Investors Duped In Massive Scam Wave Losing Over 36 Million In Just Eight Weeks

Massive Investment Scam Wave Dupes WEB Investors

Singapore Police Force Reports Staggering Surge in Investment Scams

The Singapore Police Force (SPF) has reported a surge in investment scams, with nearly 900 cases reported in just the past few weeks since July.

The SPF reports that victims have lost over 36 million Singapore dollars (approximately 26.4 million U.S. dollars) to these scams in just eight weeks.

Philippines Losses Exceed P25 Billion

In the Philippines, losses from investment scams have reached over P25 billion (approximately 460 million U.S. dollars), with fraudsters targeting unsuspecting victims.

According to the Philippine National Police Anti-Cybercrime Group, there has been a significant increase in investment scam reports in recent months.

Investment Scams Outpace Other Crime Types

In the United States, the Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3) has reported that investment scam losses have become the most prevalent type of crime tracked by the organization.

The IC3 received over 28,000 reports of investment scams in 2021, with victims losing over 680 million U.S. dollars.