{"id":24860,"date":"2022-02-20T07:57:14","date_gmt":"2022-02-20T02:27:14","guid":{"rendered":"https:\/\/tradebrains.in\/features\/singapore-crypto-scam\/"},"modified":"2022-02-20T08:40:16","modified_gmt":"2022-02-20T03:10:16","slug":"singapore-crypto-scam","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/singapore-crypto-scam\/","title":{"rendered":"Singaporeans fall prey to Chinese-origin &#8216;pig-butchering&#8217; crypto scam"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3094477311\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Singapore, Feb 20 (PTI) Victims in Singapore have lost more money to bogus investment schemes than any other ruse in the last three years, especially falling prey to Chinese-origin &#8220;pig-butchering&#8221; cryptocurrency scam, losing SGD190.9 million last year, over five times the SGD36.9 million in 2019.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1212347446\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Fraudsters spend months cultivating a relationship with the victims before urging them to invest in such schemes, according to a report in The Sunday Times.<\/p>\n<p> A recent variant that has appeared in Singapore is the &#8220;pig-butchering&#8221; scam, said the report, adding that the Chinese term &#8220;sha zhu pan&#8221; means to fatten a pig before slaughtering. It was coined by the perpetrators themselves to describe their scam.<\/p>\n<p> Fraudsters spend months cultivating a relationship with the targets before urging them to invest in bogus investment schemes.<\/p><div class=\"trade-content_5\" id=\"trade-2624246750\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The Singapore daily cited news reports saying that pig-butchering scams started in China in 2016. Back then, scammers groomed their victims to place bets on fake gambling websites.<\/p>\n<p> The Chinese government cracked down on illegal betting in 2018. But fraudsters then targeted Chinese-speaking diaspora in South-east Asia.<\/p>\n<p> As the demographic expanded to include Europe and the United States, scam tactics evolved to keep abreast with the growing popularity of cryptocurrency investments.<\/p>\n<p> In response to queries, the Singapore Police Force said victims here ended up transferring money to banks predominantly in China, including Hong Kong.<\/p>\n<p> &#8220;They were asked to pay administrative fees, security fees or taxes in order to reap profits. In many cases, victims earned a profit in the initial stage, leading them to believe that the investment is legitimate and lucrative,&#8221; the broadsheet quoted police as saying. &#8220;Once larger amounts of monies were deposited into the designated accounts, the scammers became uncontactable.&#8221; \t There is no official data on the number of pig-butchering scams busted in Singapore each year but the report said that professionals, aged 30-40, lost SGD10.7 million, citing the non-profit Global Anti-Scam Organisation (GASO) which was formed last May by pig-butchering scam victims and currently has around 60 members in its Singapore chapter.<\/p>\n<p> About 70 per cent of the victims were women aged between 25 and 40 years old.<\/p><div class=\"trade-content-10\" id=\"trade-1956413120\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The victims were predominantly highly educated &#8211; nearly 90 per cent held a bachelor&#8217;s degree or higher.<\/p>\n<p> GASO, a volunteer-driven advocacy group, said most victims of pig-butchering scams had emptied their savings account and many even ended up in debt.<\/p>\n<p> Losses average USD 134,940 per person, based on over 400 victims surveyed by the organisation from North America, Europe, Taiwan and South-east Asia, according to the report.<\/p>\n<p> To combat investment scams, the Singapore authorities uses technology to identify and warn potential victims by sending them targeted SMS advisories.<\/p>\n<p> The police said they also work with foreign law enforcement agencies on joint operations to cripple syndicates, according to the Singapore daily report. PTI GS  CK<\/p>\n<div class=\"trade-after-content\" id=\"trade-2750911108\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Singapore, Feb 20 (PTI) Victims in Singapore have lost more money to bogus investment schemes than any other ruse in the last three years, especially falling prey to Chinese-origin &#8220;pig-butchering&#8221; cryptocurrency scam, losing SGD190.9 million last year, over five times the SGD36.9 million in 2019. Fraudsters spend months cultivating a relationship with the victims before [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-24860","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singaporeans fall prey to Chinese-origin &#039;pig-butchering&#039; crypto scam - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/singapore-crypto-scam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singaporeans fall prey to Chinese-origin &#039;pig-butchering&#039; crypto scam\" \/>\n<meta property=\"og:description\" content=\"Singapore, Feb 20 (PTI) Victims in Singapore have lost more money to bogus investment schemes than any other ruse in the last three years, especially falling prey to Chinese-origin &#8220;pig-butchering&#8221; cryptocurrency scam, losing SGD190.9 million last year, over five times the SGD36.9 million in 2019. 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