SINGAPORE; The police have warned the public about investment scams involving criminals impersonating financial experts on Facebook to lure victims into investing through fake platforms.
In a statement on Oct 18, the police warned the public of a type of investment scam in which criminals impersonate such people on Facebook to lure victims into investing via fake platforms.
Those who click on the advertisements would be directed to external websites, and then to WhatsApp chats with scammers posing as investment gurus or financial advisers.
Victims are then persuaded to download investment apps or access trading websites controlled by the scammers. From there, the scammers offer purported investment advice and encourage victims to invest increasing sums of money.
Those caught up in the ruse would realise they had been duped only when they are unable to withdraw their funds or when the fraudsters become uncontactable.
The police advised the public to take steps to avoid falling for such scams, including checking the Monetary Authority of Singapore’s Investor Alert List, Financial Institution Representatives Register and Financial Institutions Directory to verify whether the investment opportunities and people offering investment services are legitimate. - Straits Times/ANN
