In a troubling incident highlighting the dangers of modern technology, a 75-year-old retiree from Singapore, Victor, fell victim to a sophisticated scam involving a deepfake video. According to the official information, the video featured a local minister promoting a cryptocurrency investment scheme, leading Victor to make significant financial decisions that ultimately resulted in substantial losses.
Victor's Investment Journey
Victor, seeking to enhance his retirement savings, was invited to a WhatsApp group where members discussed a lucrative crypto investment opportunity. After viewing the deepfake video, he was persuaded to click on a link that directed him to a registration form, where he paid a fee of 250 SGD.
Impersonation and Financial Loss
Shortly after, Victor received a call from an individual impersonating a representative from Coinbase, who convinced him to withdraw 4,400 SGD from his Central Provident Fund to invest in the scheme. It was only after realizing he had been scammed that Victor took action, reporting the incident to both his bank and the police, which helped him prevent further financial losses.
Authorities' Warning
Authorities are increasingly concerned about the surge in cryptocurrency scams, particularly those utilizing advanced technologies like deepfakes. They are urging the public to exercise caution and verify information before making any financial commitments.
In light of the recent scam involving Victor, it's crucial to note that a report from TRM Labs has revealed a significant resurgence in illicit cryptocurrency activities in 2025. For more details, see illicit activity.
