Police warn of scams involving investment apps selling fraudulent investment products
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Applications used to peddle fraudulent investment products. seen on an app store
PHOTO: SINGAPORE POLICE FORCE
Follow topic:
- Scammers use fake investment apps advertised on social media to lure victims with promises of high returns.
- Victims are added to group chats with fake investors and convinced to invest via fraudulent apps like FPTUP, leading to fake "profits".
- Victims lose money when they can't withdraw funds after transferring money, handing over cash, or gold to scammers.
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SINGAPORE - The police warned the public on Dec 9 against investment scams involving applications used to peddle fraudulent investment products.
Since October, there have been at least 20 reported cases of investment scams involving these applications, with total losses amounting to at least $1.7 million, said the police.
In this scam variant, victims would chance upon social media advertisements featuring “investment products” that promised lucrative returns.
When victims clicked on these advertisements, the scammers would contact the victims via WhatsApp and invite them into group chats with grandiose names like “Interactive Elite Knowledge Academy” and “168 Wealth Pursuit”, said the police.
Applications used to peddle fraudulent investment products as seen on app stores.
PHOTO: SINGAPORE POLICE FORCE
Within these chat groups, victims would meet other members who claim to be successful investors vouching for the authenticity of the “investments” and “returns”.
However, these members would also be alleged scammers as well.
The scammers would then continue to build rapport with the victims to convince them to invest in the “investment products”, and then invite them to create a trading account by downloading fraudulent applications such as FPTUP, FPTEX, NOVIQ, FPCAP, SDXA, SJ NEXUS, WHG ROUP and GINKO PLUS from the Apple App Store or Google Play Store.
An application peddling fraudulent investment products as seen on app stores.
PHOTO: SINGAPORE POLICE FORCE
The victims’ purported trades shown in these applications, which would promote “investment products” such as fake cryptocurrency, forex and stock-trading products, would turn out to be fake, with non-existent “profits”.
After downloading these apps, victims would be asked to transfer money to specified bank accounts, or via a QR code to payment platform YouTrip to begin the “investment”.
In some cases, the victims would instead be asked to physically meet unknown people to hand over cash or gold.
An application selling fraudulent investment products as seen on app stores. After downloading such apps, victims would be asked to transfer money to specified bank accounts, or via a QR code to payment platform YouTrip to begin the “investment”.
PHOTO: SINGAPORE POLICE FORCE
The scammers would also provide a document – purportedly associated with an investment entity – as proof of the investment deposit.
These investment entities would not be licensed by the Monetary Authority of Singapore to carry out financial services in Singapore.
Scammers would provide a document – purportedly associated with an investment entity – as proof of the investment deposit.
PHOTO: SINGAPORE POLICE FORCE
The victims would realise that they had been scammed only when they were unable to withdraw their money.
The nonexistent “profits” in a fraudulent investment app.
PHOTO: SINGAPORE POLICE FORCE
The police have urged the public to be cautious when asked to download any apps or make investments, and said that they have observed instances where scammers would ask victims to hand over monies or other valuables in person.
In such cases, victims should not agree to these requests to meet up or to transfer money to unknown people.
Some $456.4 million was lost to scams
In 2024, scam victims in Singapore lost $1.1 billion
