$36 Million Lost in Under Two Months to Online Investment Scams

SINGAPORE — In a shocking development, victims have collectively lost at least $36 million to conmen promoting investment scams across chat groups and social media platforms in less than two months, according to police reports.

On August 14, authorities disclosed that there had been 897 reported cases of investment scams since July, where victims were lured into investing money that ultimately vanished into fraudulent schemes.

Scam Methods
The scammers employed two primary tactics to ensnare their victims. The first method involved adding individuals to chat groups or communication channels, while the second method involved befriending victims on various social media platforms.

In the chat group approach, victims were added to platforms like Telegram, where scammers impersonated celebrities or reputable companies. These unidentified individuals would claim to have made significant profits from their investments, sharing convincing screenshots to lure victims into believing the opportunities were legitimate and profitable.

Once victims expressed interest, they were offered various investment plans and asked to provide personal details such as bank account numbers, names, and phone numbers. They were then instructed to transfer money to specific bank and PayNow accounts. Some scammers also created fake investment websites or apps that displayed fabricated profits, adding an extra layer of deception.

The second approach involved scammers reaching out to victims through social media platforms like Facebook and WhatsApp, as well as dating apps like Coffee Meets Bagel. After establishing a rapport and gaining the victims’ trust, scammers would present enticing investment opportunities. Victims often received initial profits, which led them to invest larger sums, only to discover later that they had been conned when they could not withdraw their funds and the scammers became unreachable.

Protecting Yourself from Scams
To help the public avoid falling victim to similar scams, the police recommend several precautionary measures:

ADD: Enable security features that prevent unknown users from adding you to chat groups, set transaction limits for online banking, and use two-factor authentication.

CHECK: Be wary of any legitimate investment company that adds you to a group chat to promote investment opportunities. Always verify the authenticity of information, ask numerous questions, and assess the legitimacy of the company and its representatives through resources like the Financial Institutions Directory.

TELL: Inform authorities, family, and friends about scams and report any suspicious transactions to your bank immediately.

For those with information about these scams or who have questions, the police hotline can be reached at 1800-255-0000, or they can submit information online through the i-Witness portal. More resources and information about scams are available at www.scamalert.sg or by calling the Anti-Scam Helpline.