Reports show that overall scam cases have risen in the first half of 2024.
A total of 26,587 cases were reported, with at least S$385.6 million lost – a 24.6% increase.
Overall, scam cases in Singapore between January and June rose 16.3% compared with the same period last year.
Young people fall for scams too!
The majority of scam victims (74.2%) were youths, young adults and adults under the age of 50.
However, the average amount lost per elderly victim was the highest among the age groups.
This article was written by a Financial Horse Contributor.
Singapore Police Force highlighted Meta, WhatsApp and Instagram as being most often exploited to contact potential victims and carry out scams.
Additionally, more people are falling victim to Telegram scams, with a 137.5% increase in cases.
1. Government impersonation scams
The average amount lost in each scam was S$14,503, an increase of 7.1% from last year.
Government officials impersonation scams caused the highest losses on average, with victims losing about S$116,534 in each case.
A total of 580 such cases were reported in the first half of 2024, with losses of at least S$67.5 million.
Government officials impersonation scams typically involve criminals posing as local government officers such as from ICA, MAS or representatives of Chinese authorities or bank employees.
Common tactics include sending a text message, claiming to be from your bank or the authorities, and ask for sensitive information like your account number or PIN, suggesting there’s a problem (like a confiscated parcel, alleged fines, or similar) that requires immediate attention.
These scams often involve creating a sense of urgency or fear, prompting the victim to act quickly without verifying the authenticity of the request.
2. Investment scams
Investment scams are the most common type of
