Police warn Fun Coffee victims in opposition to pretend fund restoration companies

SINGAPORE: The Singapore Police Force (SPF) on Thursday (Aug 27) warned of fund restoration companies scams concentrating on victims of the Fun Coffee funding scheme.

The scammers declare to signify Fun Coffee or a third-party service supplier and provide to assist victims get better cash misplaced by the platform, police mentioned in a information launch.

Victims are then instructed through on-line messages to make funds by financial institution transfers for purported deposits, tax funds, or charges required to facilitate the restoration of funds. 

“Victims only realised that they had been scammed, when they did not recover their funds as agreed despite making the payments,” the police mentioned.

The warning comes after authorities mentioned earlier this month that the Fun Coffee platform resembles a pyramid-selling scheme. Users had been required to obtain the appliance and switch Tether (USDT), a cryptocurrency pegged to the US greenback, into digital pockets addresses offered by the app.

Participants of the funding scheme in Singapore had been subsequently unable to withdraw their funds by the Fun Coffee software, the police mentioned. 

The South China Morning Post beforehand reported that victims had been believed to have misplaced near HK$100 million (US$12.7 million) by the scheme. 

Members of the general public needs to be cautious when people, on-line companies or web sites provide to assist get better funds misplaced to scams or investments, the police warned. 

The police additionally suggested the general public to put in the ScamShield app, allow two-factor authentication on their Apple ID and cryptocurrency accounts, and set transaction limits the place accessible.

Anyone who encounters a purported fund restoration service or suspects that they’ve been scammed ought to report it to the police instantly. They must also contact their financial institution if their checking account or cost credentials have been compromised.