Advisory: Beware of Fake Investment Platforms Promising High Returns

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The Singapore Police Force has observed recent trends involving fake investment platforms, such as those impersonating "USDT AI Quantify" and "X2PAY". These scams typically entice individuals with promises of high or guaranteed returns in a short period, often involving cryptocurrency.

Here's how to recognise these scams:

• Unrealistic Promises: Be wary of online advertisements or unsolicited messages that promote investment opportunities with unusually high, quick, or guaranteed profits. Remember, legitimate investments always carry some risk.
• Suspicious Platforms: Scammers direct victims to dubious websites or apps and often ask for transfers to unfamiliar bank accounts or cryptocurrency wallets. Always verify the legitimacy of any investment platform with official sources.

If you suspect you have fallen victim to an investment scam:

• Stop All Communication: Cease all contact with the scammer immediately.
• Report to Authorities: Lodge a police report and inform your bank or financial institution to freeze any suspicious transactions.
• Inform Others: Share your experience with family and friends to help them protect themselves.

Remember, you can ACT against scams:

• Add security features.
• Check for scam signs and verify with official sources.
• Tell authorities, family and friends about scams.

Unsure if something is a scam? Check by calling the 24/7 ScamShield Helpline at 1799.