Online investing: It pays to pause before you click

The MAS and CAD have been getting a growing number of complaints from the public over losses from unregulated online trading platforms in the past year.
The MAS and CAD have been getting a growing number of complaints from the public over losses from unregulated online trading platforms in the past year. PHOTO: ST FILE

Retail investors are constantly bombarded with marketing messages on how to manage their finances better or make their money work harder for them. However, in their enthusiasm to make quick money, many have fallen prey to scamsters who entice investors with dubious schemes that offer high returns. To make matters worse, these schemes are often disguised as legitimate or licensed financial platforms. The Sunday Times highlights some unregulated investments that have surfaced online.

Recently, the Monetary Authority of Singapore (MAS) and Commercial Affairs Department (CAD) of the Singapore Police Force advised the public to exercise extreme caution when dealing with unregulated online trading platforms.

These platforms typically allow investors to trade a wide range of products like shares, foreign exchange, commodities and binary options.

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A version of this article appeared in the print edition of The Sunday Times on August 05, 2018, with the headline 'Online investing: It pays to pause before you click'. Print Edition | Subscribe