News Summary: Police Warn of Variant of Investment Scam

Summary: Police warn against investment scams promoted via fake social media ads or posts claiming to be endorsed by Singapore political figures.

 

The Singapore Police Force (SPF) has issued a public advisory on 20 April 2025 to remain vigilant against a new variant of investment scam in Singapore. This type of investment fraud is propagated through fake social media advertisements or posts purportedly endorsed by Singapore Political Office Holders, including Prime Minister Lawrence Wong. Learn how to stay safe from investment scams with Scam.SG!

 

According to the 2024 Annual Scams and Cybercrime Brief, there were 6,814 investment scams in Singapore in 2024. Losses to these scams amounted to a whopping S$320.7 million, nearly half of the total losses to scams for the year. Investment scams in Singapore are dangerous and costly, costing an average of S$47,077 per case reported. It is important to know how to spot and avoid investment fraud to protect you and your loved ones. 

 

How This Variant Of Investment Scam Works

 

In this scam variant, victims would come across advertisements on social media platforms such as Facebook, promoting investments. These also included investments in cryptocurrencies. Additionally, the ads would also misrepresent that notable public figures, including Singapore Political Office Holders, were endorsing these “investment opportunities”. Some of the ads contained pictures of Singapore Prime Minister Lawrence Wong, while others contained pictures of other notable figures such as businessman Elon Musk.

 

Victims who clicked on the embedded links in the ads will be redirected to phishing websites to provide their contact information. Some of these websites may be spoofed to appear as legitimate websites. Subsequently, scammers will contact these victims via Voice Over Internet Protocol (VOIP) calls or messaging platforms, such as WhatsApp or Telegram, to provide more information on the purported “investment opportunities”. 

 

The scammers will then direct victims to fraudulent trading platforms, where they are prompted to provide their personal particulars, such as contact and credit card details, to register for an account. The scammers will then pose as staff from investment companies or brokers and contact the victims to guide them on the “investments”. Instructions will be provided to the victims on how they should transfer money to the scammer for their “investments”. 

 

Victims will also be requested to transfer increasingly large sums of “fees incurred” for the “investment”. However, the victims will realise that they have been scammed when they are unable to withdraw their “profits”. In other cases, the scammers will suddenly become uncontactable. 

 

How To Stay Safe Against Investment Scams

 

The SPF strongly advise Singaporeans to be cautious when responding to investment advertisements and to adopt the following precautionary measures: 

 

1. ADD

   
   Download the Scamshield app. Set security features on your messaging apps, such as disallowing unknown users from adding you to chat groups. Enable multi-factor authentication on your accounts, especially your internet banking account. Use the money lock function if possible to secure unused funds. 

 

2. CHECK

 

Check for scam signs with official sources or websites. Check the legitimacy of suspicious messages, phone call numbers and website links via the Scamshield app or visit the Scamshield website. If in doubt, call the Scamshield hotline at 1799 to check. Check the legitimacy of companies in Singapore with Scam.SG’s TrustScore. 

 

Verify the authenticity of an investment company by:

• Checking the legitimacy of the company with Scam.SG’s TrustScore

 

• Checking on the company, its owners, directors and management members to assess if the investment is genuine.

 

• Asking as many questions as needed to understand the investment opportunity. If the company is unable to answer or avoids answering, be wary. 

 

• Confirm the company’s and representative’s credentials by using available resources. These include the Financial Institutions Directory, Register of Representatives, and Investor Alert List on the MAS website. 

 

• Check that applications installed on your phone are legitimate by seeing if they are available for download on official app stores.

 

3. TELL

Report the scam to the relevant authorities, such as the police. Tell family and friends about these scams to keep them up to date and vigilant.  If your bank account has been compromised, report it to your bank through their anti-scam hotline. 

Screenshots of Examples of Fake Websites, Facebook Advertisements and Posts

 

 

All pictures are courtesy of the Singapore Police Force.

 

What are Investment Scams?

 

Investment scams are fraudulent schemes where scammers promise high returns with little to no risk, luring victims to put money into fake, illegal or non-existent investments. Such scams usually appear on social media or through unsolicited offers, as well as fake testimonials.

 

The 2024 Annual Scams and Cybercrime Brief reported 6,814 investment scams in Singapore, with losses totalling S$320.7 million—almost half of the year's total scam losses. These scams are both prevalent and expensive, averaging S$47,077 per case. Understanding how to identify and prevent investment fraud is crucial for safeguarding yourself and your family.

 

Learn how to spot and avoid investment scams in Singapore with Scam.SG. Understand the warning signs as well as prevention tips on how to stay safe. Discover the top 10 investment scam types in Singapore too, with Scam.SG!

What are Phishing Scams?

 

Phishing scams are fraudulent schemes with online scammers tricking victims into revealing sensitive information such as passwords or internet banking details by impersonating trusted sources. They may impersonate governmental officers or bank staff. 

 

In the scam variant above, the scammers make use of a spoofed phishing website to get victims to enter their personal details in the name of signing up for the investment opportunity. These websites can very closely mimic websites of official and trusted companies, such as banks. This can make victims let their guard down and unknowingly leak sensitive details. 

 

The 2024 Annual Scams and Cybercrime Brief reported phishing scams in Singapore caused losses of at least S$59.4 million in 2024. As a rising threat, understanding how to identify and prevent phishing scams is essential for protection.

 

Learn how to spot and avoid phishing scams in Singapore with Scam.SG. Understand warning signs and prevention tips to protect yourself. If you get scammed by a phishing scam, learn what to do if you gave your personal information to a phishing scam. 

Source: http://police.gov.sg/media-room/news/20250420_police_advisory_on_investment_scams