Cryptocurrency scams are getting harder to spot. In 2025 alone, victims in Singapore lost over $180 million in cryptocurrency to investment scams, job scams, and government official impersonation scams.

Scammers are targeting everyday people, not just experienced investors. They pose as investment mentors, employers, and even government officials to trick victims into handing over access to their crypto wallets. The worst part? Crypto transfers are irreversible. Once it's gone, it's nearly impossible to get back.

🚩 Remember, government officials will never ask you to transfer money or crypto, hand over banking credentials, or install apps from unofficial sources.

Knowing how a scam works is the best way to protect yourself and your loved ones.

How the crypto scam works:

If someone you don't know is teaching you how to set up a crypto account, stop. It's almost certainly a scam. Scammers typically approach victims through social media ads or messaging apps, using cover stories such as these:

1. The "Investment Opportunity": They promise high returns from crypto investments, guide you through setting up a wallet, then instruct you to transfer funds to their wallet "to grow your money."

2. The "Job Offer": They offer easy commissions for helping "boost" crypto values. The job always ends with you transferring crypto to them.

3. The "Government Official": Someone claiming to be from SPF, MAS, or Interpol accuses you of involvement in criminal activity (e.g. money laundering), then instructs you to transfer crypto to a designated wallet for "safekeeping" or "investigation."

How to protect yourself:

Never share your seed phrase, private key, or wallet passphrase with anyone, ever. No legitimate platform, employer, or government agency will ask for these.

Verify before you trust. Check if investment platforms are regulated by MAS at mas.gov.sg. Use the ScamShield app to verify suspicious numbers, links, and messages.

Lock down your accounts. Enable 2FA/MFA on all crypto platforms and set transaction limits. Check if your platform has a self-service kill switch you can activate immediately if something feels wrong.

Act fast if you've been targeted. Contact your crypto platform immediately to halt transactions. If your seed phrase is compromised, move remaining assets to a new wallet at once.

If you think you’ve been scammed, report it. Make a police report and contact the 24/7 ScamShield Helpline at 1799. Download the ScamShield app to block scam calls and filter scam SMSes.

For more information on scams, visit ask.gov.sg/scamshield. Download the ScamShield app to stay safe from scams.