Scam losses in Singapore have hit alarming levels, with over S$1.1 billion lost last year - a sharp 70.6% increase from the year before.

And one of the fastest-growing threats is investment scams, particularly those tied to cryptocurrency.

These scams are becoming more sophisticated, with fraudsters using social messaging platforms like WhatsApp and Telegram to impersonate financial institutions and promote fake investment opportunities.

What can investors do to protect themselves? What red flags should they look out for and how can they tell if an opportunity is too good to be true?

On The Big Story, Nadiah Koh speaks to Eric Oh, Financial Services Manager, PhillipCapital, to find out.