May 24, 2009 Sunday
Updated

May 24, 2009
Why people fall prey to scams
Driven by greed
With judgment impaired, they let promises of windfall get the better of them, say experts
By Shuli Sudderuddin
Even though most people ignore the e-mail messages, phone calls and such that claim to bring them good fortune, the pay-offs for scammers are considerable.
'Royalty' from far-flung lands willing to part with their money. Phone calls congratulating you on winning the lottery. Offers of handsome commissions for doing next to nothing.

Outlandish as these may sound, there are always some people who get taken in by such scams.

The reason: The greed of the victims clouds their better judgment.

Just two weeks ago, for instance, nine members of a scam 'syndicate' were jailed by a Hong Kong court.

Together, they had tricked 12 victims worldwide into depositing HK$13.88 million (S$2.6 million) into 10 Hong Kong bank accounts.

One of their victims was a 27-year-old Singaporean fund manager.

Last year, the scammers called and told her she had won a HK$45 million lottery.

They told her that she would get the money after she paid up some 'advance fees' for administrative purposes.

Charmed by the prospect of a big payday, she willingly parted with more than S$300,000 before realising she had been had.

There are other variations of this trick.

Read the full story in The Sunday Times today.

shulis@sph.com.sg

Additional reporting by Lee Xin En

Is greed the reason people fall prey to scams? Have your say at straitstimes.com

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