In a parliamentary response, Monetary Authority of Singapore board member Alvin Tan clarified that ScamShield is not suitable for conducting due diligence on people offering investment schemes. The service is designed for consumers to check, block and report messages, websites and phone numbers suspected of being linked to scams. Information on a person’s directorships, other business interests and bankruptcy status is available for a fee through the Accounting and Corporate Regulatory Authority’s Bizfile website and the Ministry of Law Insolvency Office’s website. Consumers should approach investment opportunities cautiously and deal only with entities licensed by the Monetary Authority of Singapore and their appointed representatives.
Monetary Authority of Singapore clarifies ScamShield will not provide due diligence checks on investment promoters
The Monetary Authority of Singapore clarified that ScamShield will not provide due diligence checks on investment promoters because it is designed to identify and report suspected scam communications. Consumers can obtain business involvement and bankruptcy information from existing public registers for a fee and should deal only with MAS licensed entities and their appointed representatives.