Singapore small businesses face unprecedented fraud risks. The first half of 2025 alone saw 6 phishing scams involving fake AXS websites totalling $17,000 and SAF impersonation scams totalling $408,000+ in losses. These numbers represent real businesses like yours that get caught off guard by increasingly sophisticated criminals.

Small businesses have become prime targets because scammers understand the challenges you face. Unlike large corporations with dedicated security teams, you’re juggling multiple responsibilities with limited resources to verify every transaction or communication. The pressure to make quick decisions to keep operations running smoothly creates vulnerabilities that fraudsters actively exploit.

At ANEXT Bank, we see ourselves as more than just your banking partner – we’re here to help your business thrive safely.

Three Scams Every Business Owner Must Know About

The Fake Bulk Order Trap

This scam starts with someone claiming to represent a government body or a large reputable organisation contacting your business with what appears to be a legitimate large order. The trap comes later when they request payment to their “suppliers” for additional items they claim not to carry.

At this point, look for key warning signs including unsolicited government bulk orders, requests to pay third parties on the customer’s behalf, and high-pressure tactics demanding immediate advance payments.

Legitimate government agencies and ANEXT Bank will never ask you to pay others on our behalf. So when in doubt, always verify through official channels before making any payments.

The Payment Website Deception

Scammers are creating increasingly sophisticated fake websites that perfectly mimic legitimate payment portals. These fraudulent sites appear in search results and immediately steal your card details the moment you enter them. A notable recent incident involved AXS, highlighting how convincing these fake sites can be.

To protect yourself, stay vigilant for red flags such as suspicious URLs or unsecured sites (look for “http” instead of “https”) that lack proper security certificates. The most effective protection is to bookmark the legitimate websites you use regularly and always verify URLs carefully before entering any payment information.

Remember, ANEXT Bank’s official website is https://anext.com.sg, and all official communications will only come from the domain anext.com.sg.

The Government Official Impersonation

This sophisticated approach involves video calls with scammers in fake uniforms, where they claim to investigate money laundering activities involving your business. They pressure victims to transfer money or download unofficial apps to “clear their name.”

Always remember that real government officials will never request money transfers, ask for banking details, or instruct you to download apps during phone calls. If you encounter this situation, hang up immediately and verify independently through official government channels.

Protect your small business from fraud

Running a business means wearing many hats, but protecting yourself from fraud should always be a priority. At ANEXT Bank, we’re constantly monitoring for suspicious activities on all ANEXT Business Accounts and continuously improving our security features to keep your operations safe.

If you suspect your ANEXT Business Account has been compromised, don’t panic. Temporarily suspend your account immediately, contact us to renew your login credentials, and report the incident to the relevant authorities. We’re here to support you through the process.

Remember, staying vigilant isn’t about being paranoid but about being smart. These scammers are counting on you being too busy or too trusting to double-check. Don’t give them that advantage. Learn more about how you can decode phishing scams here.