Stepping Up of Surveillance and Enforcement Actions against Online Investment Scams

Mr Liang Eng Hwa asked the Senior Minister, Coordinating Minister for National Security and Minister for Home Affairs in view of the $170 million in investment scam losses in the first half of 2026 (a) whether MAS and the Police will step up surveillance and enforcement action against online investment scams; and (b) whether MAS and the Police will work with social media and messaging platforms to detect scam groups masquerading as investment learning communities.

In investment scam cases, scammers may approach victims using accounts not previously known to the victim to offer lucrative investment products. To address this, under the new Code of Practice for Online Messaging and Conferencing Services (COP) issued in August 2026, designated online messaging platforms must implement measures to alert users to potential scam risks posed by unknown contacts and require user consent before the user can be added into a chatgroup by an unknown contact.

The new and enhanced COPs for Social Media Services and e-Commerce Services also require the designated online services to disallow the publication of advertisements offering financial services or products to Singapore users, unless the advertiser is licensed by any Singapore authority or authorised by a licensed entity to do so in Singapore.

In addition, the Police work closely with online platforms to disrupt investment scam content, including those by scam groups masquerading as investment learning communities. When there is reasonable suspicion that the content is preparatory to or in furtherance of the commission of scams, the Police may issue Directions under the Online Criminal Harms Act to online service providers to restrict Singapore users' access to such content.

The Monetary Authority of Singapore has worked with major retail banks to prevent scammers from profiting from investment scams by introducing additional friction for high value transfers. For example, banks have progressively implemented cooling periods for adding of payees, raising of transaction limits, and making large transfers that result in draining of accounts. This gives consumers an opportunity to re-consider their transfers or investments if they suspect that it is a scam.