Monday, February 7, 2011
Pedestrian scam - is this real or fabricated?
Received this e-mail.
With so much foreign workers in Singapore (some from the villages - having spent a fortune to come and work here), many will try to make money from unsuspecting Singaporeans and the insurance companies.
Is this real or fabricated?
Hi my dear friends,
I am very much still in shock by an unscrupulous SCAM I encountered earlier today. Yes, I have seen similar cases on TV drama but having experience it first hand personally was horrifying.
This morning, on the way to Tiong Bahru Market along Seng Poh Road, as I was preparing to turn into the carpark, I heard a loud bang coming from the back of my car. I quickly pulled my car along the side and saw a young man, early thirties sitting on the side of the road. He was wearing a red polo tee, I believe bearing a constructing company name.
I was puzzled how the back of my car could hit anyone when I was driving not at a quick speed preparing to turn into the car park. Nevertheless, I asked the man if he was hurt, I saw a few scratches on his knee. He started screaming, rang his work reported he was in an accident and could not go to work. Fortunately, I saw a GP clinic behind us, I offered him to see the GP together, he refused and said he preferred to see a government clinic. I said to him, let’s see the GP first, if need to the GP will refer us to the hospital, he refused fiercely, I offered to call for an ambulance instead, I offered to ring his boss to explain what happened and said to him we should ring the police to make a report. He started screaming and asking me to compensate him with money instead. I was at wit’s end, I asked if he could let me have his identification so that I could ring the police. I am pretty sure he is from the mainland, with his heavily accented mandarin, he insisted he is a local but said he misplaced his IC. I told him, even more so we should report to the police that he lost his identification?
At that time, I was very much in shock, I felt bad and was tempted to give him money but was afraid he might go to the cop and reported that I gave him money to pacify him. In no time I went to the coffee shop behind us and begged anyone what I should do if he refused to see a doctor or refused help?
One elderly couple came up to me and said they witnessed everything, they saw him, hit my car and fell to the ground, they insisted that I should call the police to protect myself. Another man said to me it’s a scam and told me to leave him alone.
At that time, the man was still on the ground asking for money, I told him I can’t give him money and I have decided to call the cops, I told him it’s better we have everything documented in a report. He left very quickly and shouted I was heartless after hitting someone and said he was in the worst of luck to have met me.
Seriously I felt very bad, during a situation like this, I was totally embarrassed with a crowd around us! In any case I rang the police to make a report and was asked to go to the police station later to make a statement. (BTW, I’m using this as my report to the police later.)
I wrote this just so to let everyone know and beware of such a SCAM. In such a terrorizing event, keep calm and best to report immediately to alert the police. What is becoming of Singapore?
Pam
With so much foreign workers in Singapore (some from the villages - having spent a fortune to come and work here), many will try to make money from unsuspecting Singaporeans and the insurance companies.
Is this real or fabricated?
Hi my dear friends,
I am very much still in shock by an unscrupulous SCAM I encountered earlier today. Yes, I have seen similar cases on TV drama but having experience it first hand personally was horrifying.
This morning, on the way to Tiong Bahru Market along Seng Poh Road, as I was preparing to turn into the carpark, I heard a loud bang coming from the back of my car. I quickly pulled my car along the side and saw a young man, early thirties sitting on the side of the road. He was wearing a red polo tee, I believe bearing a constructing company name.
I was puzzled how the back of my car could hit anyone when I was driving not at a quick speed preparing to turn into the car park. Nevertheless, I asked the man if he was hurt, I saw a few scratches on his knee. He started screaming, rang his work reported he was in an accident and could not go to work. Fortunately, I saw a GP clinic behind us, I offered him to see the GP together, he refused and said he preferred to see a government clinic. I said to him, let’s see the GP first, if need to the GP will refer us to the hospital, he refused fiercely, I offered to call for an ambulance instead, I offered to ring his boss to explain what happened and said to him we should ring the police to make a report. He started screaming and asking me to compensate him with money instead. I was at wit’s end, I asked if he could let me have his identification so that I could ring the police. I am pretty sure he is from the mainland, with his heavily accented mandarin, he insisted he is a local but said he misplaced his IC. I told him, even more so we should report to the police that he lost his identification?
At that time, I was very much in shock, I felt bad and was tempted to give him money but was afraid he might go to the cop and reported that I gave him money to pacify him. In no time I went to the coffee shop behind us and begged anyone what I should do if he refused to see a doctor or refused help?
One elderly couple came up to me and said they witnessed everything, they saw him, hit my car and fell to the ground, they insisted that I should call the police to protect myself. Another man said to me it’s a scam and told me to leave him alone.
At that time, the man was still on the ground asking for money, I told him I can’t give him money and I have decided to call the cops, I told him it’s better we have everything documented in a report. He left very quickly and shouted I was heartless after hitting someone and said he was in the worst of luck to have met me.
