Scammers Lure Singaporeans with Investment Hoaxes, Stealing $36 Million in Two Months

VICTIMS LOSE $36M IN TWO MONTHS TO CONMN ON SOCIAL MEDIA TOUTING INVESTMENT SCAMS

As of August 14, the police reported that in less than two months since July, victims have lost at least $36 million to fraudulent conmen advertising investment scams on social media platforms and chat groups.

There were 897 cases of such investment fraud where victims fell prey to offers of profitable opportunities by scammers who preted to be influential figures or reputable entities. These scammers would first add their victims into chat groups like Telegram, posing as famous personalities or legitimate firms in an attempt to deceive the public.

In this scheme, unidentified individuals within these groups would clm to have successfully profited from similar investments and share fabricated screenshots of gns, inting to convince potential victims that the offers were genuine.

When approached directly by their targets, scammers would also lure them into investment opportunities by promising high returns. Once convinced, victims would provide personal detls such as bank account numbers, names, phone numbers, and initiate money transfers to specific bank and PayNow accounts set up by the scammers.

In some cases, fake websites or applications were used to display seemingly profitable growth of funds, further convincing investors that they could trust in these fraudulent schemes. Upon realizing they had fallen prey to the scam, victims would find themselves unable to withdraw their purported profits despite having already made significant investments.

Moreover, the scammers would later become unresponsive, leaving victims with no means of contacting them for a refund or clarification on the legitimacy of the investment opportunities.

To avoid becoming victims of such scams, it is crucial that individuals:

Add - Set up security features like disallowing unknown users from joining chat groups, enabling transaction limits for internet banking transactions, and utilizing two-factor authentication.

Check - It's important to know who you're dealing with. Legitimate companies would not invite investors into a group chat to sell opportunities. Scrutinize the business' credentials such as its owners, directors, management, and research existing resources avlable to confirm their authenticity.

Tell - Inform family members or fris about these scams and report fraudulent transactions immediately to your bank.

If you suspect any fraudulent activities or have concerns about investment offers, contact the police hotline at 1800-255-0000. More information on scam alerts can be found through www.scamalert.sg or by reaching out to the Anti-Scam Helpline.

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