How to Spot Investment Scams and Fraud Attempts

28 October 2022

Here’s how you can protect yourself from investment scams and fraud attempts, and how you can verify StashAway.

⚠️Scammers may use platforms, such as SMS, email, LINE, Facebook, Instagram, and Telegram to contact you, posing as legitimate companies. They may trick you into clicking on a phishing link, ask for your personal information and passwords, and try to convince you to invest in a trending stock. Always verify their details before sharing any information.

Find out about the latest scams below.

In Thailand, scammers have been impersonating StashAway by creating a fake website and LINE account:

  • Scammers have created a fake LINE account (@885vktpt), and a fake website with the URL, using StashAway’s name and branding.
  • The impersonators appear to be encouraging individuals to invest in a mutual fund with high returns.
  • The impersonators use informal language in their communications.
202302 THEN-Fake Line account in Thailand

A screenshot from the impersonators’ LINE account

202302 THEH-Sample Fake website in Thailand

A screenshot from the impersonators’ website

Scammers have been attempting to impersonate our CTO and co-founder, Nino Ulsamer, via WhatsApp

  • The impersonators appear to be mass inviting individuals at random into Viber and WhatsApp group chats, using Nino’s name and linking to the StashAway website.
  • The impersonators appear to be encouraging individuals to invest in a stock, promising high returns.
  • A similar incident was reported on 24 July 2022.
202208 Scam Alert Screenshot

A screenshot from one of the threads

What is an investment scam?

An investment scam is a fake investment opportunity that scammers use to entice individuals to invest in. The scammers usually promise lucrative but unrealistic returns. Often, these scammers claim to be from reputable financial institutions to gain your trust.

Here are some ways you can spot an investment scam:

You receive unsolicited contact from an unknown person

Be aware if you receive a call from an unknown number or if you've been added to a group chat where you don't recognise the person who has added you.

The scammer promises high returns at little or no risk

Scammers often promise unbelievably high returns to lure potential investors. If the return is too good to be true, it probably isn't true.

The scammer uses pressure tactics

Keep an eye out for "limited time only" offers. Scammers often try to create a sense of urgency to rush you into committing your money, and may use time-limited deals, gifts, and rebates to trick you.

The scammer tries to fake their track records and experience 

Scammers often try to gain trust by faking their track records and experience. For example, they may use fake profiles, claim to be regulated by industry bodies, and share fake reviews of their product or company.

The scammer communicates unprofessionally

Legitimate investment firms will have checks and balances to ensure professional standards. Keep a lookout for spelling mistakes, emails originating from public domains (such as Gmail), and suspicious links and attachments.

What should you do if you suspect an investment scam?

If you think an investment scammer might have contacted you, make sure you do your due diligence and understand the details of the product or offer before committing.

  • Don't share personal information or click on any links until you verify who is contacting you.
  • Ask as many questions as you need to, and be cautious if the firm isn't able to answer any of your questions or tries to avoid them.
  • Check that the information given about the company is correct, such as its phone number, address, business registration number, and management team.
  • If you suspect the company is fraudulent, check directly with the company in question. Some companies will also have a dedicated scam reporting hotline to help you verify possible investment scams.
  • If you suspect a scammer on SMS, LINE, or WhatsApp, block their number and report it.
  • Check if the firm is regulated by the Securities and Exchange Commission (SEC). The SEC provides a list of financial institutions that are regulated to provide financial services through its Financial Institutions Directory (Securities Company).

How can I verify that StashAway is contacting me?

We'll only ever contact you via our verified channels.

You can always check our website for our verified social media accounts. And, we'll never ask you for your login details or passwords. If you're ever in doubt, just check in with us!

Here's how you can verify StashAway on

You can always check that it's us on LINE by looking for LINE's blue badge icon next to our contact name, StashAway. At the bottom of our official LINE profile, you will see the LINE ID: @StashAway, along with StashAway’s official information.

Here's how you can verify StashAway

You can verify any information from StashAway on our official website and app.

Any investment transactions (such as deposits and withdrawals) are only done through our app, instead of our website. And most importantly, we’ll never ask you to transfer or deposit your investments into a personal account.

To assess if it's us on Facebook, Instagram and Youtube, here are our official social media accounts:

And, you can always check the footer of our website for our verified social media accounts.

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