Shocking Scam Statistics: SGD 1.1 Billion Lost in Singapore in 2024
There was a massive increase in 2024 scam losses in Singapore, the city which is popularly known for its security. With the huge amount SGD $1.1 billion lost to fraudsters which is a massive increase of 70.6% from SGD $651.8m for the year 2023.
Cryptocurrency scams accounted for the single largest percentage of losses at 24.3% compared to the very low 6.8% in 2023. E-commerce scams topped the list followed by job scams, phishing scams, investment scams and fake friend calls.
Also the other notable case involves a malware enabled scam in which after clicking on fake interview links one of the victim lost around SGD 125 million in cryptocurrency.
The police also stated that a few other major big scams contributed to losses of SGD 237.9 million which is close to 21.4% of total scam losses for 2024. The Singapore Police Force recovered more than SGD 182 million mitigating net losses to roughly SGD 930 million.
The SPF’s Anti-Scam Command was launched in March 2022 averting all the pro-acting interventions amounting to losses worth SGD 483 million.
The Table showing the Major Scam cases that occur in singapore
| Scam Type | Loss Amount (SGD) | Details |
| Malware-enabled Scam | 125 million | Victim lost cryptocurrency after running malicious code on their laptop. |
| Business Email Compromise | 88.5 million | Company transferred funds to a fraudulent account after receiving a fake email. |
| Phishing Scam | 33.8 million | Victim lost cryptocurrency after being redirected to a fake crypto wallet site. |
| Social Media Impersonation | 21.7 million | Victim lost cryptocurrency after being tricked by an impersonator on Telegram. |
