Recently, there has been a surge in fraudulent SMSs purportedly from leading securities firms. Scammers impersonate legitimate securities companies and send phishing messages to request clients to click on the embedded links to log into their accounts to update tax information as required by regulators or to verify certain issues with their accounts. As those fake websites looked very convincing, some people fell for the trap and input their account login details and passwords, which allowed the scammers to use their accounts for unauthorized transactions causing financial losses for the victims.
As soon as the victims click on the links embedded in fraudulent messages and input their details such as usernames and passwords, authentication details will be intercepted by scammers, who will then conduct unauthorised transactions via the victims’ accounts, such as selling the shares they held, buying penny stocks at inflated prices, or even buying on margin. Scammers have endless tricks up their sleeves, so we must stay vigilant. Here are 4 tips to protect ourselves against phishing plots:
- Stay alert to any SMS messages or emails purporting to be sent by securities companies. Always verify their authenticity carefully or check with the companies directly.
- Never click on any hyperlinks in suspicious SMS messages or emails.
- Do not disclose your account login information on any unverified websites.
- If you have disclosed your account details on unverified websites or notice any unauthorised transactions in your account, contact your securities company and report to the Police immediately.
If you are in doubt, call the Police’s Anti-Deception Coordination Centre hotline 18222 for help.
30 June 2025
