Singapore Steps Up Enforcement on Online Investment Scams, Targets Deepfake Ads

Singaporean authorities are intensifying measures to curb online investment and trading scams, issuing new directives under the Online Criminal Harms Act (OCHA) to prevent impersonation and fraudulent promotions on social media. The Ministry of Home Affairs (MHA) said scammers have increasingly used deepfakes and fake profiles to lure users into transferring funds to fraudulent investment schemes.

The latest directive requires Meta to enhance facial recognition on Facebook, first targeting impersonation of government officials by January 31, then extending protections to high-risk individuals and notable public figures by June 30. Non-compliance carries fines up to S$1 million, with additional daily penalties for ongoing violations. Authorities say these measures aim to reduce scam advertisements, accounts, and pages that impersonate officials or other vulnerable users.

The move comes amid growing scrutiny of social media platforms globally. In India, Meta faced criticism after declining to remove a deepfake advertisement featuring President Droupadi Murmu that promoted an investment scheme. Thailand and Vietnam have urged platforms to take stronger responsibility in preventing scams, while South Korea and Japan are enforcing stricter verification and labeling requirements for AI-generated content.

Officials emphasize that online investment scams often target emotional trust and exploit the promise of high returns. Law enforcement agencies are calling for closer collaboration with platforms, proactive monitoring, and stricter regulatory enforcement to protect consumers. While platforms like Meta are not the source of scams, authorities stress that their cooperation is critical to prevent fraudulent trading ads from reaching vulnerable users.

Singapore’s approach demonstrates how focused regulatory action, combined with technology-driven safeguards, can mitigate online investment fraud while setting a framework for accountability across social media channels.