Investment Scams Are Threatening People in Singapore

Since July, the Singapore Police Force (SPF) has received 897 reports of investment scams with victims losing more than $36 million.

Police said that most of these investment scams approach victims in two ways. The scammers either directly add potential victims into investment group or channels, or build trust with them through social media, chat Apps and dating platforms to introduce them to so-called investment opportunities.

In order to convince people that the investment opportunities are genuine and lucrative, the group and channels created by the scammers may pose as celebrities or famous companies. Other members of the group may also claim to have profited from the opportunity by showing screenshots of their earnings. Once the victims believe these 'profits' are genuine, they often initiate contact with the scammers. The criminals then seize this opportunity to request money and personal information.

After earning the victim's trust through online chats, scammers often recommend fake investment opportunities. To further deceive the victim, they may initially provide small returns, enticing the victim to invest more.

To enhance their credibility, scammers often create fake investment websites and applications that display fabricated 'profits' and 'balances' to deceive victims.

Either way, victims will eventually find themselves unable to withdraw their "profits" and may even pay more to the scammers for withdrawal until they disappear.