As of December 2022
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
26 Feb 2024 | Investment Scam
I received a message on Telegram from an unknown person named 9 Emilia Schmide, asking if I would like to earn 6% dollars a day with just a $50 capital. They instructed me to inquire further by asking…...
24 Feb 2024 | Investment Scam
I was added to an unknown Telegram investment group promising very good returns. Many members claimed to have won in the group. Initially, I didn't trust them, so I tried to contact those who claimed…...
21 Feb 2024 | Investment Scam
My friend saw a post online regarding Sharon Au quarreling with Jean Danker on 'R U OK' due to an investment job. She forwarded me the link, and upon opening it, I found it to be a CNA article (it appeared…...