Retiree loses over $70k to investment scam after meeting woman on TikTok
The woman asked for his help to invest in a company which she claimed used AI robots to mine cryptocurrency.
James Ng, an 68-year-old retiree from Singapore, lost more than $70,000 to an investment scam after meeting a woman on TikTok, according to police reports. The woman, whom Ng believed was based in Kuala Lumpur, introduced him to an AI robot-based cryptocurrency investment scheme in November 2025. Ng invested around $20,000 and later was persuaded to invest another $50,000, with additional taxes and fees, ultimately losing a total of $70,755 of his savings.
Ng's son helped him report the scam to the police in December 2025. The police data shows that investment scams accounted for the highest amount lost among all scams in the first half of 2026, totaling $169.8 million. ScamShield Helpline operators note that elderly people like Ng are vulnerable due to economic challenges and feelings of loneliness.
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