A 76-year-old Singaporean man has lost his retirement savings of S$55,500 after falling victim to a scam that began with a casual conversation on TikTok. The elderly victim, who requested anonymity, said he was first contacted by someone claiming to be “Ms Li” on 21 April.
He admitted he initially kept his guard up, being aware of online scams. But Ms Li’s charm and promises of easy profits eventually wore down his defences. Convinced he could earn quick money, he agreed to take the chat off TikTok and continue the conversation on WhatsApp on 29 April.
The scammer persuaded him to download a “commercial” TikTok app from a suspicious link. This fake app required him to register an account and deposit funds to “start a business”, an all-too-common tactic in online scams targeting seniors, reported Shin Min Daily News
Virtual Wallet Trick Drains Retirement Savings
On 1 May, Ms Li instructed the man to download a virtual currency wallet app, which he struggled with initially before successfully registering. She then asked him to send photos of both sides of his debit card and guided him through linking his bank card to the wallet.
Believing his account was functional, he began transferring his money into the virtual wallet, convinced he could withdraw cash whenever needed. Ms Li demonstrated supposed “profits” by allowing him to withdraw small sums early on, which built his trust.
Before long, he had transferred S$55,500 into the wallet, including S$10,000 borrowed from a friend. But when he tried to withdraw his money, it became clear he had been cheated — the funds were gone, and the platform was fake.
Victim Keeps Scam Secret From Wife, Still Believes Scammer Is Real
Distraught, the man struggled to sleep or eat and eventually confessed to his three children before lodging a police report. He decided to hide the truth from his wife to spare her heartbreak, planning with his children to provide him S$1,000 monthly for household expenses to maintain the façade.
Incredibly, despite losing his life savings, he insisted Ms Li was real, claiming to have video chatted with her and received real-time photos. Even after the scammer changed phone numbers to a Hong Kong-registered line, he believed she existed in Hong Kong.
This heartbreaking case highlights the dangers of online scams preying on elderly Singaporeans and the importance of vigilance, especially when approached by strangers offering financial opportunities on social media platforms like TikTok.
Images Source: Shin Min Daily News