Beware of investment scams impersonating popular investors on Facebook, police warn
Seen an advertisement on Facebook promising "exclusive investment tips" from a well-known investor, investment expert or financial personality? Don't click on the ad, or you could be the next scam victim.In an advisory issued on Sunday (Oct 18), the police warned the public of the scam variant, which involves scammers impersonating such personalities on Facebook to lure victims into investing through fraudulent platforms.According to the police, victims would come across advertisements on Facebook often promising "exclusive investment tips", "free stock analysis" or high returns with low risk.Those who click on the advertisements would be directed to external websites, which then redirected them to WhatsApp chats with scammers posing as investment gurus or financial advisors. They would then be persuaded to download investment applications or access trading websites controlled by the scammers, where they are encouraged to invest increasing sums of money. Victims would only realise that they had been scammed when they were unable to withdraw their funds or when the scammers became uncontactable.