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Cryptocurrency scams can be quite profitable as a number of them in Singapore yielded $ 78,000 in just three months.
Like P.T. It is said that Barnum has said: "Every chick is born every minute". The reality is that many people are quite susceptible to shots full of swiftness from unscrupulous actors. A number of cryptocurrency scams in Singapore have managed to hold over $ 78,000 from their victims between September and November.
Script of cryptocurrency using online classifieds
Scammers are using online advertising to lure their victims into the scam. These ads are aimed specifically at Singapore residents and portray Bitcoin as a safe, easy and highly profitable investment.
It is quite common that these fake ads use celebrities as a means of portraying the scam as legitimate. Obviously, the celebrities who presumably support the investment scheme have no idea that their image and their name are used in this way.
When people click on ads, they are directed to websites that offer fraudulent investments. If a person provides his contact details, they are contacted by a "representative" of the company. Needless to say, the money handed over to the scammers disappears.
Not much police can do
The victims of these cryptocurrency scams have contacted the police, but in reality the forces of order can do very little. The perpetrators of these scams are based outside of Singapore, so they are not regulated by the Monetary Authority of Singapore (MAS). Furthermore, there are no safeguards within the country to invest in cryptocurrencies.
The cryptocurrency space has seen more than its fair share of scammers. The combination of a lack of how the ecosystem actually works and people's desire for fast money leads to falls of criminals.
A recent scam in New Zealand has used a major television host to attract people. The host was presumably interviewed by a reporter and saw his initial investment of $ 250 in double size in a few minutes. The journalist jumped into the field and saw the same results. The television host, Daniel Faitaua, came out and publicly stated that "the interview" and the campaign behind it were false.
Facebook saw a scam that used Richard Branson as an "endorser" of the investment scheme. The people who provided their credit card details refused their accusation when they went to buy the cryptocurrency, so they were forced to use a direct deposit. It seems that the criminals then allowed the office to go through, doubling the money double.
Needless to say, if something seems too good to be true, it probably is. An announcement that promises a big return in a short period of time is a huge red flag. Always exercise due diligence and invest only with trusted institutions.
Have you ever fallen victim to a cryptocurrency scam? Let us know in the comments below.
Images courtesy of Shutterstock.
