SINGAPORE \u2013 If you see online advertisements from investment experts or financial personalities touting exclusive investment tips, free stock analysis, or high returns with low risk, be on your guard.<\/p>\n
In a statement on Oct 18, the police warned the public of a type of investment scam where criminals impersonate such people on Facebook to lure victims into investing via fake platforms.<\/p>\n
Those who click on the advertisements would be directed to external websites, and then to WhatsApp chats with scammers posing as investment gurus or financial advisors.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The police advised the public to take steps to avoid falling for such scams, including checking the Monetary Authority of Singapore\u2019s Investor Alert List, Financial Institution Representatives Register and Financial Institutions Directory to see if the investment opportunities and persons offering investment services are real.<\/p>\n
Those who are unsure if they are encountering a scam should call the 24\/7 ScamShield Helpline on 1799.<\/p>\n
For information on scams, go to www.scamshield.gov.sg<\/span><\/a><\/p>\n