The Singapore Police Force issued a warning against e-commerce scams involving the sale of jade stones on TikTok.
At least 10 people have fallen victim to these scams since January, with at least $95,000 being lost to the scammers.
Modus Operandi
In one of the scams, the scammers pretended to sell jade stones on TikTok live streams, and after the victims had agreed to make a purchase, the scammers would provide them a bank account number for them to pay payment to.
The scammers would then claim that they didn’t receive the payment or would go MIA and become unreachable.
Another way the scammers would scam the victims is to get them to “invest” in the jade stones, where the “returns on investments” would depend on the value of the cut jade stones.
The victim interested in investing would then transfer money to the scammer’s bank accounts in advance, and the scammers would then cut the raw jade stones on TikTok live streams to determine the value of it.
For stones that were determined to be “high quality”, the scammers would then “purchase” them back from the victims at a higher price, as well as offering to make refunds if the stones had no value or were poor in quality.
The victims would then come to the realisation that they had been scammed after failing to receive their money, or when the scammers became unreachable.
Avoiding scams
The Police would like to advise members of the public to adopt the following precautionary measures:
- ADD – ScamShield App and set security features (e.g., enable two-factor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow).
- CHECK – for scam signs with official sources (e.g., visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688). If the price is too good to be true, it probably is. Purchase only from authorised sellers or reputable sources and be wary of attractive, time-sensitive deals where only limited stocks are available. Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to the seller. Always verify the seller’s profile through customer reviews and ratings.
- TELL – authorities, family, and friends about this scam so they do not fall for it. Report the fraudulent pages to Facebook.
If you have information relating to such crimes or if you are in doubt, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. All information will be kept strictly confidential. If you require urgent Police assistance, please dial ‘999’.