Abstract：Investment scams recorded the highest amount of losses, at about $145.4 million, in the first half of 2025.
It looked like a rare chance to grow his retirement savings.
In a video circulating online, a Singapore minister appeared to be endorsing a cryptocurrency investment scheme that promised attractive returns. For Mr Victor, a 75-year-old retiree, the endorsement gave the scheme an air of credibility. Hoping to stretch his retirement funds, he decided to look into it further.
What he did not know then was that the video was a deepfake.
In January 2025, Mr Victor was added to a WhatsApp chat group by an unknown number. Members of the group were actively discussing what appeared to be a profitable cryptocurrency opportunity. At some point, the deepfake video of the “minister” was shared in the group, further reinforcing the illusion that the scheme was legitimate.
Mr Victor, who declined to reveal his full name for privacy reasons, said seeing a senior public figure promote the investment convinced him it was safe. Curious and reassured, he clicked on a link attached to the video, filled in his personal details and paid a registration fee of $250 via bank transfer.
A few hours later, he received a phone call from a man claiming to represent Coinbase, a well-known US-based cryptocurrency exchange that Mr Victor recognised from his own research. Speaking in fluent English, the caller explained the benefits of trading on the platform and said another colleague would be in touch to guide him through the process.
Five days later, that “colleague” contacted Mr Victor through a video call and asked him to share his smartphone screen. He then instructed Mr Victor to log into his Central Provident Fund (CPF) and bank accounts, and withdraw $4,400 from his CPF Ordinary Account into his bank account to fund the investment.
To complete the withdrawal, Mr Victor had to increase his CPF accounts daily withdrawal limit, which came with a 12-hour cooling-off period. He followed the instructions, believing the funds would be used for trading.
About a week later, an SMS alert from his bank jolted him. A total of $3,999 had been withdrawn from his savings account without his authorisation.
Shortly after that, the caller contacted him again through another video call and sent him more links. This time, something felt wrong. Alarm bells began ringing.
Mr Victor refused to proceed and started questioning the caller, who appeared local and in his 30s. The man abruptly ended the call, saying he would contact him again in three days with an update on the supposed “trading outcome”.
By then, Mr Victor was convinced he had been scammed. He immediately contacted his bank to block his account and lodged a police report. Investigations are still ongoing.
In total, Mr Victor lost $4,249. While the amount was painful, he said he was relieved to have realised the scam early enough to prevent even greater losses. “I could have lost my entire savings,” he said.
Mr Victor is one of 2,698 victims who fell prey to investment scams in the first half of 2025. Despite a drop of 19.2 per cent in the number of such cases compared with the same period the previous year, investment scams recorded the highest losses, amounting to about $145.4 million.
Police Superintendent Rosie Ann McIntyre, assistant director of operations at the Scam Public Education Office, noted that the average loss per investment scam case has increased. She explained that scammers often rely on fake testimonials and seemingly active chat groups to convince victims that an investment is genuine.
“In the early stages, victims may even receive some returns,” she said. “That convinces them the investment is real, and they continue to put in more money.”
In some cases, scammers spend weeks building trust before introducing the investment opportunity. To keep the relationship going, victims may be pressured to invest increasingly larger sums.
Superintendent McIntyre also highlighted a rise in cryptocurrency-related scam transactions. Scammers, she said, exploit the perception of crypto as a high-risk, high-return investment to push victims into acting quickly, often framing it as a “golden opportunity” that should not be missed.
Police data shows that cryptocurrency-related losses made up 17.9 per cent of total scam losses in the first half of 2025, amounting to around $81.6 million.
The decentralised and largely anonymous nature of cryptocurrencies makes investigations and fund recovery extremely difficult, as tracing transactions and identifying beneficiaries is often challenging. Transactions are also fast and irreversible, allowing scammers to move funds across borders without going through traditional banking systems.
A year after the incident, Mr Victor says he is far more cautious whenever he comes across investment links promising exceptional returns. “If its too good to be true,” he said, “I just ignore it.”
