Crypto scams in Singapore: how to spot them

Crypto scams cost Singaporeans over S$180 million in 2025. The three most common types, the warning signs, and what to do if you're targeted.

Crypto scams are one of the biggest sources of fraud losses in Singapore. According to the Singapore Police Force's figures for 2025, scams involving cryptocurrency cost victims over S$180 million, about a fifth of all reported scam losses (S$913 million in total). Almost all of them follow a few predictable patterns.

The three most common types

• Fake officials. Someone calls claiming to be from the police, MAS or another agency. They say your account is linked to a crime and tell you to move your money into crypto, or to a wallet they give you, "for investigation". Real officials never do this.
• Investment scams. A friendly stranger, often met on a dating app, social media or a chat group, introduces you to a "can't-lose" crypto opportunity. Small early "profits" appear, then you can't withdraw without paying more fees. Some ask for your login details or recovery phrase.
• Job scams. An ad offers easy money for simple online tasks, but you have to buy crypto with your own money first. The promised commissions never arrive.

Warning signs

• Guaranteed or unusually high returns. Nothing in crypto is guaranteed.
• Urgency or secrecy. "Act today", "don't tell your bank".
• Requests for your recovery phrase, private key, password or one-time codes. Anyone who asks is stealing. No real company needs them.
• Being told which wallet to send crypto to, especially by someone you've never met.
• An app or website you can deposit into, but not withdraw from.

How to protect yourself

• Only use platforms licensed by MAS (check the Financial Institutions Directory).
• Never share your recovery phrase. Write it down offline and keep it private.
• Turn on two-factor login with an authenticator app.
• If a "mentor" is teaching you to trade, that alone is a red flag.

If you think you've been targeted

• Stop. Don't send any more money.
• Call the ScamShield Helpline on 1799 (24/7) if you're unsure.
• Contact your crypto platform and bank immediately to try to freeze transactions.
• Report it to the police and through the ScamShield app.

Crypto transfers can't be reversed, and MAS can't recover losses for you, so speed matters. And tell your family and friends: the people most at risk are often the ones who know least about crypto.

New to crypto? Our free 3-day crash course has a whole lesson on staying safe.

General market information for education only, not financial advice. Crypto-assets are highly volatile; never risk money you can’t afford to lose.