Seriously I felt very bad, during a situation like this, I was totally embarrassed with a crowd around us! In any case I rang the police to make a report and was asked to go to the police station later to make a statement. (BTW, I’m using this as my report to the police later.)
I wrote this just so to let everyone know and beware of such a SCAM. In such a terrorizing event, keep calm and best to report immediately to alert the police. What is becoming of Singapore?
Pam
Family Life - (game restarted)
The Family Life game has restarted, after rectifying a problem with the server program. Please try the game and win one of 120 book prizes in the day.
Is life insurance good or bad?
Life insurance is inherently good. It allows people to pool the risk of premature death and to save for their future needs.
It becomes bad when insurance companies and agents takes away too much of the accumulated savings (i.e. as much as 50%) to pay for expenses and the cost of insurance and gives a poor deal to the consumer. The actual cost of insurance in most cases is less than 10%. It becomes worse, when the insurance agent tells lies and half truths to mislead the consumer into investing their hard earned savings in a poor yielding product.
In the old days (i.e. prior to this century), most life insurance companies and agents acted honorably and deliver fair value to the consumers. Today, the situation is quite bad, and it seemed that many products are designed to rip off the unsuspecting consumers.
I wish to educate consumers and the practitioners, so that the practitioners realize that they are not doing the right thing, and will change their practice and make life insurance a good product for the consumers.
Tan Kin Lian
It becomes bad when insurance companies and agents takes away too much of the accumulated savings (i.e. as much as 50%) to pay for expenses and the cost of insurance and gives a poor deal to the consumer. The actual cost of insurance in most cases is less than 10%. It becomes worse, when the insurance agent tells lies and half truths to mislead the consumer into investing their hard earned savings in a poor yielding product.
In the old days (i.e. prior to this century), most life insurance companies and agents acted honorably and deliver fair value to the consumers. Today, the situation is quite bad, and it seemed that many products are designed to rip off the unsuspecting consumers.
I wish to educate consumers and the practitioners, so that the practitioners realize that they are not doing the right thing, and will change their practice and make life insurance a good product for the consumers.
Tan Kin Lian
Track intrusions and suicides
Dear Mr. Tan,
I searched on other cases of wastage of public funds by the government. Here is what i found from the internet. I think the government should have spent the money building the half-height platform screen doors in a better manner.
It seems 'about 20 to 30 cases of track intrusions' are 'occurring for each of the past few years'. I wonder if anyone has statistics about how many track intrusions happened before the past few years?
Maybe the opposition parties can have an inquiry on the true number of suicides in Singapore, interview the coroners in Singapore. It seems there are so many so-called 'track intrusions' which are actually suicides or suicide attempts which have gone unnoticed by the average Singaporean.
Spa Victim
====================================================================
Date of Reply : 27/10/2010
Reply : Dear Sir/Madam,
Installing Half-Height Platform Screen Doors (HHPSD) at elevated stations eliminate system downtimes caused by accidental track intrusions. HHPSD are found to be the most reliable, proactive and cost effective way to reduce the overall levels of track intrusion and thus significantly increase passenger safety at the station platform.
Although there are warning signs to discourage track intrusions and there are also in-station announcements to remind passengers to stand behind the yellow line, there are still about 20 to 30 cases of track intrusions occurring for each of the past few years. These have caused train service disruptions and affected the travelling of other commuters. The provision of HHPSD will reduce significantly train service disruption caused by unintended track intrusion.
Land Transport Authority
I searched on other cases of wastage of public funds by the government. Here is what i found from the internet. I think the government should have spent the money building the half-height platform screen doors in a better manner.
It seems 'about 20 to 30 cases of track intrusions' are 'occurring for each of the past few years'. I wonder if anyone has statistics about how many track intrusions happened before the past few years?
Maybe the opposition parties can have an inquiry on the true number of suicides in Singapore, interview the coroners in Singapore. It seems there are so many so-called 'track intrusions' which are actually suicides or suicide attempts which have gone unnoticed by the average Singaporean.
Spa Victim
====================================================================
Date of Reply : 27/10/2010
Reply : Dear Sir/Madam,
Installing Half-Height Platform Screen Doors (HHPSD) at elevated stations eliminate system downtimes caused by accidental track intrusions. HHPSD are found to be the most reliable, proactive and cost effective way to reduce the overall levels of track intrusion and thus significantly increase passenger safety at the station platform.
Although there are warning signs to discourage track intrusions and there are also in-station announcements to remind passengers to stand behind the yellow line, there are still about 20 to 30 cases of track intrusions occurring for each of the past few years. These have caused train service disruptions and affected the travelling of other commuters. The provision of HHPSD will reduce significantly train service disruption caused by unintended track intrusion.
