Singapores Law Enforcement

Singapore’s Law Enforcement Stops Bitcoin Scam and Saves Victim

One mall located at the Tampines in Singapore was recently investigated by the police. They were investigating a scam related to Bitcoin machines. The law enforcement officers were able to prevent a scam and also save a person. He was advised by the police not to carry any further bitcoin trade with the fraud.

The thieves represented themselves as officers in the market and tried to scam customers. However, the police officer could save an individual from the bitcoin scam. Bitcoin machines users were the main targets of the thieves in the mall.

On Saturday, a warning was issued by the police saying,

“Do not fall for scammers who impersonate officials from China and ask victims to transfer money using bitcoin machines.”

According to reports, a 49-year-old person was tricked by the thieves to give a call on the phone number, the man called the number and the scammers representing themselves as officers of China told him that he is under the investigation for doing a transactional crime. The scammers then directed the person to transfer bitcoin of worth $735 ($1,000) into their wallets. The victim without realizing it’s a scam transferred the said amount to their wallets.

The police began to monitor the area of the local mall as a part of the investigation process and stopped another individual of 32 years old, from calling the same phone number and saved him from a scam.

The police officers again mentioned that:

“No government agency in Singapore will demand payment over the telephone or other social messaging platforms such as WeChat or Facebook, or demand that you surrender cash to unnamed people.” “They would also not ask for personal banking information such as your internet banking passwords.”

Scammers are growing throughout the world, and their only aim is to steal the funds of users. This is a big issue, and various government authorities are raising concern over it. There are countries that are trying to control the crypto market, but scammers will always make a way to steal the user’s fund.

This is one of the most recent scams to have been noticed by the country. While in September and November of 2018, nearly cryptocurrencies worth of $78,000 were lost by a Singapore based investor and resulted in a scam.

Meanwhile, the 49-year-old victim started tearing posters that were present near the bitcoin machine. Few people informed police regarding the person behavior and reported it as vandalism. But when police started to investigate the matter they discovered posters were also the part of the bitcoin scam.

Singapore has been open to adopt digital currencies. A few days back, regulators mentioned that there’s no need to regulate Bitcoin (BTC). The reason for doing this was to find out the activities which are dangerous to investors. Singapore is even ranked in the top list when relating to fraud schemes.

However, the cryptocurrency market continues to grow in Singapore.Recently, in Singapore, the Blockchain Life Forum collected interest of more than 3,000 persons.

People need to be more alert and more careful with unknown entrepreneurs and also of the people who say they are working for the government so as to avoid getting scammed.

Singapore is the first Southeast Asian country to have noticed 3 million harmful URLs that has impacted around 15 million victims, last year.

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