As of December 2021
Largest amount lost by an individual
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
Many online trading platforms that offer binary options are fraudulent.
Be wary of people offering investment returns that are unreasonably high.
Look out for unfamiliar platforms or entities based outside of Singapore.
How to stay safe
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.
Investment Scam: Real Stories
08 Jan 2023 | Investment Scam
Met this guy from cmb and he ask to change to whatsapp and telling you he very sincere to know you. Then will do a video record of him delete cmb app. He will chat and take photo of his food etc, call…...
07 Jan 2023 | Investment Scam
Using dating app, Li, he looks real in looking for relationships then after moving our conversation to whatapp chat. After chatting for days, he started to tell what he working as and there where the…...
20 Dec 2022 | Investment Scam
Came across a fake CNA article on investment opportunity promoted by Jet Li utilising AI promising good returns and low investment amount of USD250 dollars. Signed up at immediate edge link that directs…...