Police warn of investment impersonation scams

Victims are then persuaded to download investment apps or access trading websites controlled by the scammers. From there, they will 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 see if the investment opportunities and persons offering investment services are real.

Those who are unsure if they are encountering a scam should call the 24/7 ScamShield Helpline on 1799.

For information on scams, go to www.scamshield.gov.sg