This is concerning news about financial fraud targeting people through various platforms. Here’s a summary of the key points:
- At least S$32.6 million (US$24 million) has been lost to investment scams since January 2025, with approximately 470 cases reported
- Scammers approach victims through social media (Facebook, Instagram), messaging apps (Telegram, WhatsApp), and dating platforms (Coffee Meets Bagel)
- Common tactics include:
- Building rapport with victims before introducing “investment opportunities”
- Having victims open crypto exchange accounts and transfer money
- Showing small initial profits to encourage larger investments
- Using fake websites or apps that display false profit growth
- Creating fake ads with celebrity “endorsements” or impersonating news outlets
- Adding victims to group chats where other “investors” claim to have made profits
Many victims only realize they’ve been scammed when they can’t withdraw their supposed profits despite paying increasing “fees” or when the scammers suddenly disappear.
The Singapore Police Force recommends installing the ScamShield mobile app and calling the 24/7 ScamShield Helpline at 1799 to check for potential scams.
How to Avoid Investment Scams in Singapore
Here are effective methods to protect yourself from investment scams in Singapore:
Be Skeptical of Unsolicited Approaches
- Be wary of investment opportunities from strangers on social media, dating apps, or messaging platforms.
- Remember that legitimate financial advisors don’t typically approach strangers online.
Verify Investment Opportunities
- Check if the investment company is licensed by the Monetary Authority of Singapore (MAS) at eservices.mas.gov.sg
- Search the company name + “scam” online to see if others have reported issues.
- Verify the authenticity of any investment website by checking the URL carefully.
Watch for Red Flags
- Promises of high returns with little or no risk
- Pressure to invest quickly (“limited time offer”)
- Requests to transfer money to personal accounts
- Claims of “secret” or “exclusive” investment strategies
- Initial small profits to encourage more significant investments
Protect Your Information
- Never share your SingPass credentials.
- Don’t provide banking details, OTPs, or credit card information to investment “advisors.”
- Be careful with personal information that could be used for identity theft.
Use Official Resources
- Install the ScamShield app (developed by Singapore Police Force)
- Call the ScamShield Helpline at 1799 if you are suspicious
- Report potential scams to the Anti-Scam Centre at 1800-722-6688
- Visit scamalert.sg for updated information on current scams
Before Investing
- Seek a second opinion from a trusted financial advisor
- Research thoroughly – legitimate investments don’t need rushed decisions
- Start with small amounts if testing a new platform
- Understand precisely how an investment works before committing funds
Remember: If an investment opportunity sounds too good to be true, it probably is.
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