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Scam Alerts
Unfold Close  INVESTMENT SCAM

When you receive unsolicited messages from persons claiming to be stock brokers, employees of banks or financial companies on your social networking sites such as Facebook, WeChat or Line, be wary.

Responding to such messages may leave you vulnerable to an Investment Scam. Fraudsters will ask for your personal details such as NRIC and passport number, supposedly for an investment form. Scammers will then ask you to transfer monies to banks in Hong Kong and China, and pay administrative fees, security fees and taxes in order to receive the profits and returns. 

You may also receive phone calls from persons claiming to be from the Hong Kong Monetary Authority or Hong Kong Overseas Control Centre asking for a deposit before your profits can be released to you. 

WHAT TO LOOK OUT FOR

  • Be wary of people offering investment returns that are unreasonably high
  • Be cautious when the unfamiliar entity is based out of Singapore

HOW TO PROTECT YOURSELF

  • Be cautious when befriending strangers through social media platforms
  • Be cautious of promise of high returns. Investments with high returns usually come with high risks. Always check with a licensed financial advisor before engaging in any investment
  • Be wary when asked to send money overseas
  • Do not provide your name, identification number, passport details, contact details, bank account or credit card details to someone whom you do not know well
  • Be careful when dealing with unregulated entities. If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated

Source: Scam Alert Singapore 

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