What is a Scam?
A scam is designed to trick you into giving away your money, personal details or data by offering an attractive deal or false information.
See Types of Scams
ScamAlert Advisor | 05 Dec 2018
Several reports of investment scams between September and November 2018, where several online articles used false information to promote investment in Bitcoin, were received. A total sum of about $78,000 was lost to the scammers.
These investment scams are advertised online and are designed to target Singapore residents. These advertisements feature well known personalities in Singapore, purportedly endorsing investment in Bitcoin, and claiming that it generated massive profits for him or her. The online articles portrayed the investments to be safe and secure and highly lucrative.
The online articles are usually paid online advertisements that act as a “clickbait”. By clicking on a link within the article, one will eventually be brought to a different website, offering investments through the trading of cryptocurrency and/or other financial products. Those who provided contact details in the website would usually receive a call from a ‘representative’ from the scheme.
What should you do?
In addition to these measures, always practise “ASK, CHECK and CONFIRM” before committing to an investment.
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