SINGAPORE: The number of scam and cybercrime cases in Singapore rose by 10.8% in 2024, reaching 55,810 cases compared to 50,376 in 2023.
Victims lost a total of S$1.1 billion in 2024, marking a 70% increase from the S$651.8 million lost in 2023, according to the Singapore Police Force (SPF) in its annual scam report released on 25 February.
This brings the total amount lost to scams since 2019 to more than S$3.4 billion.
Record-high scam cases reported
The police recorded the highest number of scam cases ever in 2024, with 51,501 reports, up from 46,563 in 2023.
More than 70% of these cases involved losses of less than S$5,000, and the median loss per case was approximately S$1,300.
E-commerce scams were the most prevalent, with 11,665 cases reported.
Victims lost at least S$17.5 million in these scams, which often involved fraudulent concert ticket sales.
Victims were deceived into believing they had purchased legitimate tickets, only to later discover they were fake or never delivered.
Job scams remained among the top concerns, with over 9,000 cases reported, although the number declined compared to previous years.
Victims lost a total of S$156.2 million to job scams.
Phishing scams ranked among the top three scams of concern, with losses soaring to S$59.4 million—more than four times the amount lost in 2023.
SPF figures showed that over 70% of scam victims were below 50 years old.
While younger adults (below 50) were more likely to fall for e-commerce scams, older victims, particularly those aged 50 to 64, were more vulnerable to phishing scams.
High-value cases drive total losses, with a single victim losing S$125 million in cryptocurrency
Despite the large number of cases involving relatively small sums, a handful of incidents resulted in exceptionally high losses.
Cryptocurrency-related scams made up 24.3% of the total scam losses in 2024, a significant increase from 6.8% in 2023.
The police noted that just four cases accounted for S$237.9 million in losses, significantly influencing the total amount lost in 2024.
One of the most significant cases involved a malware-enabled scam, where a single victim lost S$125 million in cryptocurrency.
The victim clicked on a fraudulent interview link and was instructed to run a script on their laptop, which contained malicious code targeting cryptocurrency wallets.
In a business email compromise scam, a Singapore commodities firm lost S$57.2 million in July 2024.
The company had received an email from what appeared to be a known vendor, instructing them to update bank account details.
After transferring the funds, the company later realised it had been scammed when the real vendor issued a late payment notice.
A phishing scam resulted in a S$33.8 million loss when a victim was tricked by a fraudulent advertisement within a legitimate cryptocurrency wallet application.
The victim provided login credentials after scanning a QR code, later discovering unauthorised transactions.
In a social media impersonation scam, a victim lost S$21.7 million in cryptocurrency.
The scammer posed as a known company director on Telegram and convinced the victim to transfer funds.
Despite a decline in the number of such cases by 53.6%, the total amount lost to social media impersonation scams surged by 172% to S$26.4 million.
Authorities ramp up measures to combat rising scams and cybercrime
The sharp increase in scam-related losses has raised concerns about cybersecurity and public awareness.
To tackle the surge, the Police said authorities have introduced various measures, including the Protection from Scams Act, which was passed in Parliament earlier this year.
Under this new law, the police can issue restriction orders to banks, limiting an individual’s transactions if there is reason to believe they may be transferring money to a scammer.
This measure aims to provide the police with more time to engage with potential victims and prevent fraudulent transfers.
The Anti-Scam Command has also intensified enforcement efforts, seizing over 31,000 SIM cards and arresting 13 individuals involved in scam-related activities.
A new law that took effect on 1 January allows authorities to target three key groups facilitating scams: irresponsible SIM card subscribers, middlemen who procure or distribute SIM cards to scam syndicates, and non-compliant retailers.
Additionally, SPF disrupted over 57,700 mobile lines, 40,500 WhatsApp accounts, 33,600 online monikers and advertisements, and 44,900 scam-related websites in 2024.
These efforts represent a significant increase in disruptions compared to 2023, achieved through partnerships with major industry players such as Meta, Carousell, Google, and telecommunications companies.
Commenting on the rising number of scams and increasing financial losses, Deputy Director of the Scam Public Education Office Jeffery Chin warned that scammers are always evolving their tactics to pressure victims into making hasty decisions.
“We urge everyone to slow down and take a moment to verify if something is a scam,” Chin advised, highlighting resources such as the ScamShield Helpline (1799) and the ScamShield app as tools to help the public stay vigilant.
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