Investment scams are on the rise. Here’s how to avoid falling victim and losing your life’s savings.
Last year, at least $69.5 million was lost to scammers running over 1,100 investment scams in Singapore. That works out to an average loss of more than $63,000 per victim.
This finding is especially staggering, considering that Singaporeans are generally known to be cautious, even timid. So what happened? How did these scammers get away with cheating so many people out of such high amounts?
More importantly, how can you protect yourself against such scams? How do you find out if the investment you’re being offered is legit or simply a scam?
What happened in the recent investment scam cases
Posing as interested suitors and potential friends, scammers slide into victims’ DMs via dating apps (i.e. Tinder) and social media. After an initial background check disguised as innocuous banter or flirting that can last days or weeks, the…