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Singapore - Victims of scams ignored all warnings despite calls/messages

Pig butchering scam has now taken over the internet worldwide. This kind of fraud usually takes advantage of investors' greed and ignorance of the characteristics of the financial market to design investment plans that seem to have high returns and low risks, according to the operation he said, he can make a profit without losing money, and induce investors to pay a large amount of funds. If these forms of fraud packaged as cryptocurrencies, foreign exchange operations, internal trading, etc. appear alone, most people will have a higher defensive mentality, but if such a great opportunity to make money comes from a person who cares about you, listens to your probems, What about the [acquaintances] who share with you the big and small things in daily life?

Meeting online has become the most popular way for people to connect. Various online dating software make it easier for people to meet new friends and meet lovers. However, there are also many people who take advantage of the convenience of dating online to commit fraud. Scammers establish relationships with the target through the Internet, and use daily greetings, sweet talk, by using a false identity to confuse the other party and make the other party believe that they are a trustworthy person.

The traditional Old School Scam

In the past, scammers would asked money from victims citing reasons such as medical expenses for illness, borrowing money to do business, or faking a storyline where they are trapped at a custom immgration office, etc just to make the victims transfer moneies to bank accounts. However, scammers these days have improvise their tricks to a whole new level not only did they planned out a sophisticated scam, but also using USDT to launder as most scammers believed that USDT is the safest way to launder and that the law enforcement could do nothing to freeze.

Compared with general investment fraud, online dating fraud is not only easy to be deceived due to negligence in the early stage, but also more difficult to get out of the scam.

Recently, our live chat team got hold of 4 Singaporeans victims who are in the midst of a pig butchering scam. Our team members then tried to contact the victims to convince them from falling into a scam to the fake investment platform however only 1 out of 4 victims trusted us. The remaining 3 victims continue to transfer depsite several reminders and phone calls resulting in a total loss of 150,000 SGD at this point.

No other options - We then contacted the Singapore Police Force for assistance for the bank accounts used for laundering as well as the victims contacts and investment website. One of the victim bank account was freezed with the help of SPF however this particular victim continue to transfer despite the desperate call from SPF to not transfer again.

Fraud groups are good at taking advantage of human weaknesses, whether it is speculation, greed, or inferiority complex. Online love scams emerge in endlessly, but we can avoid being deceived by staying vigilant and rational. The following tips for befriending someone online:

1. Do not trust anyone you never met in real life

If you come across someone online who claims to be a millionaire, successful businessman or politician, be wary. Scammers create fake identities to gain your attention with false stories. One very common profile would be rich, overly-good looking and knows how to invest.

2. Do not trust and love easily

Scammers usually exaggerate their affection for you in order to gain more information and money from your trust. Always remember that online dating takes time to establish a relationship, so don't trust each other's sweet words easily.

3. Do not disclose personal information casually

Do not disclose your personal information, such as address, birthday, bank card number and other sensitive information. Scammers will use this information againist you.

4. Be vigilant

Be vigilant if someone asks you transfer funds, whether for a loan, donation, or other reason. Scammers will use all kinds of reasons to scam you out of your money.

5. Be realistic

Before establishing a relationship with the other party, it is recommended that you first confirm the real identity of the other party through video conference or in person.

If you think you are being scammed, you should stop all communications with the scammer and report the incident to your local police. If you have been scammed online, contact your local cybercrime investigation unit or consumer protection agency to report the scam and assist them with their investigation.

If you have already transfer funds to scammers, you should immediately contact your bank or credit card company for their assistance in order to prevent further losses. You can ask your bank or credit card company to cease the transaction to prevent scammers from taking further advantage of your funds. During this process, you should keep any relevant documents and evidence, such as emails, chat logs, payment receipts, etc., that can help authorities in their investigations and track down the scammers.

In the end, it's important to remind yourself to not feel ashamed or afraid to report to local authority. Anyone can be a victim. By reporting to the authorities, you help others from getting scam, and you help the authorities track down and pursue scammers or even money mules.

-- Joanne


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