Singaporeans Losing Thousands Of Dollars To Cryptocurrency Scammers

Of recent, Singapore authorities reported that residents lost almost $78,000 to fraudsters in three months.

Online crypto scam make use of fake personalities.
According to the Straits Times, between September and November 2018, Singapore residents have been duped of almost $78,000 by online Bitcoin scams.

The authorities claim that these scams came in form of online advertising which had images of well known Singaporean personalities. People are then made to believe that these personalities approve the use of virtual currency and how they have benefited from crypto investments.

Singapore investors who cannot read between the lines, click on these links and are directed to another website, this new websites show investments in digital currency. The police maintained that these online scam sites do not have the Monetary Authority of Singapore’s (MAS) permission.

Furthermore, authorities have stated that due to lack of regulatory framework for virtual currency, there is no protection for investor funds. The police however provided its website and hotlines for singapore residents to reach, in case of any suspicious online scams.

Crypto scammers make use of online platforms to dupe investors. Most fraudulent online platforms make use of images that portray a well known personality advising people to venture into virtual currencies.

Back in September, Singapore authorities warned its citizens against two online cryptocurrency scam sites that showcased the prime minister and his deputy, in order to scam unsuspecting victims.

Currency fraudsters now make use of Twitter to scam people, big personalities’ accounts are hacked into and an announcement to give huge amount of cryptocurrency is made. Elon Musk, the CEO of Tesla once fell a victim of impersonation by crypto scammers on Twitter.

Scammers also hacked Twitter accounts which belong to Google’s G suite and Target. Scammers made an announcement that Target is giving out 5,000 BTC while G Suite hackers announced that 10,000 BTC is being given out to all community.


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