Police warns about scammers impersonating popular investors & financial personalities on Facebook

Singapore Police Force warns public about scammers impersonating popular investors and financial personalities on Facebook

On 18 Oct, the Singapore Police Force issued a warning to alert the public of a new variant of investment scams on Facebook.

This new variant involves scammers impersonating popular investors, investment experts or financial personalities.

Using these identities, they lure victims into investing through fraudulent platforms.

Using well-known financial personalities to lure victims in

According to the police, the scammers would create Facebook advertisements or pages impersonating well-known investors, investment experts, or financial personalities.

These advertisements often promise “exclusive investment tips”, “free stock analysis”, or high returns with low risk.

As a result, those who click on the advertisements would be directed to external websites, which then redirect them to WhatsApp chats with scammers posing as investment gurus or financial advisors.

Next, the scammers would persuade victims to download investment applications or access trading websites. These apps and websites are actually controlled by the scammers themselves.

Thus, they would provide purported investment advice and encourage victims to invest increasing sums of money.

Only later would the victim realised that they had been scammed when they were unable to withdraw their funds or when the scammers became uncontactable.

Add & set up security features to your accounts

Therefore, the police would like to advise members of the public to adopt the following precautionary measures.

First, add the ScamShield app to your devices and set up security features so money cannot be easily transferred out digitally by anyone.

These security features can include transaction limits, enabling Two-Factor Authentication (2FA) and using the “Money Lock” feature in your bank.

Remember to avoid disclosing personal information,  bank/card details and One-Time Passwords (OTPs) to anyone.

Check legitimacy through ScamShield Helpline

Another way to prevent falling into a scam is to check for scam signs with official sources such as the ScamShield Helpline (1799).

If you are unsure of the legitimacy of the investment opportunities and persons offering investment services, you can check the MAS’ Investor Alert List, Financial Institution Representatives Register and Financial Institutions Directory.

Additionally, you can check user reviews and ratings of investment apps before downloading them.

Be wary of advertisements promising guaranteed profits, exclusive investment tips or high returns with little or no risk.

To be safe, do not invest or transfer money solely based on instructions received through social media advertisements or messaging platforms.

Tell family, friends & authorities about scams

Lastly, the police advises the public to tell the authorities, family, and friends about scams.

If you suspect that you have fallen victim to a scam, contact your bank immediately to report and block any fraudulent transactions, and lodge a police report.

For more information on scams, members of the public can visit www.scamshield.gov.sg.

If you are in doubt, you can also call the 24/7 ScamShield Helpline at 1799 to double check.

Also read: 2 M’sian men arrested over impersonation scams involving YouTrip, MAS & police, victims lose S$55K

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Featured image adapted from Singapore Police Force.