The Police would like to remind the public to remain vigilant against fake articles that use false information to promote cryptocurrency auto-trading programs.
Police have observed fake online articles featuring Senior Minister Tharman Shanmugaratnam (SM Tharman) purportedly endorsing algorithmic cryptocurrency auto-trading programs, such as Bitcoin System, claiming that such programs would generate massive profits. The online articles portrayed the investments as highly lucrative and almost risk-free. This endorsement has not been made by SM Tharman.
These online articles are usually paid online advertisements that act as “clickbait”. By clicking on a link within the article, one would eventually be brought to a different website, which would offer investments through the trading of cryptocurrency and/or other financial products. The website would request for the victim’s contact details and those who provide their details would usually receive a call from a ‘representative’ from the scheme.
Members of the public are strongly advised to exercise extreme caution and avoid providing any financial or personal information on the forms linked from the website. They are also encouraged to “Ask, Check and Confirm” before making any investment decisions:
- 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
Images 1 – 3: Screenshots of fake news article
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SINGAPORE POLICE FORCE
13 July 2022 @ 7:41 PM