90-Year-Old Woman Loses $500,000 to ‘Friends’ Who Claimed Cryptocurrency Investment Failures

By
Loh Huey Xin
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We all want to retire ASAP and get out of the rat race, don’t we?

However, doing so requires lots of money and it would take decades for most of us to save up enough to do whatever we have always wanted to do.

But every story has a villain and the villain of the 21st century is no other than heartless scammers.

Unfortunately, these villains have recently made their way into the lives of John’s 90-year-old aunt as well as Mr Aidil’s 63-year-old father.

Friends Request Loans for “Cryptocurrency Losses”

A 90-year-old woman lost $500,000 in just one year to scammers. Could you even imagine how cold-blooded one must be to do this to a 90-year-old woman?

The elderly woman’s nephew, John, revealed that five years ago, his 90-year-old aunt reconnected with two long-lost friends, aged 53 and 56. Using their past friendship as leverage, they contacted her often and showed detailed care about her life, gradually winning her trust.

Two long-lost friends claimed they needed funds due to cryptocurrency losses. She initially gave a small amount of money before continuously adding more money.

Eventually, all funds were transferred to an account belonging to someone who falsely claimed to be an overseas law enforcement officer who promised to recover the money.

Reader: friends…

Ya, quite messed up right?

In early 2024, these two individuals began borrowing money from her, using “cryptocurrency investment failure and cash flow problems” as their excuse.

The loan amounts rose from $20,000 per transaction to $300,000. Each time, she transferred the money without hesitation.

Last November, the pair visited again, hoping to borrow $100,000. This time, they introduced a man through video call who claimed to be an overseas law enforcement officer who could help recover the lost funds.

He asked the aunt to share her screen and guided her to open a new account, transferring $100,000 to the account he provided.

John felt suspicious of what was going on and tried to warn her. However, his aunt insisted on transferring the money via PayNow. John had no choice but to ask the borrowers to write an acknowledgement of debt.

Afterwards, John felt uneasy and immediately called Singapore’s 1799 ScamShield Helpline. The helpline staff suspected the woman had been scammed and advised John to convince his aunt to stop lending money and report the case to the police.

After John’s persistent warnings, his aunt finally reported the case to the police. In one year, she had been scammed of up to $500,000.

27-Year-Old Man Saves Father from Police Impersonation Scam

Mr Aidil, 27, witnessed his father almost becoming a scam victim.

Aidil revealed that last December, his 63-year-old father, who works as a security guard, suddenly received a call from Singapore. The caller claimed to be a bank employee, saying $4,000 had been charged to his credit card, and asked if he had made the transaction.

However, his father didn’t have a credit card. The scammer then falsely claimed someone had used his identity to apply for a credit card at a bank branch and transferred the call to a fake police officer.

This “police officer” sternly instructed his father to lock himself in his room and avoid contact with anyone, or face legal consequences.

Aidil became suspicious and tried to advise his father to remain calm, but his father was so panic-stricken he almost followed the scammer’s instructions and was about to go to an ATM to check his account. At this critical moment, Mr Aidil called the 1799 ScamShield Helpline.

The helpline staff, Felicia Ng, 39, quickly stepped in and patiently counselled his father for over an hour.  Eventually, she managed to help his father see through the scam and avoid a potential major financial loss.

“Scammers are truly cunning. Anyone can become their target, so we must stay alert at all times!”, said Mr Aidil.

He was grateful to Ms Ng, saying: “My father is nearing retirement. To have a scammer come close to getting his life savings is scary, and I’m glad it did not happen.”

ScamShield Helpline: The Last Line of Defense for the Public

Behind these cases is the tireless work of the 1799 ScamShield Helpline staff.

Image: 8world

Ms Ng said, “Our main task is to determine if the caller is facing a scam and provide timely prevention advice to protect them and their families from scams.”

Regarding Mr Aidil’s father’s situation, the helpline staff fully understood he was deeply affected by emotional manipulation and adopted a gradual communication strategy, patiently breaking down each part of the scam, finally convincing his father to face the situation calmly.

Ms Ng pointed out that scammers often gain trust by “impersonating official agencies.”

Their tactics include using “sensitive cases” as an excuse to ask victims to keep secrets; inducing victims to provide personal information such as ID cards, bank accounts, or Singpass login details; and applying psychological pressure through long calls and stern tones, causing victims to lose their judgment.

Currently, the ScamShield Helpline receives about 500 help calls daily, with the busiest periods during lunch breaks and after work hours.

Besides analyzing scam cases, the helpline staff constantly update on the latest scam methods to ensure the public receives accurate anti-scam advice promptly, identify potential risks, and make wise decisions.

In recent years, scam tactics have become increasingly sophisticated. Scammers use advanced psychological manipulation to make victims fall into traps without realizing it.

Staff at Singapore’s 1799 ScamShield Helpline answer numerous calls for help daily, not only quickly identifying scams but also patiently counselling victims to help them avoid further financial losses.

If you watch at least 10 minutes of brain rot content daily, you must know this:

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Loh Huey Xin