The rapidly proliferating world of cryptocurrency has, for the most part, met with suspicion from various governments that have been both well-founded and sometimes misled, depending on the situation. With astronomical profits usually linked with cryptocurrencies, scammers can have a field day stealing the hard-earned money of thousands of investors who know little about how cryptocurrencies work. The latest scam to be reported has come from Singapore where the local police have successfully saved two men from falling prey to a cryptocurrency fraud.
The Elaborate Scheme
The scam was brought to light when the Singaporean police received a complaint from the Tampines One Mall reporting vandalism. The complaint was filed after some witnesses saw a 49-year-old man ripping out posters near a Bitcoin ATM in the mall. Upon reaching the mall and investigating the matter, the police uncovered an intricate scam instead.
The posters were actually false alerts from “supposed” authorities that urged the Bitcoin users to call on a number. When the police questioned the 49-year old about it, he revealed that when he called on the given number, he was told that Chinese authorities were investigating him for an international scam and the impersonators asked him to transfer Bitcoins worth $1000.
Immediate Action of the Police
After the police concluded what was going on, they saved another man from falling into the trap in time. The police have also issued public warnings in this regard urging citizens to beware of phone calls from people impersonating government officials from other countries. They also made it clear that no authority of the Singaporean government would ask for any kind of payments on call or over the internet and requested Singaporeans never to share their personal details with anyone over these platforms.Even though Singapore has fast become a crypto hotbed, the number of crypto-related crimes is continuously increasing in the country with $78,000 worth of crypto being swindled from September to November 2018 alone.