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Don't LIE: False declared salary to get higher credit limit (to buy crypto)


hegemony
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One should never falsify information on a credit application. 

 

Never Ever. 

 

Don't do it. 

 

However, if one was inclined to do such a thing to fuel a crypto gambling addiction, maxing out the card upon receipt then never making payments is going to ensure the lender verifies income to prove fraud.  There were so many fails in this story but the biggest was risking it all for a measly $9K additional cl.  

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Ok, not that lying on a credit app is ever a good idea, but there are a few pesky little details that make this case unique.

1. He didn't just lie, he submitted forged documents; and
2. Singapore.

I lie about my income all the time. Although the rule state you can use family income, I only use my income. And even then, I do not include all of my income.

In Singapore *everything* is a major crime. Littering, chewing gum, jay walking ... all will get you in trouble.

Hell, try that stunt in China and you are simply just erased from the planet. Cheating a bank out of or otherwise stealing just $0.01 is a death penalty offense and people get fried for it all the time. There are two somewhat recent cases of stealing money from a ban that resulted in execution.

One was a young man who had about $100 in his account and when he went to withdraw money from an ATM he withdrew about $90. He then stuck his card into the ATM machine and tried for another $90. Then he did it a third time successfully until the 4th time it failed. He was testing his theory that a certain bank was slow in posting transactions. He took the money home and spent it. Sayonara!

Then there was a bank IT employee who was developing his own algorithm for siphoning $0.01 off every account holder's account once a month. He would have netted $1m per month. The first month he did a test run on 1,000 accounts and earned $10. Before he could go into full production the following week, he was caught. Sayonara!

Fortunately, Singapore isn't that bad. He'd probably only get about 5 years in prison, 25 lashes and known as a scumbag felon for his whole life by everybody on the tiny island.

Play stupid games, win stupid prizes.


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