Beware of scams! Singapore police reported over 3,000 fraud cases in May, resulting in nearly $67 million losses

SINGAPORE: There have been a very disturbing number of fraud incidents reported by the Singapore police in the past month. According to a monthly anti-fraud report, the police received more than 3,000 reports of fraud last month, with victims suffering a total loss of $66.9 million. 

With this, the authorities are reminding the public to be alert of investment scams, especially where scammers are impersonating as ‘investment gurus’, as reported by 8world News.

More about the scams 

Police pointed out that the victims of these fraud incidents are invited to join WhatsApp chat groups after seeing advertisements for free investment courses on social media.  

Once victims join the group chat, scammers then impersonate as experts and share investment advice and use fake group members to share screenshots of their trading profits. These will let the victims believe that what they are discussing is legitimate. 

When the victims are lured into making an investment, they will be directed to fake investment websites or apps. The victims will only realise that they are being scammed when they are unable to withdraw their money or the scammers suddenly disappear. 

To avoid these crimes, the police are urging the members of the public not to transfer money to people with unverified identities. Furthermore, the authorities are encouraging the public to thoroughly research investments and transact with companies or individuals that are regulated by the government for their safety. 

Other related news 

In similar news related to scams, there was a recent report where at least 62 people have fallen victim to scams linked to BTS concert tickets, losing a total of S$68,200, according to the Singapore Police Force (SPF).

According to SPF, scammers approached victims through social media platforms such as Instagram and Carousell, offering concert tickets for sale, and victims were typically asked to make a payment via PayNow or by scanning a PayNow QR code. 

Read more about the news story here.