Scams in Singapore caused losses of S$456.4 million between January and June 2025, with 19,964 cases reported, according to figures released by the Singapore Police Force on 30 August.
This represents a decline from the S$522.4 million lost during the same period in 2024. However, the number of cases involving losses above S$100,000 rose significantly.
The police said nearly 1,000 people lost at least S$100,000 in the first half of 2025, up from around 700 during the same period in 2024.
While smaller scams made up the majority—about 70 per cent of cases involved losses under S$5,000—the median loss remained substantial at approximately S$1,500 per case.
Cryptocurrency losses and scam tactics evolving
One of the key concerns in 2025 was the scale of cryptocurrency-related scams, which accounted for over S$81 million in losses in just six months.
The police highlighted the appeal of cryptocurrency for scammers due to its irreversible nature and the difficulty in tracing transactions.
A new scam category involving fake insurance services also emerged in 2025. Authorities reported 791 cases in the first half of the year, resulting in over S$21 million in losses.
Phishing scams were the most commonly reported type of scam, with 3,779 cases logged. Losses from these scams soared to S$30.4 million—more than double the S$13 million recorded in the same period in 2024.
These scams often involved victims unwittingly giving their card details and authentication codes to scammers posing as legitimate vendors.
Government impersonation scams surged
Government official impersonation scams more than tripled, from 589 cases in the first half of 2024 to 1,762 in the same period in 2025.
Losses from these scams reached S$126.5 million—an 88 per cent increase from the S$67.2 million recorded a year earlier.
The police reported a rise in in-person scams where victims were pressured to withdraw cash or purchase gold bars and jewellery, which were then handed to scammers acting as law enforcement officers.
In some instances, victims were told to surrender their valuables, including luxury watches, under the guise of police investigations.
Investment scams remain highest in losses
Despite a drop of nearly 20 per cent in reported investment scam cases—2,698 in the first half of 2025—the total losses reached over S$145 million, the highest among all scam types.
More than one-third of investment scam victims were aged between 30 and 49.
Victims were often introduced to false investment schemes via online acquaintances or were added to chat groups that featured fake testimonials and fictitious success stories.
Scammers encouraged victims to create new cryptocurrency wallets and link them to fraudulent platforms. Once trust was established, victims would hand over credentials, giving scammers access to their funds.
Many only realised they had been scammed when they could not retrieve their supposed earnings after paying further fees.
Younger victims and e-commerce scams
Six in 10 scam victims were under the age of 50. E-commerce scams were the most prevalent among this group.
There were 3,237 reported e-commerce scam cases in the first six months of 2025, with over S$7 million lost.
Police powers strengthened under new legislation
The police now have additional powers under the Protection from Scams Act, which came into effect on 1 July 2025.
These powers allow law enforcement to issue restriction orders to banks in cases where victims refuse to acknowledge they are being scammed, even in the face of evidence.
As of 20 August, two such restriction orders had been issued.
Meanwhile, the Monetary Authority of Singapore is collaborating with banks on implementing Fast IDentity Online (Fido)-compliant hardware tokens.
These physical devices will be required to approve high-value online banking transactions. While the police acknowledge this could cause friction in legitimate activities, they stressed the importance of prioritising security.
Crackdown on money mules intensifies
More than 3,500 individuals suspected to be involved in scam-related activities, including money laundering as mules, were investigated in the first half of 2025.
Of these, over 500 individuals have already been charged in court.
The police warned the public against knowingly or unknowingly becoming accomplices. This includes allowing scammers to use their bank accounts, Singpass credentials, or SIM cards for illegal activities.
A spokesperson said: “Your payment accounts, Singpass account and SIM cards are for your own use only.”
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