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Victims were targeted through social media platforms, and messaging and dating applications, police said on Wednesday.
Singaporean authorities have urged the public to exercise caution when making investment decisions.
Recommended precautionary measures include enabling security features, such as privacy settings that prevent unknown users from adding them to chat groups, checking for scam indicators through official sources, verifying the legitimacy of investment companies, and reporting suspected scams to authorities, as well as informing family and friends, Xinhua reported.
