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Singapore Rip-off Instances Proceed to Climb
Regardless of widespread reporting, rip-off circumstances in Singapore proceed to rise. This disturbing development was highlighted in current information studies, and whole losses for the primary half of 2023 has already exceeded S$330 million.
Worryingly, rip-off victims have been trending youthful, not older. Younger adults aged 20 to 39 made up greater than half of all rip-off circumstances reported this 12 months. They principally fell sufferer to e-commerce scams, job scams and phishing scams – primarily carried out over digital messaging, social media platforms, e-commerce, telephone calls and SMSes.
The occurrences of on-line scams and cybercrimes are intensifying. There have been a complete of 24,525 circumstances within the first half of 2023, up from 14,481 circumstances in the identical interval in 2022 – a rise of 70%.
The police additionally highlighted the emergence of a brand new kind of Android malware rip-off, during which victims are tricked into downloading and putting in malicious software program which permits scammers to take management of their cellphones.
The victims’ financial institution accounts are drained of funds with out their information. Notably, one of these scams have been linked to seemingly innocuous provides for groceries and meals gadgets, together with mooncakes. A current report highlighted how mooncake consumers misplaced over S$300,000 this fashion.
Supply: Unsplash
What this may occasionally imply for you
Clearly, scammers are by no means going to cease searching for victims. They’re additionally continuously searching for new and tricker methods to defraud you of your cash. Regardless of the most effective efforts of the authorities, alarmingly giant sums proceed to be misplaced to scammers.
Thus, the onus is on customers like us to be further cautious and vigilant when coping with events on-line. This includes studying how scammers and their schemes function so we will higher spot a rip-off coming our manner.
You also needs to instil some helpful habits. For example, by no means obtain something from unknown or doubtful third events. Think about putting in a cybersecurity suite in your cell phone and units linked to the Web to assist intercept malware and different cyber assaults.
Moreover, make it a degree to solely transact on confirmed e-commerce platforms with sturdy shopper or fraud safety. That manner, you may have an added layer of safety when buying on-line.
Additionally, merely ignore any unsolicited immediate messages and social media invitations from strangers. This may weed out the overwhelming majority of such scams from reaching you.
Associated: The way to Keep away from Financial institution Scams in Singapore Utilizing a Safe Financial savings Account
Supply: Unsplash
Economists Reduce Development Expectations For Singapore
Non-public sector expectations for Singapore’s economic system have dimmed, with progress expectations revised to 1% for 2023. That is an considerable decline from the 1.4% projected earlier in June.
This gloomy sentiment was revealed after a survey by the Financial Authority of Singapore (MAS) involving 22 economists and analysts in whole. The principle cause cited for draw back threat was a slowdown within the exterior progress setting. China’s financial slowdown and continued inflationary pressures had been additionally identified as contributing elements.
The 1% progress estimate for Singapore’s economic system was according to the Ministry of Commerce and Business’s (MTI) forecast of 0.5% to 1.5% GDP progress for the 12 months.
Analysts polled by MAS count on the manufacturing sector to contract by as a lot as 4.4%, owing to weakened exterior demand. It is a a lot sharper decline than the 1.3% contraction predicted beforehand.
Whereas Singapore’s manufacturing sector – a key progress driver – had been in contraction for a couple of 12 months now, indicators of restoration have been noticed, together with smaller contractions lately.
Lastly, personal sector economists additionally count on inflation to stay elevated at 4.1% for the 12 months, with aid solely coming in 2024, the place inflation is predicted to reasonable to round 2.8%.
What this may occasionally imply for you
The mix of excessive inflation and sluggish GDP progress is undoubtedly worrisome for the common Singaporean. Now greater than ever, warning and nuance is suggested when contemplating selections that might have a big monetary influence.
If uncertain, it might be prudent to defer making any modifications till extra certainty prevails – except you may have the monetary assets to deal with any unintended fallout.
Associated: The way to Save on Meals Prices in Singapore Throughout Instances of Inflation
Supply: MorningStar
BlackRock and SGX Launch New Local weather Motion ETF
The Singapore Change (SGX) has teamed up with funding agency BlackRock to launch a brand new exchange-traded fund (ETF) centered on local weather motion.
The S$580 million fund – Singapore’s largest fairness ETF to this point – goals to spur sustainable investing by monitoring a number of corporations as they progress in direction of decreasing their carbon footprints.
In keeping with BlackRock, the businesses chosen for the ETF embrace the best-in-class corporations throughout the Asia-Pacific (excluding Japan) dedicated to decreasing carbon emissions. This, the funding home says, provides a reputable avenue for retail buyers to take part within the improvement of the worldwide low-carbon transition funding ecosystem.
The ETF, named – iShares MSCI Asia ex-Japan Local weather Motion ETF (ticker image: ICM) – is anchored by Prudential, one of many area’s largest asset house owners, and backed by a consortium of buyers together with Temasek and Singlife.
The fund is tradeable in USD and SGD. It has a complete expense ratio of 0.18%.
What this may occasionally imply for you
Right here’s your probability to extend your portfolio holdings with a climate-focused ETF to fulfil your sustainable investing objectives.
However earlier than you rush to subscribe, notice that at 0.18%, this ETF has fairly a expensive administration price. You might wish to wait some time to see if the fund’s efficiency justifies the expense ratio.
Associated: Environmental, Social, & Governance (ESG) Investing in Singapore: The What, Why and Hows Behind Sustainable Investing.
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Cowl picture supply: Unsplash
The article initially appeared on ValueChampion.
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