SCAMS have extended beyond impersonating banks to fintechs, with such cases on the rise amid a global pandemic.

Singapore robo-adviser StashAway told The Business Times that it has filed a police report regarding a WhatsApp message making its rounds in Singapore asking for investments. In a message written in both English and Chinese, it claimed that the startup was "starting the publicity of D round financing and investment services", requesting that the recipient participate by joining a WhatsApp group of other investors.

"With this single investment, your money doubles in power, because every penny that goes into your pocket doubles in profit," it said.