Land Transport Authority
High cost of motor repair
Dear Kin Lian,
I got involved recently in a minor accident with an SMRT taxi. It was my fault as I followed too closely from behind and bumped into the back light of the old taxi. The resulting damage was a hole in the plastic of a back light. I agreed to pay for the repair. I repaired my own car for $230.
SMRT wanted to charge me $1,635 for the damages to be repaired at their own workshop. I asked them to fix the repair at my nominated workshop but they refused. I felt that it was an extortion. I did not want to make an insurance claim as it would affect the NCD.
I called the Traffic Police, General Insurance Association of Singapore and CASE. None was willing to help. I called the Police as it was a case of blatant extortion and cheating. They advised me to engage a lawyer. Are there any other avenues that I can get help?
REPLY
It is a shame that a big company like SMRT can resort to this type of bad practice. It is also a shame that CASE does not wish to take up this case, as they do get a lot of funding from the government to do their work. I suggest that you offer a fair sum, say $500, to SMRT.
I also suggest that you write to the newspaper about your case.
I got involved recently in a minor accident with an SMRT taxi. It was my fault as I followed too closely from behind and bumped into the back light of the old taxi. The resulting damage was a hole in the plastic of a back light. I agreed to pay for the repair. I repaired my own car for $230.
SMRT wanted to charge me $1,635 for the damages to be repaired at their own workshop. I asked them to fix the repair at my nominated workshop but they refused. I felt that it was an extortion. I did not want to make an insurance claim as it would affect the NCD.
I called the Traffic Police, General Insurance Association of Singapore and CASE. None was willing to help. I called the Police as it was a case of blatant extortion and cheating. They advised me to engage a lawyer. Are there any other avenues that I can get help?
REPLY
It is a shame that a big company like SMRT can resort to this type of bad practice. It is also a shame that CASE does not wish to take up this case, as they do get a lot of funding from the government to do their work. I suggest that you offer a fair sum, say $500, to SMRT.
Growth fund vs STI ETF
Dear Mr Tan KL,
I would like to ask your advise on a good investment strategy for my CPF special account, since the money is for the long term. Is there a safer product that gives a better return than the 4-5%) offered by CPF? Would you consider NTUC Income's Gowth Fund as a good investment?
REPLY
The Growth Fund has an annual fee of about 1% p.a. and an upfront cost of about 3%. The STI ETF has an upfront fee of 0.3% and an annual fee of 0.3%. The risks of both funds are similar. Over a 20 year period, the STI ETF should be able to get a yield that is about 15% higher than the Growth Fund, based on similar risk profiles. It is better to choose the STI ETF than the growth fund.
If you do not wish to take the risk and uncertainty, it is better to leave your money in the special account as the interest rate is quite attractive.
I would like to ask your advise on a good investment strategy for my CPF special account, since the money is for the long term. Is there a safer product that gives a better return than the 4-5%) offered by CPF? Would you consider NTUC Income's Gowth Fund as a good investment?
REPLY
The Growth Fund has an annual fee of about 1% p.a. and an upfront cost of about 3%. The STI ETF has an upfront fee of 0.3% and an annual fee of 0.3%. The risks of both funds are similar. Over a 20 year period, the STI ETF should be able to get a yield that is about 15% higher than the Growth Fund, based on similar risk profiles. It is better to choose the STI ETF than the growth fund.
If you do not wish to take the risk and uncertainty, it is better to leave your money in the special account as the interest rate is quite attractive.
Lessons from Cairo
There is an interesting article in SGEP about the lessons that Singapore can learn from the events in Egypt.
Trading in Forex
Many people trade in foreign exchange. They buy or sell US dollar, Euro or Japanese yen. Many talks are being conducted, with high fees, to teach people how to trade in these currencies. But these novice traders are not aware about the risks, and the likelihood of losing in the long run, against the big institutions that trade against them and have the potential to manipulate the market. Read an article in SGEP called Forex Folly.
FISCA Talk on Structured Products
Many investors have lost a lot of money by investing in risky structured products. They did not know the risks and have been burnt. Others had the money stuck for several years at a miserable rate of return,. While they did not lose the principal. they have lost 10% to 20% in potential return that they could be earned from other investments of similar nature.
Financial institutions have started to launch new structured products. Do you know the good from the bad products? Do you want to be caught in the next round of bad products?
To avoid a risky or poor deal, you have to understand what are structured products, what to look out for and the risks to avoid.
FISCA has invited an expert on structured products, Paula Tan, to give a talk on 19 February 2011. An outline of the talk and register for the talk can be found at www.fisca.sg/events. You can also register for the talk at this website.
Do attend this talk and be wiser, and avoid a big potential loss in the future.
Tan Kin Lian
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