At least S$36.2 million has been lost to investment scams in Singapore since January 2025, with approximately 470 cases documented, according to the Singapore Police Force (SPF).
Most victims were typically targeted through social media, messaging platforms, and dating apps, including Facebook, Instagram, Telegram, WhatsApp, and even Coffee Meets Bagel.
In a report from the Straits Times yesterday (February 11), the authorities have urged the public to stay vigilant and take precautionary measures to safeguard themselves from these scams.
Here’s how these scammers lure their victims in and what you should take note of.
Behind the scam, how victims are “trapped”
Scammers often begin by building rapport with victims before introducing “investment opportunities,” which may sometimes involve cryptocurrencies.
Victims are then tricked into transferring money and cryptocurrencies to fraudulent trading platforms or the scammer’s personal wallets.
Some victims would initially receive small payouts, deceiving them to continue investing.
Fake websites or applications displaying exaggerated profits would also lure victims into investing larger sums, the police said.
In some cases, victims are targeted by investment advertisements on social media, claiming endorsements from political figures or celebrities. Clicking on these ads will lead them to messaging platforms, where they contact the scammers directly.
Other victims are redirected to fraudulent trading platforms and asked to provide personal details. They then receive calls or messages from scammers pretending to be staff members of investment companies or brokers.
Separately, scammers have also gained some victims by adding them to chat groups or channels.
These groups often claim associations with famous individuals or reputable companies to make the investment appear legitimate. In some cases, “members” of the group may even claim to have profited from the investment, reinforcing the scam.
Key measures & safety tips
To protect scam victims, the Protection from Scams Bill was passed in Parliament on January 7, 2025.
The bill grants the police the ability to issue restriction orders to banks, allowing them to block an individual’s banking transactions if they are suspected of channeling money to scammers.
According to SPF, this measure will enable them to better protect targets of ongoing scams who refuse to believe they are being scammed.
Suspected victims will be restricted from using ATMs, credit services, and PayNow, as well as making in-person, over-the-counter, and money transfer transactions.
To protect yourself from these investment scams, it’s also important to remain cautious and take necessary precautions when making investment decisions. The police have advised the public to:
- Enable privacy settings that prevent unknown users from adding them to group chats;
- Verify the authenticity of the investment company and check for signs of a scam using official sources or websites; and
- Inform the authorities, as well as family and friends, if or when they encounter scams.
Members of the public can also reach out to the ScamShield Helpline at 1799 if they are in doubt.
- Read more articles we’ve written about Singaporean businesses here.
Feature Image Credit: Shutterstock
