Investment Scams
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
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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.
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Pressure Tactics. Scammers may use limited offers, timed gifts, or rebates to rush you into committing your money.
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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.
How to stay safe
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ADD: privacy settings to your messaging apps to only allow your contacts to add you to chat groups and avoid scammers luring you into such fake opportunities. Be wary of investment opportunities posted on social media platforms. Set security features such as 2FA for banking apps. Set transaction limits on internet banking transactions, including PayNow and PayLah. Money Lock for your bank accounts.
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CHECK: if the entities you are dealing with are regulated using the following resources on the MAS Website: (i) Financial Institutions Directory, (ii) Register of Representatives, and (iii) Investor Alert List. Dealing with an unregulated company or agent means giving up protections under the law.
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TELL: Report to the authorities and block the communication chatgroup and/or social media posting/advertisement to the platform’s administrators.
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.