BTC Scam In Singaporean Mall Prevented By Police

BTC scam by using the bitcoin machines at the Tampines One Mall in Singapore was successfully busted after a 32-year-old man was approached by fake officials. According to the latest cryptocurrency news, the police also helped a 49-year-old man not to transfer his bitcoins to the given address by the scammers.

The Singapore police warned the citizens of this kind of BTC scam by publishing a statement yesterday:

 “Do not fall for scammers who impersonate officials from China and ask victims to transfer money using bitcoin machines. No government agency in Singapore will demand payment over the telephone or other social messaging platforms, such as WeChat or Facebook, or demand that you surrender cash to unnamed people. They would also not ask for personal banking information, such as your Internet banking passwords.”

The scammers used the fact that it is much easier to conduct a BTC scam by making people do things if they are approached by government officials or any kind of authority. For instance, the 49-year-old man was taking down posters right next to the bitcoin machine. The witness called the police to report an act of vandalism but when they arrived they found that the act was a part of an elaborate scam.

When the victims call the police, the scammers pretended to be authorities from China and told the victims they are investigating a BTC scam from a transnational nature. They also told their victims they have been watched as a part of the international investigation. They later order their victims to transfer a total of $1,000 worth of bitcoin to their wallets and usually, the victims comply and end up losing their assets.

During the investigation, the police managed to find another victim which was the 32-year-old man who was also about to call the number on the poster before they approached him and ended up saving his money. As previously reported in our altcoin news, the authorities in Singapore are working tirelessly to issue warnings on crypto scams such as this BTC scam since they increased over the past year.

The scammers find it easy to trick people into believing them by pretending to be government officials. People are usually more careful with business representatives and don’t trust them at once. But impersonating any kind of authority is one of the most efficient ways to conduct a BTC scam such as this one.