SINGAPORE - People should be wary of articles containing false information that Prime Minister Lee Hsien Loong has endorsed investments in cryptocurrencies, the police said on Saturday (April 30).
These articles portray the investments as being safe and highly lucrative, the police said in an advisory. "The online articles are usually paid online advertisements that are disguised as news articles."
By clicking on a link within the article, the user will be taken to a 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 a supposed representative from the scheme.
The police urged the public not to deal with companies that use such false or misleading advertisements, as well as to be cautious when making investment decisions.
The public can take various steps to stay safe. They include, for example, questioning company representatives to understand the investment opportunity, or checking on the company's credentials using resources such as the Financial Institutions Directory, Register of Representatives, or the Investor Alert List. These resources are available on the Monetary Authority of Singapore's website.
More information on scams can be found on the Scam Alert website, or you can call the Anti-Scam Hotline on 1800-722-6688.
Those with information on such scams may call the police hotline on 1800-255-0000 or confidentially submit information on the I-Witness website.