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DBS Bank called me to invest?

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abbby
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DBS Bank called me to invest?

Post by abbby » Fri, 05 Jul 2024 5:41 pm

Rather surprised been receiving their calls and emails. Really thinking it's spam cos they are using some Myanmar names...

But seems legit, i usually would think DBS is rather snobbish they won't bother asking people to invest , why suddenly calling normal customers to invest their money?
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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malcontent
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Re: DBS Bank called me to invest?

Post by malcontent » Fri, 05 Jul 2024 7:23 pm

abbby wrote:
Fri, 05 Jul 2024 5:41 pm
Rather surprised been receiving their calls and emails. Really thinking it's spam cos they are using some Myanmar names...

But seems legit, i usually would think DBS is rather snobbish they won't bother asking people to invest , why suddenly calling normal customers to invest their money?
Sales people bother because they earn a commission on any investments they sell you. Investments sold in this fashion carry hefty fees (often hidden) and are not in the best interests of the investor.

However, it could be worse — much of the investing public here carries high cash balances that earn next to nothing. It’s really sad.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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abbby
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Re: DBS Bank called me to invest?

Post by abbby » Sat, 06 Jul 2024 10:15 am

I thought DBS usually don't bother with cold calling tactics, even with their fixed deposit rates, they're one of the lowest.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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Re: DBS Bank called me to invest?

Post by bxagw » Sat, 06 Jul 2024 8:38 pm

abbby wrote:
Fri, 05 Jul 2024 5:41 pm
Rather surprised been receiving their calls and emails. Really thinking it's spam cos they are using some Myanmar names...

But seems legit, i usually would think DBS is rather snobbish they won't bother asking people to invest , why suddenly calling normal customers to invest their money?
I won't entertain nor disclose any information about myself over the phone to anyone. My friend lose her money for similar MO, but the caller was from another bank, they sounds legitimate. My friend and her friends gathered the money, deposited to that "bank", they produced some kind of paperworks complete with receipts etc. 6 months later my friend asking about her "investment", they demand upfront payment before they able to advise on the status. That's when I was informed and after some long communications with that person, I advised my friend to report this matter to police. True enough, it's a scam. The bank has no data on her "investment" at all. All receipts and paperworks fake, and there is nothing they can do to get the money back, they become parts of the statistics for victim of scamming.

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abbby
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Re: DBS Bank called me to invest?

Post by abbby » Sun, 07 Jul 2024 9:29 am

@bxagw and this is horrifying! Yes the best way is just to hang up..
Hope the scammers were caught in your friend's case.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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Re: DBS Bank called me to invest?

Post by bxagw » Sun, 07 Jul 2024 4:43 pm

Nope, no one arrested I believe, money gone and one of them lose his job in SG (he in the midst of changing employer from one to another - means cancel S Pass and getting another one from new employer. The new employer get the news about this police investigation and decided not to proceed with the hiring process), and they were part of the statistic now. A very expensive lesson for all of them, couple of them has since left SG (broke).

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Re: DBS Bank called me to invest?

Post by roslind.fong » Sun, 07 Jul 2024 5:32 pm

Ignore their calls.

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Re: DBS Bank called me to invest?

Post by smoulder » Mon, 08 Jul 2024 1:31 pm

abbby wrote:
Fri, 05 Jul 2024 5:41 pm
Rather surprised been receiving their calls and emails. Really thinking it's spam cos they are using some Myanmar names...

But seems legit, i usually would think DBS is rather snobbish they won't bother asking people to invest , why suddenly calling normal customers to invest their money?
Sounds like any of the following possibilities.

1. A non DBS person who is misusing DBS 's name to push some legitimate investment on you.

2. A DBS staffer who is misusing his access to a database which has your contact details listed and trying to push legitimate investments on to you for their own gain.

3. Scammer - the investment itself is bogus.

I would be super cautious about anyone getting hold of my contact details to sell me investment products. Too much of banking related fraud going on these days. As someone who's working in a bank on systems to safeguard against fraud, my radar is always on high alert.

bro75
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Re: DBS Bank called me to invest?

Post by bro75 » Mon, 08 Jul 2024 5:21 pm

DBS normally partners with Manulife in providing insurance and investment type policies. This may be one of their agents. I did get a call from them, and they are legit, but you still need to be careful. Because of the prevalence of scams, it is difficult to trust these types of calls.

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Re: DBS Bank called me to invest?

Post by malcontent » Mon, 08 Jul 2024 7:22 pm

I’ll just put it out there as a community service:

ILP (investment linked products) sold by insurance companies are typically among the very worst deals for the investing public.

By contrast:

ETF (exchange traded funds) when consisting of low cost, broadly diversified, passive equity portfolios, are typically among the very best deals for the investing public.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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