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SINGAPORE: Scammers have been using fake news articles with Deputy Prime Minister Heng Swee Keat to lure people to invest in an automated Bitcoin trading program.
The Singapore Police Force (SPF) said in a press release on Wednesday (April 29) that at least three of these articles were posted on Facebook in April.
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Paid online ads are designed to entice victims to click on internal links and trick people into believing that the scam is “a high-return investment,” he added.
READ: DPM Heng Warns of ‘Fake News’ Facebook Post Using His Photo, Police Report Makes
The links lead to a different website, which offers investments in cryptocurrencies or other financial products.
Those who provide their contact details on the website will generally receive a call promoting such investments.
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Victims who bite the hook will be instructed to transfer money to a foreign bank account or make credit card payments.
The police informed the public that Bitcoin and other cryptocurrencies are not legal tender. They are not issued by any government or backed by any asset.
Without regulatory protection from the Singapore Monetary Authority, as in most jurisdictions, crypto investors “risk losing all their capital,” said SPF.
READ: Website using fabricated comments attributed to ESM Goh to request Bitcoin investment – MORE
READ: Website using false comments attributed to Ho Ching to request investments – MORE
He also urged the public to verify the authenticity of such articles, which often pose as actual articles published by the media.
“Investments that promise high returns generally carry high risk. If it sounds too good to be true, it probably is,” added SPF.
