Singapore has been one of the first few countries to accept and adopt cryptocurrencies. It invited startups and businesses based on blockchain and wanted to create a crypto hub.
Right now Singapore has partially integrated the technology in its economic system. Since the crypto technology is fairly new, it is attracting attention from scammers and fraudsters.
A recent case in Singapore proves this. Bitcoin machines at Tampines One Mall were reportedly being used by scammers who were disguised as officials.
The scammers were caught by a police investigation on bitcoin machines in that mall. The scam was so elaborate that it would not have been caught if not for this investigation.
The Singapore police released a warning statement on Saturday saying that the public should keep an eye out for these scammers because their scam is elaborate and hard to notice right off the bat.
The police also warned the people that they should not share their personal banking information under any condition
Unfortunately, before the scam was spotted a man had already become a victim to it. The man was tearing down posters pasted in close proximity to a Bitcoin machine. When the police approached the man, he explained that the posters encouraged the people to call a number that told them that they are Chinese authorities.
The scammers disguised as Chinese officials would tell the caller that they are under investigation for committing a transnational crime.
By saying this, they will blackmail the caller into transacting over one thousand dollars ($1,000) worth of bitcoin.
When the police were involved, they noticed another person walking into this trap. They stopped and informed him about the scam.
At the beginning of 2019, the government of Singapore made the public aware of the fact that crypto scammers are exploiting the public’s trust in the government.
This is mainly why most crypto scammers disguise themselves as a government official to pose as being legitimate.