Singapore experienced a massive financial hit from scams last year, with losses reaching SGD 1.1 billion—a sharp 70.6% increase from SGD 651.8 million in 2023, according to police reports released on Tuesday.
The number of scam cases rose by 10.6%, climbing from 46,563 in 2023 to 51,501 in 2024. Cryptocurrency-related fraud accounted for approximately 24.3% of total scam losses, a significant jump from 6.8% the previous year.
E-commerce scams topped the list of reported fraud types, followed by job scams, phishing scams, investment scams, and fake friend call scams. One malware-enabled scam alone resulted in a staggering SGD 125 million loss in cryptocurrency.
Despite these alarming figures, the Singapore Police Force’s Anti-Scam Command, established in March 2022, managed to recover over SGD 182 million in scam-related losses, reducing the net loss to around SGD 930 million. The unit, alongside its partners, also helped prevent at least SGD 483 million in potential losses through proactive intervention.
More than 70% of scam cases involved losses under SGD 5,000, with the median loss per case dropping by 12.6% from SGD 1,590 in 2023 to SGD 1,389 in 2024. However, a handful of high-value cases significantly contributed to the overall rise in scam losses.
Scams involving losses of at least SGD 100,000 accounted for just 3.3% of total cases but made up 70.8% of total losses. Notably, four major cases alone resulted in losses totaling SGD 237.9 million—approximately 21.4% of the total scam losses in 2024.
Authorities have warned that scammers are employing increasingly sophisticated tactics, exploiting digital platforms and financial technologies to deceive victims. The rise in cryptocurrency-related fraud suggests that scammers are leveraging digital assets’ anonymity and lack of centralized regulation to their advantage.
To counter this growing threat, the Singapore Police Force (SPF) has ramped up its anti-scam efforts. In addition to the Anti-Scam Command’s interventions, SPF has collaborated with banks, financial institutions, and telcos to implement stricter fraud detection measures. These include real-time transaction monitoring, scam education campaigns, and the blocking of suspicious accounts.
The police have also urged the public to stay vigilant, highlighting common scam tactics such as unsolicited investment opportunities, fake job offers promising high salaries, and phishing attempts that mimic government or bank communications.
As part of its preventive strategy, the government has introduced new regulations requiring financial institutions and digital payment platforms to enhance security measures. Multi-factor authentication, stricter verification protocols, and AI-powered fraud detection systems are among the tools being deployed to curb cybercrime.
Looking ahead, authorities expect scammers to continue evolving their methods, particularly in the realm of artificial intelligence and deepfake technology. The SPF has emphasized the importance of public awareness and cooperation in tackling the scam epidemic, advising citizens to verify information before making transactions and to report suspicious activity promptly.
With scams reaching record highs, Singapore remains committed to strengthening its defenses against fraud, ensuring that individuals and businesses are better protected from financial losses.
