The Police would like to alert the public to remain vigilant against investment scams. Scammers approach victims through social media platforms, communications and dating applications that include Facebook, Instagram, Telegram, WhatsApp, Coffee Meets Bagel and Tan Tan. Subsequently, scammers would introduce “investment opportunities” such as cryptocurrencies, forex or stocks/shares. After victims deposited monies into these “lucrative investment opportunities”, they could not withdraw their monies. Since June 2023, at least 498 victims have fallen prey, with total losses amounting to at least $25.5 million.
In these cases, scammers took two approaches to scam victims:
Befriending Approach
For the befriending approach, scammers contacted victims through social media (e.g. Instagram or Facebook) or dating applications (e.g. Coffee Meets Bagel or Tan Tan). Scammers would build rapport with victims over time to gain their trust before introducing “investment opportunities”. By this juncture, victims were inclined to believe scammers and follow their instructions in conducting transactions under the pretext of their “investments”. Victims would generally receive small profits initially and believe their “investments” were genuine. They would also be deceived by scammers’ use of “investment” websites or applications to display their ‘profits’ and be convinced to invest larger and larger sums. Victims would only realise they had been scammed when they could not withdraw their ‘profits’ or could no longer contact the scammers.
Online Advertisements Approach
In this approach, victims had searched online for investment opportunities or came across investment advertisements on social media platforms (e.g. Instagram or Facebook). After clicking the advertisement links, they were led to communication applications (e.g. WhatsApp or Telegram) to contact the scammers. These scammers target victims who respond to their outreach and lure them to “invest in opportunities” with high returns in a short time. These claims are often accompanied by fraudulent testimonies. Sometimes, after clicking on advertisement links, victims were redirected to “investment” website and prompted to provide their personal particulars, such as contact details and card details to register for an account. Likewise, victims would only realise they had been scammed when they could not withdraw their ‘profits’ or could no longer contact the scammers.
In some cases, after the initial exchanges described above, victims would receive phone calls or messages from scammers posing as staff from investment companies or brokers. After expressing their interest in investing, victims would be instructed by scammers to download remote access software (e.g. AnyDesk) onto their digital devices to receive guidance on “investment” processes. Once the remote access software is installed, scammers can remotely access victims’ digital devices, such as computers or mobile phones and withdraw money from victim’s bank accounts.
At Least Four Victims were Deceived into Authorising CPF Withdrawals
In four cases involving CPF savings, scammers would instruct victims to login to Singpass and access their Central Provident Fund (CPF) accounts. Using remote access software, scammers were able to gain control of victims’ digital devices and either make CPF withdrawals or guide victims to do so through screen sharing. As CPF withdrawals can only be paid to a bank account verified to belong to CPF members, scammers will request victims to login into their bank accounts and instruct victims to transfer their withdrawn CPF monies to other bank accounts. In some instances, scammers may also change account passwords, add payees, or increase fund transfer limits during this scam.
Members of the public are strongly advised to be cautious when making investment decisions and to adopt the following precautionary measures:
- ADD - ScamShield App and security features (e.g. enable Two-Factor Authentication (2FA), Multifactor Authentication for banks and set up transaction limits for internet banking transactions). Never install software from unverified sources as they may be remote access software allowing others to observe what you do on your device or even take control of it. Additionally, you should never allow others to watch you enter your personal particulars, bank login details, or Singpass ID, passwords and 2FA details such as SMS-One-Time-Password and Singpass app passcode.
- CHECK - For scam signs with official sources or websites. Verify the authenticity of the information by:
- Asking as many questions as needed to understand investment opportunities fully. If the company is unable to answer or avoids answering any questions, be wary;
- Checking on the company, its owners, directors, and management members to assess if investment opportunities are genuine; and
- Confirming 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).
- TELL - Authorities, family, and friends about scams. Report any fraudulent transactions to your bank immediately!
If you have any information relating to such crimes or are in doubt, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. All information will be kept strictly confidential. If you require urgent Police assistance, please dial ‘999’.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Examples of Fraudulent Online Trading Platforms ▼
Examples of Advertisements on Facebook ▼
Conversation between Scammer and Victim ▼
Screenshot of the Remote Access Software – AnyDesk ▼
SINGAPORE POLICE FORCE
19 July 2023 @ 7:25 PM