Educating Consumers to Beware of Bogus Investment Opportunities and Scams
MoneySENSE New Initiatives for Students
Cold calls, emails and bogus internet websites are common techniques
used by unregulated persons to solicit business for bogus investments.
There have also been isolated cases of fraudulent letters and emails
containing MAS' name, logo and letterhead requesting recipients for
personal information or to transfer funds to a particular party or account.
MoneySENSE issued three consumer alerts to advise consumers to
exercise caution when they receive offers that seem too good to be
true. MoneySENSE also informed consumers of how some common
scams work and provided tips on how consumers can protect
themselves from falling prey to scams. These alerts are available at
Recognising the importance of starting financial education from young,
MoneySENSE worked closely with the Ministry of Education and other
partners to introduce several new initiatives for students. These included:
- partnering the Association of Banks in Singapore (ABS) to launch
an interactive skit "Saving - the Sensible Habit" for primary school
- collaborating with the Central Provident Fund Board (CPF) and the
Institute of Technical Education (ITE) to organise a programme for
ITE students; and
- working with Polytechnics to recognise youths who have taken a
sensible approach to managing their money.
In addition, MoneySENSE continued to hold programmes for various
segments of the population. Since its launch in October 2003,
MoneySENSE has published more than 170 educational articles in the
media, organised talks, seminars and workshops that have attracted
over 31,000 participants as well as issued 25 consumer guides with
a total circulation exceeding 2.2 million. Many of these achievements
would not have been possible without the strong support and
commitment from the MoneySENSE Financial Education Steering
Committee, industry associations, community bodies and the media.