"Encouraged by initial profits and promises made by the platform staff about financial advice, more bonuses and attractive rewards, most of the investors found it difficult to stop at one small investment and will put in more money," the news release said. "In these cases, the investors either lost all their monies or could not withdraw the balances in their accounts. Some also had unauthorised withdrawals made in their debit/credit cards after they had handed over their card details for payment." While binary options trading is attractive as it sounds simple and there are often promises of high, quick and safe returns, the police warned that binary options are in fact speculative and risky. Many online platforms offering such trading are also fraudulent." http://www.straitstimes.com/singapore/courts-crime/police-warn-of-rise-in-online-scams-involving-binary-options-over-1-million