alerts sent by the Bank via SMS, email or push notification – they are our first line of defence. Read them carefully and inform us immediately if the transactions are unauthorised.
- Always verify any requests that ask for your personal or banking details. DO NOT give your card details or banking credentials to anyone.
Please call us at +65 6202 1188 or e-mail [email protected] if you are unsure of text messages you have received or if you require any clarification or assistance.
2. Beware of “Pump and Dump” Scams involving overseas listed companies
The Police have seen a resurgence in “pump and dump” scams involving overseas listed companies and would like to remind the public to remain vigilant and be wary of strangers offering stock recommendations or online chat groups discussing coordinated share purchases.
A pump and dump” scam is a form of stock market manipulation where fraudsters would artificially inflate the price of a company’s shares (“pumping”) by spreading false positive news about the company, or creating an appearance of trading activity in order to induce others to buy the shares. As the unwitting victims buy up the shares, the share price rises. The fraudsters then quickly sell their shares in the company while the share price goes up, then stop all activities. With the absence of manipulation, the share price then plunges, resulting in sharp losses for the victims.
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Graphical representation of a suspected pump and dump scam (Source: Singapore Police Force) |
Screengrab of scammers initiating conversations with victim. (Photo: Singapore Police Force) |
3. Beware of unsolicited requests asking you to download or install any apps on your desktop or mobile devices
Victims may be asked to download an application or input several commands onto their PC or mobile device.
The victims’ device will then be taken control by the cyberattacker. Subsequently, the victims will be directed to provide their private information, leading to fraudulent transactions.
If you have a trading account with KGI Securities (Singapore), only download trusted apps for your devices that are listed on our downloads page:
For Securities Trading Accounts | For Futures Trading Accounts | For FX Trading Accounts
If you are unsure about selecting the correct application, kindly speak to your account manager.
If you wish to open a trading account with KGI Securities (Singapore), kindly visit the following pages:
Open Securities Trading Account | Open Futures / FX Trading Account
DO NOT install any third-party applications that are not available on our website.
Samples of Mobile Apps that have no affiliation to KGI Securities (Singapore):
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4. How likely are you to fall for a scam?
Cyberattackers prey on our lack of vigilance. When you learn how to identify scams, you also know how to protect yourself.
Take this quiz by the National Crime Prevention Council to find out how savvy you are at spotting the signs of scams.
5. What are some tell-tale signs of a scam?
1. It has bad spelling and grammatical errors. These types of errors are a sign that it could be a scam.
2. There is a sense of urgency. Scammers try to create a sense of urgency to encourage you to do something quickly. Don’t rush — take the time to consider and check whether an email is real.
3. The sender’s details are vague. Check that the email address of the sender is authentic. If you are unsure, contact us directly at +65 6202 1188 or e-mail [email protected].
Click on “Forgot User ID or Password” and follow the instructions to reset your login details.
Please call us at +65 6202 1188 or e-mail [email protected] if you require any clarification or assistance.
