SINGAPORE: Beware of investment scams, some involving cryptocurrencies, circulated through social media ads or posts seemingly endorsed by Singapore politicians this General Election season.
Singaporeans will go to the polls on May 3.
In a statement on April 20, the police said internet users may come across advertisements or social media posts promoting investments.
These ads or posts would misrepresent that notable authorities such as Singapore political office holders would have endorsed these investment opportunities.
Those who click on these ads will be directed to phishing websites which will ask for their contact information, allowing scammers to contact them and share more information about said investment opportunities.
Would-be victims may be further directed to fraudulent trading platforms, where personal information including credit card details is collected to register for an account.
Scammers may pose as employees of investment companies or brokers, and guide their victims to transfer funds for the bogus investments.
After making these transactions, victims of these scams would realise they had been duped only when they are unable to withdraw their “profits” or when the scammer becomes uncontactable.
Prime Minister Lawrence Wong in March warned the public to avoid falling for scams using deepfakes of his likeness to promote investments or permanent residence application services.
The image of Leader of the Opposition and Workers’ Party chief Pritam Singh has also been used in such scams.
The police recommended those in doubt about online ads or social media posts to call the 24/7 ScamShield helpline at 1799 to check on the veracity of any online posts. - The Straits Times/ANN
