At least $25.5 million lost to investment scams since June

At least 498 people have lost no less than $25.5 million to investment scams since June this year.

The police said on Wednesday that the victims were duped into parting with their money for “investments” in cryptocurrencies and stocks among others.

They had been approached by scammers through various channels, including social media platforms like Facebook and Instagram, communications apps Telegram and WhatsApp, as well as dating apps such as Coffee Meets Bagel and Tan Tan.

These scammers adopted two approaches – befriending or online advertisements – the police added.

For the first approach, the scammers would tap on social media or dating apps to contact victims.

They would first build rapport before introducing “investment opportunities”, which the victims were inclined to believe, following their instructions in making transactions.

To convince them that their “investments” were legitimate, the victims would receive small profits initially.

The scammers would also use websites or apps to display the victims’ supposed profits, convincing them to invest more.

However, they would realise they were duped only when they could not withdraw their “profits” or contact the scammers.

In the second approach, the victims either searched online for investment opportunities or came across advertisements on social media.

After clicking the links, they were redirected to messaging apps to contact the scammers, who would then lure them with promises of high returns, often backed by false testimonials.

In some cases, the victims were redirected to a fraudulent investment website, where they had to register with their personal particulars.

Similarly, they realised that they were victims of scams only when they were unable to withdraw their supposed profits or contact the scammers.

In other instances, victims would receive phone calls or messages from the scammers posing as staff from investment companies or brokers.

Once they showed interest in investing, they were then told to download remote access software to their devices, on the pretext that they would receive guidance on investments.

However, it gave backdoor access to scammers, who could then remotely access their victims’ devices and withdraw money from their bank accounts.

The police added that at least four victims were scammed into authorising withdrawals from their Central Provident Fund (CPF) accounts.

The scammers had instructed the victims to log into their Singpass and access their CPF, and made use of remote access software to control their devices.

Upon doing so, they would either make CPF withdrawals or guide victims to do so by sharing screens.

“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,” the police said, adding that the scammers gave instructions to transfer the withdrawn money to other bank accounts.

The scammers also sometimes changed account passwords, added payees, or increased fund transfer limits.

Urging members of the public to exercise caution when making investment decisions, the police said to verify the authenticity of such opportunities.

This includes checking the details of companies to assess if they are genuine, as well as confirming credentials by using resources such as the Investor Alert List on the Monetary Authority of Singapore’s website.

For more information on scams, visit www.scamalert.sg or call the anti-scam hotline on 1800-722-6688.