Investment Opportunities Endorsed by Celebrities? Singapore Police Warns Public to Beware of Investment Scams

The Singapore Police Force (SPF) is reminding the public to beware of investment scams. Some investment scams are promoted through fake social media advertisements and also claim to be endorsed by Singapore Political Office Holders.

Victims usually see cryptocurrency investment advertisements from scammers on social media platforms such as Facebook. These advertisements usually claim to offer “investment opportunities” endorsed by public figures including Singapore Political Office Holders.

The links attached to the advertisements lead victims to phishing links that ask for their contact information. The scammers then contact the victims via VoIP or WhatsApp and Telegram to provide them with more details about the “investment”.

The scammers persuade victims to invest in fake trading platforms and ask for sensitive information such as credit card details under the pretext of registering for an account.

The fraudsters contacted victims posing as staff from investment firms or brokers, leading them to invest or transfer money for their investments.

Although victims send the scammers more and more money for “investments,” they eventually find themselves unable to withdraw their profits. In some cases, the scammers disconnect.

The Singapore Police Force has displayed screenshots of some of the false advertisements and postings on its official announcement for people's reference to avoid becoming victims of investment scams.

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