Investment Scam - Shell Investment Apps Fueling Fraudulent Schemes

Investment scammers are now using so-called “shell” mobile apps—applications that look like real trading platforms but have no legitimate backend—to deceive victims into fake cryptocurrency, forex, and stock investments. On December 9, 2025, the Singapore Police Force (SPF) issued a public advisory warning that these empty-shell apps are being actively exploited, leading to substantial financial losses. The scams rely on polished interfaces, fabricated account balances, and controlled withdrawals to build trust before draining victims’ funds entirely.