BEWARE of investment scams, some involving cryptocurrencies, circulated through social media advertisements 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 investment ads or social media posts that misrepresent notable authorities such as Singapore political office holders to have endorsed these opportunities.
Those who click on these ads will be directed to phishing websites which will ask for their contact information.
This allows 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 are 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, the victims will realise that they have been duped only when they are unable to withdraw their “profits” or when the scammer suddenly becomes uncontactable.
Prime Minister Lawrence Wong in March warned the public to avoid falling for scams that were 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 Straits Times/ANN
