SINGAPORE - The police warned the public on Wednesday (July 13) to beware of fake online articles that feature Senior Minister Tharman Shanmugaratnam purportedly endorsing cryptocurrency auto-trading programs.
The articles tout algorithmic cryptocurrency auto-trading programs, such as Bitcoin System, as highly lucrative and almost risk-free. Usually paid advertisements, they are "clickbait", directing users to different websites through the links in them.
The websites offer investments through cryptocurrency trading or other financial products. Users who provide their contact details will receive calls from the scheme's "representatives".
The advisory follows a similar warning issued by the police last month against fake online articles featuring Prime Minister Lee Hsien Loong also supposedly endorsing cryptocurrency auto-trading programs.
PM Lee was falsely linked to fake articles on cryptocurrency auto-trading programs such as BitlQ that claimed that such programs had generated "massive profits".
The public is advised to check and clarify any information against sources such as the Financial Institutions Directory, the Register of Representatives and the Investor Alert List on the Monetary Authority of Singapore's website, before making any investment decisions.
For more information on scams, members of the public can visit the scam alert website or call the Anti-Scam Hotline on 1800-722-6688.
Anyone with information on such scams may call the Police Hotline on 1800-255-0000 or submit information online at this website.