The Police would like to remind the public to remain vigilant against fake articles that used false information to promote cryptocurrency auto-trading programs.
Police have observed fake online articles featuring Prime Minister Lee Hsien Loong purportedly endorsing cryptocurrency auto-trading programs, such as BitIQ, claiming that it generated massive profits. The online articles portrayed the investments as highly lucrative.
These online articles are usually paid online advertisements that act as a “clickbait”. By clicking on a link within the article, one will eventually be brought to a different website, offering investments through the trading of cryptocurrency and/or other financial products. Those who provided contact details on the website would usually receive a call from a ‘representative’ from the scheme.
Members of the public are strongly advised to be cautious when making investment decisions and are reminded to always Ask, Check and Confirm:
- ASK
ASK as many questions as needed to fully understand the investment opportunity. If the company is unable to answer or avoids answering any questions, be wary.
- CHECK
CHECK on the company, its owners, directors and management members to assess if the investment opportunity is genuine.
- CONFIRM
CONFIRM before investing, the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. Together, we can help stop scams and prevent our loved ones from falling prey to scams.
Annex A
Screenshot of fake news article
SINGAPORE POLICE FORCE
03 June 2022 @ 12:25 PM