The Police would like to alert members of the public to be vigilant against scams involving the impersonation of cryptocurrency platforms. Since May 2025, there have been at least 31 cases reported.
In this variant, the victims would receive an email or SMS text messages purportedly from cryptocurrency platforms such as Binance and Coinhako that inform victims of fraudulent activities such as suspicious logins or withdrawal requests on their accounts. Victims would be asked to contact a customer support hotline for assistance to rectify the breaches. Upon calling the hotline (usually starting with +65 3159), the scammer would guide victims to download the Trust application on their mobile devices to set up a Trust Cryptocurrency Wallet. In some cases, victims would receive WhatsApp calls (starting with prefix of +44, +61, +66) whereby the scammer would guide the setup of the wallet through WhatsApp’s screen-sharing. Victims would then be instructed to transfer their virtual assets to this newly created wallet for security purposes and to disclose their login details such as username, password, and account pass phrase. These victims would only realise that they had been scammed when the scammers became uncontactable or asked for more transfers.
We would like to remind members of the public that licensed crypto platforms in Singapore will never instruct users to transfer their virtual assets to another crypto wallet/account for security or investigation purposes, nor request for their login credentials, two-factor authentication codes, or seed/recovery phrases. Members of the public are also encouraged to adopt the following precautionary measures:
- ADD – Add the ScamShield App to block calls and filter SMSes. Set transaction limits that are adequate for daily expenses, and lower transaction notification thresholds. Alert the bank immediately of any suspicious activity in your bank account. Activate the Money Lock feature of your bank to “lock up” a portion of your money so that it cannot be transferred out digitally by anyone. Set strong passwords for your wallets and online accounts. Do not share your private keys, recovery or seed phrases with anyone, and store them in physical form at a secure location. Always enable 2FA for cryptocurrency exchange accounts, wallets, and other related services.
- CHECK – Regularly check your wallets and accounts for unauthorised transactions. Enable account activity notifications if it is available on the platform. Regularly review and revoke the use of high allowances by using blockchain explorers or wallet interfaces. Check for scam signs with official sources such as the ScamShield App. Call and check with the 24/7 ScamShield Helpline at 1799.
- TELL – Tell the authorities, family, and friends if or when you encounter scams. If you suspect that you have fallen victim to a scam, call your bank immediately to block any fraudulent transactions and make a police report.
If you are or suspect that you are a victim of cryptocurrency related crimes, you are advised to perform the following immediately:
- Contact your cryptocurrency exchange to halt further transactions or freeze your account, if possible.
- Review and revoke any suspicious token approvals using applicable wallet interfaces.
- If a wallet’s seed phrase is compromised, transfer all remaining cryptocurrencies in the compromised wallet to another wallet immediately.
- Report the incident to the Police. You may also report any fraudulent cryptocurrency phishing websites to CSA’s SingCERT at singcert@csa.gov.sg or via the incident reporting form at https://www.csa.gov.sg/singcert/reporting.
For more information on scams, members of the public can visit www.scamshield.gov.sg. Fighting scams is a community effort. Together, we can ACT Against Scams to safeguard our community!
Annex A: Screenshots of Fraudulent Emails
SINGAPORE POLICE FORCE
03 July 2025 @ 8:55 PM