Fake Trading Platforms Targeting Investors in Singapore
Singaporean investors are targeted by fraudulent trading platforms that falsely claim MAS licensing, recruit through Telegram investment groups and social media, and typically form part of larger pig butchering or romance scam operations.
Part of: Fake Trading Platforms
Last reviewed: 1 June 2026
Singapore's Monetary Authority of Singapore (MAS) publishes an investor alert list of unlicensed platforms and regularly updates warnings about fake MAS-licensed brokers. Despite high financial literacy among Singaporeans, pig butchering operations that invest heavily in relationship-building remain effective by exploiting the emotional dimension rather than financial naivety.
Singapore's well-connected financial hub status also means victims sometimes interact with scammers posing as expat bankers, fund managers, or wealth advisers — personas that are plausible in a city with a significant international financial sector.
How this scam works on Singapore
A victim meets a new contact on LinkedIn, social media, or a dating app. The contact presents as a Singapore-based finance professional or overseas expat investor. Over several weeks, the relationship builds before investment topics arise.
The recommended platform displays a MAS capital markets services licence number — but the number belongs to a real firm whose identity has been cloned. Platform dashboards show strong returns in SGD. Withdrawal is blocked by fabricated MAS compliance fees or 'Account Verification Bonds' that must be deposited.
CPF (Central Provident Fund) savings are specifically targeted in some scam scripts — the scammer suggests the victim invest their CPF OA or SA savings in the platform, exploiting knowledge of Singapore's national savings scheme.
Common red flags
- Trading platform with a MAS licence number that does not match the company name when verified at mas.gov.sg
- Contact recommending you invest CPF savings through an online platform
- Telegram or WhatsApp investment group claiming affiliation with MAS-licensed institutions
- Withdrawal blocked by MAS compliance fee demands or 'SGD bond' requirements
- Platform with an SGD-denominated dashboard but no verifiable Singapore business registration
How to protect yourself
- Verify any investment platform against the MAS investor alert list at mas.gov.sg/investor-alert-list
- Check licensed financial institutions at mas.gov.sg/financial-institutions
- Never invest CPF savings through a platform recommended by an online contact
- Report suspicious platforms to MAS before depositing
- Contact MoneySense Singapore for impartial financial guidance at moneysense.gov.sg
How to report it
- Report to MAS at mas.gov.sg/investor-alert
- File a police report with Singapore Police Force or report online at police.gov.sg/iwitness
- Contact the Anti-Scam Helpline at 1800-722-6688
Frequently asked questions
Can CPF savings be used to invest through a third-party online platform in Singapore?
CPF funds can only be invested through the CPF Investment Scheme (CPFIS) via banks and financial institutions specifically approved by CPF Board. No online trading platform recommended by a social media or app contact is an approved CPFIS channel. Any suggestion to move CPF funds to such a platform is a scam indicator.