TikTok Jade Scams on the Rise, Nearly $95,000 Lost in Singapore

SINGAPORE – At least 10 people have fallen victim to e-commerce scams involving the sale of jadeite stones on TikTok since January, Singapore police said on Sunday (March 26).

The total losses amounted to at least $95,000, police said, in a report last month that highlighted an increase in online fraud.

According to a police press release, one variation of the scam involved scammers pretending to sell jadeite on live streams on TikTok.

Once the person agreed to buy the piece of jade, the scammers provided a local or foreign bank account number to which the payment was to be made. After the money was transferred, the scammers claimed that they had not received the payment or had become unavailable.

The second type of scam involved “investing” in raw jade stones via TikTok.

Interested parties will be asked to transfer money to the scammers’ bank account in advance, after which the scammers will cut a piece of raw jade to determine its value during a live broadcast on TikTok.

The return on investment depended on the value of the cut jadeite stones. Victims were promised a refund if the jadeite stones were found to be of poor quality or worthless after cutting.

Additionally, the scammers claimed that they would “buy” high-quality jade stones from their victims at a higher price.

Victims only realized it was a scam later when they did not receive the promised refund or money and the scammers became impossible to contact them.

Fraud protection

The police reminded to buy goods only from authorized sellers or from verified sources, and to avoid time-limited offers due to the limited number of products.

They also suggested avoiding making advance deposits into bank accounts belonging to unknown people, and also not making advance payments or direct bank transfers to sellers.

“Remember to always verify seller profiles with customer reviews and ratings,” the police wrote in their press release.

The police also stressed that word of mouth can play a key role in creating awareness and educating people about such scams so that they don’t fall for it. They urged people who have come across such scams to do their part and report the fake pages to TikTok.

For more information, please visit www.scamalert.sg or call the anti-fraud hotline at 1800-722-6688.

If members of the public have information about such crimes or have concerns, they are advised to contact the police at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be treated confidentially.

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