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Straits Times
20-05-2025
- Business
- Straits Times
Public urged to stay vigilant amid potential tariff-related scams: Police and CSA
Scammers may impersonate government officials from local and international agencies using fake domains to send phishing e-mails or messages. ST PHOTO: LIM YAOHUI SINGAPORE - Recent developments involving import tariffs may trigger a rise in scams targeting individuals and organisations in Singapore, said the police and the Cyber Security Agency of Singapore (CSA). In a joint advisory on May 20, the authorities noted reports from other countries indicating that cyber criminals are likely to exploit the uncertainty surrounding these changes to scam people. They urged the public and organisations to remain vigilant and take proactive measures to strengthen their online defences against such scams. President Donald Trump's April 2 decision to slap a 10 per cent tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies, caused stock markets to slump. However, the 90-day truce on the US-China tariff war announced on May 12 and the US-Britain trade deal have lowered anxiety levels on the health of global trade that powers Singapore's export-driven economy. On May 16, Deputy Prime Minister Gan Kim Yong reported progress on trade talks with the US. He said while a 10 per cent baseline tariff on Singapore remains non-negotiable, there is hope that the Republic will be spared from an upcoming sectoral levy on its pharmaceutical exports. The four potential scams linked to tariff-related developments include: 1. Fake investment opportunities Cyber criminals may promote bogus investment schemes or financial products, falsely claiming they offer profits from the effects of import tariffs. These scams are often framed as time-sensitive opportunities promising high returns with little to no risk, aiming to lure unsuspecting investors. 2. Business-related scams These criminals may target organisations involved in import and export operations, claiming to offer assistance in managing the tariff adjustments. They may provide fraudulent information, request for upfront payments or changes to payment details, or attempt to gain access to confidential business data by sending e-mails with attachments containing malware to the organisations. Once the malware is downloaded and the attachments are opened, the malware can compromise devices, potentially leading to data theft and system breaches. 3. Online shopping scams Fake online shops on existing shopping platforms or phishing sites impersonating legitimate online shops may be created by cyber criminals. They would claim to sell imported products at heavily discounted prices or prices that are raised prematurely, citing reasons linked to the upcoming increase in import tariffs. 4. Government officials impersonation scams Scammers may impersonate government officials from local and international agencies using fake domains to send phishing e-mails or messages. They may claim that you or your organisation are required to pay additional taxes or are eligible for tax refunds due to changes to tariff policies. The authorities said that government officials will never ask you to transfer money, disclose bank log-in details, install mobile apps from unofficial app stores or transfer your call to the police during a phone call. Members of the public and organisations are advised to verify the authenticity of advertisements, e-mails, calls and messages. They should also purchase from reputable sources, and stay informed about the latest phishing and impersonation tactics. If they come across suspicious tariff-related scams, they should report them to the police and the Singapore Cyber Emergency Response Team on 1800-255-0000, or online at Organisations should also establish a clear and accessible process for reporting of scams within the organisation, including protocols for verifying potential deepfake claims related to fund transfers. They can also conduct trainings for employees in finance, procurement, logistics and IT departments to help them recognise possible tariff-related scams. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Recorder
09-05-2025
- Business
- Business Recorder
Wall St range-bound as caution sets in ahead of US-China talks
Wall Street's main indexes seesawed on Friday, as investors parsed President Donald Trump's latest comments on U.S.-China tariffs ahead of a weekend of trade talks between the two superpowers. Trump said Beijing should open its market to the United States and that 80% tariffs on Chinese goods 'seems right.' The levies are currently at 145%. Representatives from U.S. and China are scheduled to meet in Switzerland over the weekend to discuss tariffs, with investors hoping the talks will salve a bruising trade war that has raised concerns over global economic growth and left markets, companies and the Federal Reserve in wait-and-watch mode. 'The tariff, whether it's 140% or 80%, the number sounds like a difference, but if there's still a tariff of 80%, most people are not going to buy stuff,' said Michael Matousek, head trader at U.S. Global Investors. Investors are likely de-risking their portfolios ahead of the meeting as it's unclear how long the trade talks could stretch on before any major outcome, Matousek added. On Thursday, Wall Street's main indexes closed higher as investors cheered a trade deal struck between Britain and the U.S. - the first of its kind since Trump paused his initial tariffs last month. Reuters reported India had offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from Trump's tariffs, according to sources. Wall St rises after US-Britain trade deal At 11:21 a.m. ET, the Dow Jones Industrial Average fell 127.16 points, or 0.31%, to 41,241.29, the S&P 500 lost 5.14 points, or 0.09%, to 5,658.80 and the Nasdaq Composite lost 2.84 points, or 0.02%, to 17,925.30. Energy, up 0.8%, led gains among the 11 S&P 500 sectors. Funds tracking consumer discretionary stocks outperformed in the week ended Wednesday, while financials were hit the most, according to data compiled by LSEG. Most megacap and growth stocks were lower on the day, but Tesla outperformed with a 5.6% rise. All three indexes are set for marginal declines this week, but are hovering near levels seen in late March, having recouped all the losses incurred in the aftermath of Trump's 'Liberation day' tariff announcement last month. Days after the Federal Reserve left interest rates unchanged, Fed policymakers pointed to increasing economic risks from Trump's tariffs, echoing comments from Chair Jerome Powell at the meeting earlier this week. With the peak of the earnings season behind, about 76% of S&P 500 companies have surpassed profit expectations. But many have withdrawn their annual forecasts citing an uncertain trade environment. Expedia slipped 7.7% after the online travel platform missed quarterly revenue estimates. Trade Desk shares jumped about 22% after the ad firm posted first-quarter revenue and profit above Wall Street estimates. Insulin delivery device maker Insulet jumped 18.5% after beating estimates for first-quarter profit on Thursday Advancing issues outnumbered decliners by a 1.54-to-1 ratio on the NYSE and by a 1.01-to-1 ratio on the Nasdaq. The S&P 500 posted 3 new 52-week highs and one new low while the Nasdaq Composite recorded 39 new highs and 58 new lows.
