Alvin Tan, a board member of the Monetary Authority of Singapore (MAS), stated in a parliamentary reply that ScamShield is not a suitable tool for consumers to conduct due diligence on investment scheme promoters, as its primary function is anti-scam. Information regarding promoters' directorships, business involvement, and bankruptcy status can be retrieved for a fee from the Accounting and Corporate Regulatory Authority (ACRA)'s Bizfile website and the Ministry of Law's Insolvency Office website. MAS advises consumers to exercise caution with investment opportunities and only deal with MAS-licensed entities and their appointed representatives.