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Lured by a deepfake video, retiree lost over $4,000 in an investment scheme
Investment scams recorded the highest amount of losses, at about $145.4 million, in the first half of 2025.
In some cases, scammers can take almost a month to cultivate trust before introducing victims to investment opportunities.
PHOTO: GETTY IMAGES
Jennifer Dhanaraj, Brand Newsroom
It looked like a rare opportunity to make money.
A Singapore minister, speaking to the camera, was shown endorsing a cryptocurrency investment scheme promising high returns. So Mr Victor, 75, thought it carried a stamp of credibility. He wanted to stretch his retirement funds.
The video was a deepfake.
In January 2025, the retiree was added to a WhatsApp chat group by an unknown number. In the group, members were discussing a seemingly lucrative cryptocurrency investment scheme. Someone shared the fake video.
Mr Victor, who declined to give his full name citing privacy concerns, said he trusted the information after seeing a “minister” promote the scheme.
The newbie investor clicked on a link that accompanied the video, entered his personal details and paid a $250 registration fee via bank transfer.
Hours later, he received a call from someone claiming to be from Coinbase – which he knew, based on his own research, to be a legitimate US-based crypto exchange.
Speaking in English, the caller talked about the benefits of trading on Coinbase and said a colleague would follow up to guide Mr Victor through the process.
Five days later, that “colleague” video-called Mr Victor and told him to share his smartphone screen.
He instructed Mr Victor to log into his Central Provident Fund (CPF) and bank accounts, and withdraw $4,400 from his CPF Ordinary Account to his bank account to fund the investment.
The withdrawal was completed after increasing the CPF account’s daily withdrawal limit, which was subject to a 12-hour cooling period.
Mr Victor received an SMS alert from his bank a week later: $3,999 had been withdrawn from his savings account. The transaction was not authorised by him.
Soon after, the caller video-called again and sent Mr Victor more links. This time, alarm bells rang.
Mr Victor refused and began questioning him. The caller, who looked local and in his 30s, hung up abruptly, saying he would call again in three days with an update on the “trading outcome”.
Suspecting a scam, Mr Victor contacted his bank to block his account. He also made a police report, which The Straits Times has seen. Investigations are ongoing.
Mr Victor lost $4,249, but was relieved that he realised it was a scam early enough to prevent greater losses. “I could have lost my entire savings,” he says.
Crypto-based con schemes
He was one of the 2,698 investment scam victims in the first half of 2025.
This scam type recorded the highest amount of losses, at about $145.4 million, even as the number of cases fell 19.2 per cent from the same period the year before.
Police Superintendent Rosie Ann McIntyre, assistant director of the Scam Public Education Office’s operations department, notes that losses per investment scam case have increased.
She explains that victims are often enticed by the fake testimonies they see in investment scam advertisements and chat groups, such as the one that Mr Victor was added into.
“Initially, victims get back some investment returns,” Supt McIntyre adds. “This convinces them of the legitimacy of the investment, and they continue to put money in.”
In some cases, scammers can take almost a month to cultivate trust before introducing victims to investment opportunities. “To maintain the relationship, victims may get pressured into investing larger and larger sums of money,” Supt McIntyre says.
Signs of a scam in disguise
Here are some common red flags of investment scams that consumers should look out for, says a spokesperson from the Monetary Authority of Singapore.
High returns at low or no risk
Be wary of investment opportunities that claim to guarantee or protect your capital while offering high returns.Pressure tactics
Scammers often use limited-time offers, gifts or rebates to rush victims into acting.Fake track records
Scammers often claim years of experience, multiple accolades and strong track records. Some may use testimonials from purportedly “satisfied customers” to build trust. Investors should verify the claims with an independent third party where possible.
For information on how to safeguard yourself against scams, visit scamshield.gov.sg and go.gov.sg/sureornot.
Supt McIntyre also notes an increase in cryptocurrency-related scam transactions.
She explains that scammers exploit cryptocurrency’s high-risk, high-return perception to pressure victims into “seizing this golden opportunity” – by investing larger sums of money to “grow investments” faster.
Police figures show cryptocurrency losses formed 17.9 per cent of total scam losses in the first half of 2025, at about $81.6 million.
The decentralised and pseudonymous nature of cryptocurrencies makes investigation and fund recovery efforts very challenging, as it is hard to trace funds and identify beneficiaries, says Supt McIntyre.
Cryptocurrency transactions are also fast and irreversible, allowing scammers to move proceeds across borders quickly without going through traditional banking intermediaries.
A year after the scam, Mr Victor remains cautious when he sees links to “great” investment opportunities. “If it is too good to be true, I just ignore it,” he says.
This is part of a series titled “ Act against scams
