Imagine losing $500,000 of your bank savings within 2 hours.
How would you feel?
Our hearts really go out to the victims of the recent OCBC phishing scam!
And these faceless robberies will not cease. It is probably going to get more sinister as our reliance on technology increases.
Fraudsters seeks to capitalise on two human emotions: fear and greed. It was primarily the former that contributed to this public servant’s misfortune (thankfully, OCBC is making good the victims’ losses).
We are urged to be more vigilant when sharing our personal information with third parties.
This bank-related scams also reminds us of the importance of risk diversification.
And no, the art of diversification is not rocket science.
Here are a few simple suggestions to allocate your wealth:
1. Set aside just 6 months to a year’s worth of emergency cash fund.
2. Consider short-term fixed deposits to prepare for foreseeable big-ticket items. However, bear in mind that current interest rates are still meagre.
3. Consider long term savings through procuring whole life insurance and/or endowment plans. True, yields are on the decline and such products generally require long-term commitment. Nevertheless, life insurance still plays an essential role in risk management (and forced savings).
4. With discipline, clear purpose, sufficient time horizon and sensible allocation, work out an investment portfolio. There is a wide range of traditional and alternative options to cater for diverse needs.
Backed by a robust independent financial advisory (IFA) platform at Financial Alliance Pte Ltd, I have the privilege of sharing objective advice with many folks on the topic above.
Do not let the crooks have a field day on you.
Protect your wealth today.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
I spent 15 years of my career in multinational life and general insurers in both underwriting and claim management roles. This contributed to my deep and diverse industry experience, which will benefit my individual and corporate clients.
I am a proud representative consultant of Financial Alliance now, the largest independent financial advisory firm in Singapore.
Financial Alliance partners over 50 life/general insurers, 5 investment platforms, 71 asset management companies and 5 estate planning partners.
Be assured that you are in good hands, if you wish to embark on your risk management and financial planning journey with me.
