The Police would like to alert the public to a new variant of investment scam, where scammers would impersonate representatives of the Government of Singapore Investment Corporation (GIC), also known as Singapore’s sovereign wealth fund, on Telegram group chats.
In this variant, the victims would receive a Telegram invite to join a group chat known as “Government of Singapore Investment Corporation”. The scammers operating the group chat would claim to be from GIC and offer lucrative investment packages. To reinforce the ruse, scammers would utilise the GIC logo and claim to be “investors” who have successfully withdrawn the profits made from their investment packages. Victims who were keen to invest in these packages were then directed to provide their personal particulars and bank account number to sign up for the packages. Thereafter, the victims would be asked to transfer money into bank accounts provided by the scammers. They would only realise that they had been scammed when they did not receive the expected returns or were unable to withdraw their investments.
GIC does not provide investment services to the public. Members of the public are advised not to react, reply, click on any links or open any attachments from anyone or any organisation claiming to be from GIC, or affiliated with GIC.
Members of the public are also advised to always adopt the following measures to avoid falling prey to scams:
- Spot the signs: Always be aware of the signs of scams which include investment products with attractive high yields, unexpected friend requests online, urgent requests for funds transfers, payment in shopping credits or gift cards and One-Time Passwords (OTPs) requests. Always remain vigilant while interacting and transacting online;
- Stop and think: Adopt a mindset of healthy skepticism. More often than not, if it’s too good to be true, it probably is;
- Slow down, don’t rush: Do not act on impulse, always pause and think about your actions and decisions. Scammers often leverage the vulnerability in human behaviour, such as fear or greed, to lead victims into making transactions or fall prey to scams;
- Speak to others to verify: Seek advice from your family and friends before making any transactions online;
- Safeguard personal details and passwords: Never share your personal information, including your bank account details with those you do not know. Always maintain good cyber hygiene habits; and
- Seek help if impacted: If you suspect you have been scammed, you can lodge a police report online or at the nearest Neighbourhood Police Centre or Neighbourhood Police Post.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. Together, we can help stop scams and prevent our loved ones from falling prey to scams.
Screenshots of Telegram group chats impersonating the Government of Singapore Investment Corporation (GIC)
SINGAPORE POLICE FORCE
28 April 2022 @ 6:25 PM