I am sure we are tired of hearing about the numerous online scams that have surfaced in recent years.
Unfortunately, it doesn’t look like these treacherous scams and fake websites will disappear anytime soon.
On 19 November 2022, the police issued advisory warning citizens against online misinformation on cryptocurrency, and a fake website claiming they can recover funds from the bankrupt cryptocurrency exchange FTX.
How the Fake Website Works
The website targets previous investors of major cryptocurrency exchange FTX. This comes after its recent collapse due to financial instability and mismanagement of customer funds.
Upon first glance, the fake website appears to be hosted by the US Department of Justice and prompts customers to key in their FTX account login details.
The site claims to “return funds to the victims of the bankruptcy of FTX international”, and states that victims will have their money returned to them upon “paying legal fees”.
According to the police, the site is likely nothing but “a phishing website for collecting login credentials.”
Misinformation on Cryptocurrency
The police also cautioned the public against false information and the misleading advertisement of cryptocurrency auto-trading programmes.
This is often through shady online articles featuring prominent local politicians. This includes our Prime Minister Lee Hsien Loong and Senior Minister Tharman Shanmugaratnam, to make the scams look more convincing.
According to the police, these articles often claim that their programmes will “generate massive profits”.
They also often “portray the investments as highly lucrative and almost risk-free”, but the propositions made in such articles are often too good to be true.
Many of these articles are used in paid online advertisements as “clickbait’” which trick and redirect people to fraudulent websites upon clicking the ads.
The website will then “request for the victim’s contact details” and a representative proceed to contact them via phone call.
So, if you ever come across an article titled something along the lines of
“Lee Hsien Loong is making millions using this new Bitcoin trading programme”, we encourage you to think twice before offering up your personal information.
Tips on Combatting Online Scams
It is difficult for the authorities to put a stop to these scams, due to their sheer magnitude and the blanket of anonymity the Internet provides.
Thus, it is all the more important for members of the public to stay cautious and vigilant, to avoid becoming victims of internet scams.
The police have come up with a three-step framework for us to use before making investment decisions: “Ask, Check and Confirm.”
We are encouraged to ask as many questions as possible to understand investment opportunities, check the validity of the company and its owners, and confirm the company’s credentials using resources available on the MAS website.
As always, be sure to fact-check information using credible sources and steer clear of any claims that seem way too good to be true.
You can also watch these anti-scam videos we’ve done in collaboration with the SPF:
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Featured Image: BEAMSTART & Singapore Police Force
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