Investment scams in Singapore have resulted in a loss of at least S$36.2 million since January 2025, with around 470 cases reported, according to the Singapore Police Force (SPF). Victims are commonly targeted through various platforms, including social media, messaging apps, and dating apps like Facebook, Instagram, Telegram, WhatsApp, and Coffee Meets Bagel.
Authorities cautioned the public to stay alert and take precautions against falling for these scams. Scammers typically build a relationship with victims before introducing fake investment opportunities involving cryptocurrencies. Victims are then persuaded to transfer money or cryptocurrencies to fraudulent platforms or personal wallets of the scammers.
Some victims receive initial small payouts, encouraging them to invest more. Fake websites or applications displaying exaggerated profits entice victims to invest larger amounts. Scam advertisements often impersonate reputable news outlets or claim endorsements from political figures or celebrities, leading victims to contact the scammers directly.
The Protection from Scams Bill, passed in Parliament on January 7, 2025, allows the police to issue restriction orders to banks to block transactions suspected of being linked to scammers. To protect themselves, individuals should enable privacy settings, verify the authenticity of investment companies, and inform authorities if they encounter scams.
For more information on protecting against investment scams in Singapore, individuals can contact the ScamShield Helpline at 1799. Stay cautious and informed to avoid falling victim to these fraudulent schemes.
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