The Police would like to remind the public to remain vigilant against articles containing false information to promote investment into cryptocurrency.
Police have been alerted to fake online articles of Prime Minister Lee Hsien Loong purportedly endorsing investment in cryptocurrencies such as Bitcoin and Ethereum. The fake online articles portrayed the investments to be safe and highly lucrative.
The online articles are usually paid online advertisements that are disguised as news articles. They act as “clickbait”. By clicking on a link within the article, one will eventually be brought to a different website, offering investments through the trading of cryptocurrency and/or other financial products. Those who provided contact details on the website would usually receive a call from a ‘representative’ from the scheme. Police would like to inform the public not to deal with such companies that use false or misleading advertisements.
Members of the public are strongly advised to be cautious when making investment decisions and are reminded to always Ask, Check and Confirm:
- ASK – ASK as many questions as you need to fully understand the investment opportunity. If the company is unable to, or avoids answering any of your questions, be wary!
- CHECK – CHECK on the company, its owners, directors, and management members to assess if the opportunity is genuine
- CONFIRM – CONFIRM the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives, and Investor Alert List on the MAS’ website (www.mas.gov.sg).
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. All information will be kept strictly confidential.
Annex A
Screenshot of fake news article
SINGAPORE POLICE FORCE
30 April 2022 @ 12:20 PM