Investment Scams on the Rise in Singapore
Singapore has seen a surge in investment scams, with at least S$32.6 million (US$24 million) lost since January and approximately 470 cases reported. The police are urging the public to remain vigilant as scammers target victims on various platforms, including Facebook, Instagram, Telegram, WhatsApp, and even the dating app Coffee Meets Bagel.
These scammers typically build rapport with their victims to gain their trust before introducing them to "investment opportunities," often involving cryptocurrencies. Victims are then persuaded to open accounts at crypto exchanges and transfer money to purchase cryptocurrencies.
The scammers then employ various tactics to trick victims into transferring their cryptocurrencies to fraudulent platforms or their own wallets. In some cases, they may initially provide small profits to entice victims to invest further. Additionally, they may use fake websites or applications displaying inflated profits to lure victims into investing larger sums.
The police emphasize the importance of remaining cautious and conducting thorough research before investing in any opportunity, especially those encountered online. They also advise against transferring funds or personal information to unknown individuals or entities.
8 Comments
ZmeeLove
“I feel like this text is designed to push people away from investing in innovation.”
BuggaBoom
“Kudos to the police for shining a light on these fraudulent practices. We all need to be cautious.”
Coccinella
“This should be shared widely. With so many scams on social media platforms, everyday users need to be on alert.”
Katchuka
“Is anyone fact-checking these numbers? It sounds like an attempt to demonize modern investment methods.”
BuggaBoom
“I really appreciate the detailed breakdown of scam tactics. It helps me know what red flags to watch for.”
Africa
“Great article. It points out exactly how scammers lure victims and why we must always be careful.”
Muchacho
“Great reminder to always do thorough research and never trust unsolicited investment ‘opportunities’.”
Donatello
“I think this is just another case of sensationalism aiming for clicks rather than educating the public.”