In the past year, Singapore has faced a staggering surge in scam-related financial losses, amounting to an alarming S$1.1 billion. This figure represents a dramatic increase of 70.6% compared to 2023, which saw losses of S$651.8 million.
The rise in reported scams is equally concerning, with incidents climbing by 11% to 51,501 cases, as highlighted in a report released by the Singapore Police Force on Tuesday.
Cryptocurrency fraud has emerged as a significant contributor to these losses, accounting for 24.3% of the total financial damage. Despite this, e-commerce scams remain the most prevalent, resulting in S$17.5 million in losses across 11,665 cases.
These statistics underscore the urgent need for heightened awareness and preventive measures among Singaporeans to combat the growing threat of scams.
Interestingly, more than 70% of reported scam cases in Singapore involved losses of less than S$5,000. This statistic highlights that many victims experience relatively small financial setbacks.
However, the overall increase in total losses can be attributed to a few high-value incidents. In fact, just four cases accounted for a staggering S$237.9 million in damages.
A concerning trend is that seniors, who represent only 8.4% of all scam victims, experience the highest average loss per person. This demographic is particularly vulnerable, underscoring the need for targeted prevention efforts.
In light of the escalating issue of scams, the Anti-Scam Command has made remarkable progress in recovering lost funds for victims. To date, they have successfully reclaimed over S$182 million, demonstrating their unwavering commitment to fighting against fraudulent activities.
A pivotal element of this recovery initiative has been the introduction of new legislation in January. This law empowers authorities to freeze bank accounts suspected of being involved in scam operations.
By enabling this crucial measure, potential victims are afforded a vital safeguard against incurring additional losses.
The Anti-Scam Command’s proactive approach not only helps victims recover their funds but also sends a strong message to scammers that their actions will not go unpunished.
As these efforts continue, the Anti-Scam Command remains dedicated to enhancing public awareness and prevention strategies to combat the growing threat of scams effectively.
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