At least S$32.6 million has been lost to investment scams in Singapore since January
470 cases of investment scams have been reported in the same period
AT LEAST S$32.6 million has been lost to investment scams in Singapore since January, with 470 cases reported, the police said on Tuesday (Feb 11).
With investment-related scams, the perpetrators typically approach victims through social media, communications or dating apps including Facebook, WhatsApp and Coffee Meets Bagel.
After building rapport with their victims, they introduce investment opportunities that often involve cryptocurrencies.
Victims are then deceived into transferring money to fraudulent cryptocurrency trading platforms or the scammer’s wallets.
In some cases, victims receive small payouts that entice them into transferring larger amounts.
Scammers also advertise investment services through social media, with purported endorsement from political figures or celebrities.
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According to a previous update on Nov 18, 2024, the police said that at least 498 people have lost a total of no less than S$25.5 million to investment scams since June 2024.
On Feb 9, the police announced that more than S$1.3 million was seized and 46 people arrested following an operation in January. This operation targeted two types of scams that resulted in higher losses – investments and impersonation of government officials.
The public is encouraged to activate safety features on apps, including privacy-related ones, and to check the legitimacy of messages or website links through the Scamshield app, website or hotline.
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