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Elderly woman loses $20k after being duped into risky investment by bank employee
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Fidrec helps the public resolve disputes with financial institutions in Singapore.
PHOTO: SHIN MIN DAILY NEWS
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Singapore’s banks generally toe the regulatory line, but as the case of an elderly woman customer duped into a risky investment shows, you always need to be vigilant when your money is involved.
The 75-year-old woman wanted to put $100,000 in a fixed deposit account, but she was served by a dishonest bank employee who misled her into buying a risky investment product that eventually cost her $20,000.
