Singapore warns on fake-job crypto scams after $11.8M in losses

Singapore’s police and Cyber Security Agency have issued a joint advisory on cryptocurrency scams disguised as job offers, after victims lost about $11.8 million. 

Both agencies are urging residents to treat unsolicited work-from-home crypto gigs as a red flag. 

How Singaporeans are getting tricked by fake job scams

The job scams usually start on social media when victims answer an advertisement promising an online job or an investment return. The victim is then walked through opening a crypto account and buying tokens by someone posing as a helpful guide. 

Unsurprisingly, the payout never lands, and in many cases, the target is also talked into handing over login details or a seed phrase, which lets the fraudster empty the account outright.

The Singapore Police Force and the Cyber Security Agency have named this pattern directly in a joint advisory regarding scams involving fake job offers and compromised software systems. Roughly $11.8 million has been lost to this particular fake-job scheme.

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