Scam Details

Investment Scam

As of December 2022

3108

victims

Have fallen prey to scammers

S$$198.3

million

Total amount lost to scammers

WHAT IS AN INVESTMENT SCAM?

You receive a message from someone claiming to be stockbrokers or bank or financial company employees on social networking sites like Facebook, WeChat or Line. They ask you to share personal details like NRIC and passport numbers for an investment form. You are then asked to transfer money to banks in Hong Kong and China, pay hefty administrative and security fees, and taxes in order to receive the profits and returns.

You may also receive phone calls from people claiming to be from the Hong Kong Monetary Authority or Hong Kong Overseas Control Centre, asking for a deposit before profits can be released.

In other cases, you may be asked by an online friend to invest in cryptocurrencies, which are highly volatile and unregulated in Singapore.

Look out for these scam signs

Binary options

Many online trading platforms that offer binary options are fraudulent.

High returns

Be wary of people offering investment returns that are unreasonably high.

Unfamiliar entities

Look out for unfamiliar platforms or entities based outside of Singapore.

How to stay safe

Always check with a licensed financial advisor before making any investments, or do a thorough check on the company and its representatives using resources such as the Financial Institution's Directory, Register or Representatives, and Investor Alert List, which can be found on the MAS website (www.mas.gov.sg).

When investing, always understand what you're investing in. High returns come with high risks.

Please note that when dealing with unregulated entities, you will have little recourse if things go wrong. If an entity is based outside of Singapore, check if it is regulated with the respective overseas authority.

Never provide your name, identification number, passport details, contact details, bank account or credit card details to anyone you do not know well.

Be wary of befriending strangers on social media platforms who promises to make you rich.

Investment Scam: Real Stories

View all

30 Sep 2023 | Investment Scam

I lost over $4k to an Investment scam

Met a guy named Hong Sheng, aged 33, on Bumble. He claimed to have worked in Singapore for six years with a cybersecurity company. We connected on Telegram and conversed for over a week. He mentioned…...

14 Sep 2023 | Investment Scam

Beware of scammers online

I met Michael on CMB; his username was "micheal." He claimed to be a cybersecurity consultant, working from home and renting a condominium in Bukit Timah, driving a Honda HRV. After a day of messaging…...

26 Aug 2023 | Investment Scam

Scammer turned aggressive when I didn't want to do what he said

I matched with Phang Jun Hao on the OKC dating app. We chatted before moving to Telegram. He claimed to be Malaysian, staying at Hillion Residences in Singapore, and working as a Marketing/Sales Manager…...

GET SCAM-RELATED ADVICE: CALL 1800-722-6688 (Mon-Fri 9am-5pm, excl. PH)

GET SCAM-RELATED ADVICE:
CALL 1800-722-6688
(Mon-Fri 9am-5pm, excl. PH)

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Find out more at scamshield.org.sg.