The police in Singapore warned against fake online articles posted on Saturday (Apr 30) purporting to show Prime Minister Lee Hsien Loong endorsing cryptocurrencies such as Bitcoin and Ethereum.
Fake online articles depict the investments as “safe and highly lucrative”, according to a news release from the police.
“The online articles are usually paid online advertisements that are disguised as news articles. They act as ‘clickbait’,” the police added.
Upon clicking the link within the article, users will be taken to a different website offering investment opportunities through cryptocurrency trading and other financial products.
Someone from the scheme will contact those who provided contact details on the website.
“The police would like to inform the public not to deal with such companies that use false or misleading advertisements,” they said.
Law enforcement highlighted the importance of asking as many questions to fully understand the investment opportunity, and take note of red lights if the company is unable to or avoids answering their questions.
Lastly, they should check on the company, its owners, directors and management members to assess if the opportunity is genuine. Besides that, it is important to confirm the company’s and representative’s credentials by using the available resources, including the Financial Institutions Directory.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688.
If you have any information relating to such crimes, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness.
Screenshot of a fake article. (Screenshot: Singapore Police Force)