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.