Singaporean scam victims lost 294.79 million USD in H1

August 26, 2024 | 09:43

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The scam situation in Singapore has worsened, with the number of cases rising 16.3 per cent to 26,587, and victims losing a record high of over 385.6 million SGD (294.79 million USD) in the first six months of this year.

Singaporean scam victims lost 294.79 million USD in H1

The scam situation in Singapore has worsened (Photo: The Straits Times)

Hanoi – The scam situation in Singapore has worsened, with the number of cases rising 16.3 per cent to 26,587, and victims losing a record high of over 385.6 million SGD (294.79 million USD) in the first six months of this year.

According to the police’s mid-year scam and cyber-crime statistics released on August 22, if the trend continues, scam losses could exceed 770 million SGD by the end of 2024, setting a new record compared to the annual high of 660.7 million SGD in 2022.

In 86 per cent of the cases, the scammers did not gain control of the victims’ accounts but had manipulated them into transferring money to the criminals.

Facebook, Instagram and Whatsapp, scammers were the consistently over-represented among the platforms used by scammers in the period. In more
than 7,700 cases in where scammers contacted victims via social media, Facebook was used in 64.4 per cent of them, and Instagram 18.6 per cent. Meanwhile, in more than 8,300 cases where scammers reached victims via messaging platforms, Whatsapp was used in 50.2 per cent of them, and Telegram 45 per cent.

At a media briefing, Singapore's Minister of State for Home Affairs Sun Xueling said the figures are worrying, adding investment and government official impersonation scams were of particular concern.

During January-June, the police worked with banks, and prevented over 204 million SGD of potential losses to scams. The police’s Anti-Scam Command
deleted 2,700 scam-tainted accounts, and took down suspicious advertisements in the period.

A pilot programme to verify the identity of risky sellers on Facebook Marketplace and risky advertisers on Facebook began in June. The programme is believed to be the first globally.

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