Scams in Singapore: A Growing Concern
Record-Breaking Figures
At least S$1.1 billion (S$1=RM3.30) was lost to scams in Singapore in 2024 – an increase of 70.6 per cent compared to the previous year, according to police statistics released on Tuesday. This is the highest amount lost to scams in a single year, at least since 2020.
Rise in Scam Cases
The Singapore Police Force (SPF) reported a total of 51,501 scam cases in 2024, a 10.6 per cent increase from the previous year. This accounts for 92.3 per cent of cybercrimes reported last year.
Losses and Statistics
The majority of scam cases saw losses of less than S$5,000, with a median loss per case of S$1,389. In 2024, the Anti-Scam Command (ASCom) successfully recovered more than S$182 million of scam losses, and the net scam losses were about S$930 million. Additionally, ASCom and its partners averted at least S$483 million in potential losses through proactive interventions with victims.
Cryptocurrency Losses on the Rise
Cryptocurrency losses formed a larger percentage of scam losses, accounting for about 24.3 per cent of total scam losses in 2024, compared to about 6.8 per cent in 2023.
Top Scam Types
The top five scam types in 2024 in terms of case numbers were e-commerce, job, phishing, investment, and fake friend call scams. In terms of the total amount lost, investment, job, government officials impersonation, malware-enabled scams, and business email compromise scams were the top five scam types.
Self-Effected Transfers
Self-effected transfers accounted for 82.4 per cent of total reported scam cases last year. In most cases, scammers did not gain direct control of the victims’ accounts but manipulated victims into performing the monetary transactions by means of deception and social engineering.
Scammers’ Tactics
Scammers commonly reach out to victims through messaging platforms, social media, phone calls, and online shopping platforms. Three products from Meta (Facebook, WhatsApp, Instagram) and Telegram remain particularly concerning, consistently being over-represented among the platforms exploited by scammers to contact potential victims and conduct their scams.
Age Distribution of Scam Victims
In 2024, 70.9 per cent of scam victims were youths, young adults, and adults aged below 50. Although the elderly made up only a small proportion of the scam victims, the average amount they lost per victim was the highest among the various age groups.
Conclusion
The statistics paint a concerning picture of the growing threat of scams in Singapore. It is essential for individuals to be aware of the tactics used by scammers and take steps to protect themselves. As the police continue to work to combat this issue, it is crucial for individuals to remain vigilant and report any suspicious activity to the authorities.
Frequently Asked Questions
Q: What is the total amount lost to scams in 2024?
A: At least S$1.1 billion
Q: How many scam cases were reported in 2024?
A: 51,501
Q: What is the median loss per case in 2024?
A: S$1,389
Q: What percentage of scam losses is cryptocurrency-related?
A: 24.3%
Q: What are the top five scam types in 2024?
A: E-commerce, job, phishing, investment, and fake friend call scams
Q: What percentage of scam victims are youths, young adults, and adults aged below 50?
A: 70.9%