Over $24.5m lost to investment scams since March: Police
In one recent case, a 75-year-old retiree nearly lost her $300,000 life savings after being targeted by scammers posing as insurance agents.
Another 70-year-old man was almost conned into handing over $10,000 in cash to invest in gold, after seeing a Facebook advertisement featuring local philanthropist Toh Soon Huat's photo - which had been misused to promote fake financial courses.
Police have urged the public to stay vigilant and to verify all investment opportunities before handing over money.
According to the police, victims often come across fake investment schemes in a few common ways.
Some are approached by individuals they recently befriended online but have never met in person. Others are suddenly added to random investment group chats, or stumble upon enticing ads while browsing the Internet.
To make their scams more convincing, fraudsters employ several tactics.
They may create fake websites or apps that display fabricated "profits" to give the illusion of successful investments.
Some misuse images of public figures to falsely suggest endorsements, while others present glowing testimonials that appear to come from satisfied investors.
In many cases, scammers even send victims a small initial payout - a supposed "profit" - to gain their trust.
After investing larger amounts, victims would then experience difficulties withdrawing their earnings from "investments".
The police recommend checking the Monetary Authority of Singapore's website for a list of licensed financial entities, and using the MoneySense website for trusted financial advice.
"MAS is unable to help you if you face difficulties in recovering your assets or become a victim to unfair or manipulative practices."
The public is encouraged to use the ScamShield app, which can screen suspicious messages, calls, and websites. A 24/7 anti-scam helpline is also available for assistance.
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