Since May, Singapore has seen a rise in investment scams that have already left 48 victims and 3.6 million dollars lost. Criminals use social media ads to promote free classes. Once victims register, they are added to WhatsApp groups where fake mentors show fabricated profits to build trust.
The technical mechanism behind the social media scam 🔍
The process begins with targeted ads on platforms like Facebook or Instagram, which redirect to registration forms. Then, an automated script adds users to WhatsApp groups controlled by bots or fake profiles. There, scammers use virtual numbers and cloned accounts to simulate transactions and returns. The final phase uses links to fake investment sites that replicate legitimate interfaces, but actually steal banking data and transfers.
The free course that costs you more than a master's degree 💸
It seems Singapore has reinvented the concept of free training. Now, instead of learning to invest, you learn to lose an average of $75,000 per person. The funny thing is that scammers go to the trouble of creating WhatsApp groups with fake mentors; they probably even assign homework. Of course, the only title you get at the end is official scam payer.