Singapore warns against crypto scam

The Monetary Authority of Singapore will need to decide whether to tighten policy in the face of steady economic growth and greater fiscal spending, or hold its stance because of growing global risks.

SINGAPORE: The Monetary Authority of Singapore (MAS) today warned members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.

In a statement here, the central bank said that these websites falsely claimed that Singapore is adopting a cryptocurrency as its official coin.

“They also claim that a firm has been appointed exclusively to market this cryptocurrency,” it said.

MAS said the sites asked readers to provide their personal and financial details to purchase the cryptocurrency.

“This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites,” it said.

The Singapore’s central bank advised that putting money in cryptocurrencies or digital tokens was highly risky.

MAS and the Commercial Affairs Department had issued several advisories since December 2017, to warn the public of the risks of such investment offers.

Members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the police, it said. - Bernama
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