Investment Scams

Victims of investment scams usually came across “investment opportunities” through their own internet searches or via recommendations from online friends. Once they were duped or had been enticed by the false testimonies, they transferred funds to specified bank accounts or cryptocurrency wallets or made payments via their bank cards for their “investments”.

In some cases, the victims would receive initial small “profits” which led them to believe that their “investments” were genuine, enticing them to invest more money by transferring larger amounts of monies or cryptocurrencies to the scammers. The victims might also be deceived by the scammers’ use of “investment” websites or apps to display their “profits” and be convinced to invest more monies.

After larger amounts of monies or cryptocurrencies were transferred to the scammers for their “investment”, they would experience difficulties withdrawing their earnings from their “investments” and only then realise that they had been scammed.

At least S$204.5 million lost to scammers

Annual Scams and Cybercrime Brief 2023

Common signs of phony investments are:

Promises of high returns at low or no risk. Scams use lucrative promises to lure investors. The greater the promised returns, the higher the risks should be. It’s crucial to understand what you're investing in.
Involvement of pressure tactics. Scammers may use limited offers, timed gifts, or rebates to rush you into committing your money.
Unverified track record. Phony investment opportunities are often offered by individuals or organisations that are not located on MAS’s listing of registered financial institutions, representative and investor alert list.

Examples of Investment scams

How to stay safe

ADD:

Privacy settings to your messaging app to avoid being added into unknown chatgroups.
Security features such as 2 or multi-FA for banking apps, transaction limits on payment accounts (bank, PayNow and PayLah).
Money Lock to your bank accounts to further secure a portion of your savings.

CHECK:

Resources on the MAS website (i.e., Financial Institutions Directory, Register of Representatives, and Investor Alert List) on whether the company offering the investment opportunity is regulated by MAS.
With someone you trust about the offer.
Call the ScamShield Helpline (1799) to check if you are unsure.
Call the official hotline of the company to check if this investment product is legitimate.

TELL:

Warn friends and family about this scam encounter.
Report and block suspected scam accounts/chat groups.
Call your bank immediately and make a police report if you think you have fallen victim.

Learn more about investment scams

Don’t be enticed by investment deals using CPF savings

An investment scheme that promises quick and easy returns? It’s likely a scam

Why investment scams are on the rise and how you can protect yourself

Encountered this scam? Report it!

If you have transferred money to a scammer, please visit this page for a list of immediate actions: I've Been Scammed!

Help keep the community safe by reporting any instances of this scam you’ve seen or experienced with the ScamShield App.