Mai tio scammed: Beware of fake ads claiming to be endorsed by PM Wong, public figures
Seen these advertisements on social media? They are investment scams.
The police have advised members of the public to remain vigilant against such scams, which are propagated through fake ads or posts purportedly endorsed by Singapore politicians.
In this scam variant, victims would come across investment ads or posts on social media platforms, including investments into cryptocurrencies.
The content would misrepresent that notable public figures, including local politicians, had endorsed these 'investment opportunities'.
Victims who clicked on the embedded links were redirected to phishing websites to provide their contact information.
Subsequently, scammers would contact the victims via Voice Over Internet Protocol (VOIP) calls or messaging platforms such as WhatsApp or Telegram to provide more information about the purported opportunities.
The victims would be directed to fraudulent trading platforms and prompted to provide their personal particulars, such as contact and credit card details, to register for an account.
The victims would then receive phone calls or messages from scammers posing as staff from investment companies or brokers. They would be guided on the 'investments', with instructions from scammers on how to transfer monies.
Most victims would realise that they have been scammed when they are unable to withdraw their 'profits' despite transferring increasingly large sums of 'fees incurred' for the 'investment'. In other cases, scammers became uncontactable.
Members of the public should be cautious when responding to investment advertisements and to adopt the following precautionary measures:
1. ADD: Scamshield and set security features (e.g. activate the privacy function on your device which disallows unknown users from adding you into chatgroups).
2. CHECK: for scam signs with official sources or websites. You can check the legitimacy of suspicious messages, phone numbers and website links via the ScamShield app or visit the ScamShield website at www.scamshield.gov.sg. Verify the authenticity of the investment company by:
- Asking as many questions as needed to understand the investment opportunities. If the company is unable to answer or avoids answering any questions, be wary;
- Checking on the company, its owners, directors, and management members to assess if the investment opportunities are genuine; and
- Confirming the company's and representatives' credentials by using available resources, including the Financial Institutions Directory, Register of Representatives, and Investor Alert List on the MAS' website (www.mas.gov.sg).
- Checking that applications installed on your phone are legitimate by seeing if they are available on official application stores.
3. TELL: authorities, family, and friends about scams. Report any fraudulent transactions to your bank immediately.
If you are in doubt, call the 24/7 ScamShield Helpline at 1799. For more information on scams, visit www.scamshield.gov.sg.
