How to Spot Investment Scams and Fraud Attempts

28 October 2022

Share this

  • linkedin
  • facebook
  • twitter
  • email

Want more?

We thought you might.

Join the hundreds of thousands of people who are taking control of their personal finances and investments with tips and market insights delivered straight to their inboxes.

Here’s how you can protect yourself from investment scams and fraud attempts, and how you can verify StashAway.

⚠️Scammers may use platforms, such as SMS, email, social media, WhatsApp, Telegram, and Viber to contact you, posing as legitimate companies. They may trick you into clicking on a phishing link, ask for your personal information and passwords, and try to convince you to invest in a trending stock. Always verify their details before sharing any information.

Find out about the latest scams below.

Updated 30 November 2022: Scammers have been impersonating our social media accounts under these false handles:

  • Facebook:
  • Telegram:

Updated 28 October 2022:

Scammers have been attempting to impersonate our CTO and co-founder, Nino Ulsamer, via WhatsApp.

  • The impersonators appear to be mass inviting individuals at random into Viber and WhatsApp group chats, using Nino’s name and linking to the StashAway website.
  • The impersonators appear to be encouraging individuals to invest in a stock, promising high returns.
  • A similar incident was reported on 24 July 2022.
202208 Scam Alert Screenshot

A screenshot from one of the threads

What is an investment scam?

An investment scam is a fake investment opportunity that scammers use to entice individuals to invest in. The scammers usually promise lucrative but unrealistic returns. Often, these scammers claim to be from reputable financial institutions to gain your trust.

Here are some ways you can spot an investment scam:

You receive unsolicited contact from an unknown person

Be aware if you receive a call from an unknown number or if you've been added to a group chat where you don't recognise the person who has added you.

The scammer promises high returns at little or no risk

Scammers often promise unbelievably high returns to lure potential investors. If the return is too good to be true, it probably isn't true.

The scammer uses pressure tactics

Keep an eye out for "limited time only" offers. Scammers often try to create a sense of urgency to rush you into committing your money, and may use time-limited deals, gifts, and rebates to trick you.

The scammer tries to fake their track records and experience 

Scammers often try to gain trust by faking their track records and experience. For example, they may use fake profiles, claim to be regulated by industry bodies, and share fake reviews of their product or company.

The scammer communicates unprofessionally

Legitimate investment firms will have checks and balances to ensure professional standards. Keep a lookout for spelling mistakes, emails originating from public domains (such as Gmail), and suspicious links and attachments.

What should you do if you suspect an investment scam?

If you think an investment scammer might have contacted you, make sure you do your due diligence and understand the details of the product or offer before committing.

  • Don't share personal information or click on any links until you verify who is contacting you.
  • Ask as many questions as you need to, and be cautious if the firm isn't able to answer any of your questions or tries to avoid them.
  • Check that the information given about the company is correct, such as its phone number, address, business registration number, and management team.
  • If you suspect the company is fraudulent, check directly with the company in question. Some companies will also have a dedicated scam reporting hotline to help you verify possible investment scams.
  • If you suspect a scammer on WhatsApp, Viber, or SMS, block their number and report it.
  • Check if the firm is regulated by the Monetary Authority of Singapore (MAS). The MAS provides a list of financial institutions that are regulated to provide financial services through its Financial Institutions Directory.

How can I verify that StashAway is contacting me?

We'll only ever contact you via our verified channels, including WhatsApp and our number, +65 9877 0801. You can always check our website for our verified social media accounts. And, we'll never ask you for your login details or passwords. If you're ever in doubt, just check in with us!

Here's how you can verify StashAway on WhatsApp

How to verify whether a WhatsApp account is real or fake

You can always check that it's us on WhatsApp by looking for WhatsApp's green badge icon next to our contact name, StashAway. You'll also see a notification saying: 'This chat is with the official business account of "StashAway". Tap to learn more.' The green badge icon and notification indicate that the account belongs to our verified official WhatsApp number.

Here's how you can verify StashAway on social media

To assess if it's us on Instagram and Facebook, look for the blue tick icon next to the account name. Below are our official social media accounts:

And, you can always check the footer of our website for our verified social media accounts.

Share this

  • linkedin
  • facebook
  • twitter
  • email

Want more?

We thought you might.

Join the hundreds of thousands of people who are taking control of their personal finances and investments with tips and market insights delivered straight to their inboxes.