Financial statements can be very crucial in many different fields. Knowing that a person invested in a company or is interested in a certain field can lead the financial market to move in certain directions. This is why such news should always be credible as it controls value behind it. Scammers usually focus on creating fake news that will push people to take certain financial actions that might change the shares of companies or allow the scammers to gain money from the move. This is one of the most dangerous things when it comes to finances.

Only recently in Singapore, Deputy Prime Minister Heng Swee Keat was aware of the situation due to it being on high rise. He was shocked with the fake news that was released day by day on financial situations and actions. He even emphasized on his shock behind seeing news about him investing in certain entities that he was not aware off. The Prime Minister warned people not to believe such fraud reports. He even warns people to check the sources before accepting any information read online.

This was seen through the speech he gave on the issue saying, “One even claimed that I invested in a new company. These are untrue. Many Singaporeans have fallen victim to online scams, and I urge everyone to exercise caution. Let’s fight scams. Help spread the word and share The problem of deliberate falsehoods is serious. In this case, someone could have suffered financial losses for trusting the wrong information.”