![]() |
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.
![]() | Singapore’s venture capital funds covering all bases Singapore venture capital funds remain the most active investor in Vietnam, with ongoing investments into local startups and potential targets ranging from renewable energy to electric vehicles. |
![]() | Cooperation scales up with Singapore Vietnam and Singapore have long enjoyed a robust bilateral relationship, characterised by deepening cooperation in economics, trade, and investment, strengthening political and people-to-people ties. Pang Te Cheng, consul-general of Singapore in Ho Chi Minh City, explains how both countries have strategically positioned themselves to leverage various developments for mutual growth. |
![]() | Trade boding well for Singaporean upgrade The flourishing trade and investment ties between Vietnam and Singapore are expected to make bigger strides when the two countries elevate their strategic partnership to a comprehensive strategic one in the near future. |
![]() | Malaysia, Singapore offer unique approaches to cryptocurrency supervision: experts The growth of financial technologies, including blockchains and cryptocurrencies, depends on how well the legal system can adapt. Globally, as the legal status of cryptocurrencies remains ambiguous, Malaysia and Singapore offer unique approaches to cryptocurrency supervision. |
![]() | Singapore strengthens security in finance sector The Monetary Authority of Singapore (MAS) has cooperated with banks to seek solutions on quantum security in finance sector. |
![]() | A fresh space for Vietnamese-Singaporean businesses New opportunities are coming for businesses and investors of Vietnam and Singapore in the areas such as carbon credits, renewable energy, and the digital economy. Kenneth Loh, vice president of the Singapore Chamber of Commerce’s Hanoi office, talked to VIR’s Bich Thuy about what lies ahead. |
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional