Police warn Fun Coffee victims against fake fund recovery services

The Singapore Police Force (SPF) has issued a warning regarding fraudulent fund recovery services targeting victims of the Fun Coffee investment scheme. These scammers impersonate representatives of Fun Coffee or affiliated third-party providers, offering to help victims recoup their lost money.

According to the police, victims are contacted through online messages and instructed to make payments via bank transfers. These payments are presented as necessary deposits, taxes, or fees to facilitate the recovery process. However, victims only discover they have been scammed when they fail to recover their funds despite making these additional payments.

This warning comes after authorities previously identified the Fun Coffee platform as resembling a pyramid-selling scheme. Participants were required to download an app and transfer cryptocurrency, specifically Tether (USDT), into digital wallet addresses provided within the app. Investors in Singapore were subsequently unable to withdraw their funds from the platform.

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Victims only realised that they had been scammed, when they did not recover their funds as agreed despite making the payments.

The South China Morning Post reported that victims of the Fun Coffee scheme may have lost close to HK$100 million (US$12.7 million). The SPF advises the public to be cautious of any online services or individuals offering to help recover funds lost to scams or dubious investments.

Authorities recommend installing the ScamShield app, enabling two-factor authentication on sensitive accounts, and setting transaction limits. Anyone encountering a suspected fund recovery scam or believing they have been victimized should report it to the police immediately and contact their bank if their financial credentials have been compromised.

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Members of the public should be cautious when individuals, online services or websites offer to help recover funds lost to scams or investments.