Police warn against fake online articles claiming PM Lee endorses cryptocurrency auto-trading programs
A file photo of a person looking at a cryptocurrency price chart on a smartphone. (Photo: iStock)
SINGAPORE: The police on Friday (Jun 3) warned against fake online articles showing Prime Minister Lee Hsien Loong purportedly endorsing cryptocurrency auto-trading programs, such as BitIQ.
The fake online articles claimed the trading programs generated "massive profits" and also portrayed the investments as "highly lucrative", added the police.
These online articles are usually paid online advertisements that act as "clickbait".
When someone clicks on a link within the article, they will eventually be taken to a different website, offering investments through the trading of cryptocurrency or other financial products.
Those who provided contact details on the website would usually receive a call from someone from the scheme, said the police.
Members of the public were strongly advised to be cautious when making investment decisions.
In April this year, the police issued a similar advisory on fake online articles showing Mr Lee purportedly endorsing investment in cryptocurrencies such as Bitcoin and Ethereum.
"The police would like to inform the public not to deal with such companies that use false or misleading advertisements," they said.
More information on scams is available on the Scam Alert website or via the Anti-Scam Hotline at 1800-722-6688.
Those with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online.
Ask, Check and Confirm
- Ask as many questions as needed to fully understand the investment opportunity. If the company is unable to answer or avoids answering any questions, be wary.
- Check on the company, its owners, directors and management members to assess if the investment opportunity is genuine.
- Confirm the company’s and representatives’ credentials before investing by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the Monetary Authority of Singapore’s website.
