Monetary Authority Of Singapore: Warning On Fraudulent Websites Soliciting “Cryptocurrency” Investments

The Monetary Authority of Singapore (MAS) warns members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.

These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency. This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.

Putting money in cryptocurrencies or digital tokens is highly risky. MAS and the Commercial Affairs Department (CAD) have issued several advisories on 19 December 2017, 18 September 2018, 19 September 2018 and 5 December 2018 to warn the public of the risks of such investment offers. 

Members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the Police.

For more information on cryptocurrencies or digital token investments, please refer to MoneySENSE’s consumer alerts.