Major bank issues Lunar New Year scam warning

As the Lunar New Year festivities draw near, banking giant HSBC has issued an important warning to its customers and the broader community: be on high alert for scams. 

The Lunar New Year, which falls on January 29 this year, is a period steeped in tradition. The giving of red packets (lai see) and the purchase of new items symbolise a fresh start. 

However, it’s also a prime time for fraudsters to take advantage of the increased activity and good cheer.

Scammers are becoming increasingly sophisticated, and their tactics can be convincing. They prey on the festive spirit, where the exchange of money and gifts is common, making it easier to camouflage their deceitful intentions. 

Here’s a closer look at the types of scams that tend to surge around the Lunar New Year and how you can protect yourself and your loved ones.

Online Travel Scams

The Lunar New Year often involves family reunions or vacations, leading many to book travel arrangements online. 

Scammers set up fake booking websites offering too-good-to-be-true deals on flights, hotels, and car rentals. These fraudulent sites may look professional and authentic, but they’re designed to steal your money and personal information. 

Always book through reputable travel agents or official company websites, and double-check any offers that seem unusually cheap.

Unfortunately, the Year of the Snake isn’t an exception when it comes to scams. Image Credit: Shutterstock

Phishing Emails and Text Messages

Phishing attempts spike during the holidays, with scammers sending emails and texts that appear to be from well-known companies, banks, or delivery services. These messages often promote special Lunar New Year deals and contain links to counterfeit websites aimed at harvesting your personal details. 

Remember, legitimate businesses will never ask for sensitive information via unsolicited messages. If in doubt, contact the company directly using verified contact details.

Online Marketplace Scams

Marketplaces are bustling with activity as people shop for decorations, clothing, and festive foods. 

Scammers exploit this by posting fake ads for attractive deals that lead to phishing sites or prompt you to download apps laced with malware. These scams are designed to steal your personal and financial information. 

Always verify the seller’s credibility and avoid clicking on suspicious links or QR codes.

Blessing Scam

On a more personal approach, scammers may pose as spiritual healers or fortune-tellers. They prey on individuals’ fears by convincing them that they or their families are cursed or will fall ill without a special blessing. 

Victims are coerced into handing over significant sums of cash, jewellery, or other valuables to pay for these fraudulent rituals. 

Be wary of unsolicited predictions of doom and never give money or valuables to strangers for supposed blessings or protection.

So how can you stay safe?

Even outside of festive occasions, scams (and scammers) can and will find ways to get victims. Here are some additional tips:

– Inform family members who may be more susceptible to scams, especially those involving traditions and superstitions. 

– Use secure payment methods when shopping online and avoid direct bank transfers to individuals or entities you don’t know. 

– Trust your instincts—if something feels off, it probably is.

If you suspect you’ve encountered a scam, report it immediately to the authorities and your bank. By staying vigilant and informed, we can all enjoy a safe and prosperous year ahead. 

Have you ever encountered a scam during festive periods? What happened? Tell us in the comments below!

Jarred Santos
Jarred Santos
Jarred has a keen interest in areas such as retirement, health, budget-friendly hacks, and practical advice that enhances everyday life. He's a passionate advocate for simplifying finances and finding smart solutions for modern living.

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