Beware of scammers impersonating investment personalities, financial gurus: Police

SINGAPORE – If you see online advertisements from popular investors, investment experts or financial personalities touting exclusive investment tips, free stock analysis, or high returns with low risk, be on your guard.

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.

People 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.

Victims are then persuaded to download investment apps or access trading websites controlled by the scammers. From there, the fraudsters 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 were unable to withdraw their funds or when the fraudsters became 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.

More information on scams is available at www.scamshield.gov.sg