Singapore: S$32.6M Lost in Investment Scams in Just Over a Month

Investment scams are on the rise in Singapore, with at least S$32.6 million lost since January across 470 reported cases, the police said on 11 Feb 2025. Scammers are using social media, messaging apps, and even dating platforms to lure victims into fraudulent investments.

How the Scam Works

1. Building Trust – Scammers approach victims on Facebook, Instagram, Telegram, WhatsApp, and dating apps like Coffee Meets Bagel. They engage in friendly chats to gain trust.
2. Fake Investment Opportunities – Once trust is established, scammers introduce fraudulent investment schemes, often involving cryptocurrencies.
3. Initial Profits as a Trap – Victims may receive small profits at first to encourage further investment.
4. Fake Trading Platforms – Victims are directed to fake websites or apps that show rising profits, prompting them to invest more.
5. Money Transfers & Disappearance – Victims are asked to transfer money to purchase crypto, which is then moved to scammer-controlled wallets. When they try to withdraw profits, they face unexpected fees or find the scammer has vanished.

Scam Tactics to Watch Out For

• Fake Investment Ads – Scammers use Facebook and Instagram ads with fake celebrity or political endorsements.
• Impersonating News Outlets – Some ads mimic Yahoo News or CNA to appear credible.
• Messaging App Scam Groups – Victims are added to Telegram or WhatsApp groups where scammers and fake “investors” share fake success stories.

How to Stay Safe

✅ Be Skeptical – If it sounds too good to be true, it probably is.
✅ Verify Investment Platforms – Always check if a company is licensed before investing.
✅ Avoid Unsolicited Investment Offers – Especially from social media or messaging apps.
✅ Use ScamShield – Install the ScamShield mobile app and call the ScamShield Helpline at 1799 if in doubt.

Protect your money! Stay vigilant and share this with your friends and family to prevent them from falling victim to these scams.

More reporting here.