Key Scam Trends and Cases in 2024

Scams are getting more sophisticated than ever, targeting individuals and businesses alike. As the latest scams in Singapore evolve with technology, staying informed and protected has never been more crucial. This article explores scams in Singapore, offers practical advice on identifying scams, and highlights how platforms like Scam.SG can empower you and your loved ones to make safer decisions.

The Rising Tide of Scams in Singapore

On August 22, 2024, Business Times reported that “ Scam victims in Singapore lost S$385.6 million in first half of 2024 as number of cases hits high of 26,587 ” or “24.6 per cent more than the S$309.4 million lost in the first half of 2023. In 86 per cent of the cases, the scammers did not gain control of the victims’ accounts but had manipulated them into transferring money to the criminals.”

Real-Life Examples

• Impersonation Scams: In a joint statement on Saturday (30 Nov 2024), the Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) reported that “More government official impersonation scams have been reported this year, with at least 1,100 cases in the first 10 months alone. This is almost double that of the same period in 2023.”
• E-commerce Scams: CNA reported that a family of five, hoping to buy eggs online, fell victim to an e-commerce scam that wiped out more than S$150,000 (US$113,310) of their life savings, spread across four bank accounts and a credit card. “Since June 2023, at least 211 victims have fallen prey to such scams, with losses amounting to at least $128,000. The Police have received reports lodged against allegedly fraudulent scams on social media platforms.” according to Singapore Police Force’s (SPF) advisory on resurgence e-commerce scams involving the sale of electronics and concert tickets.

Common Scams to Watch Out ForAs we move into 2025, understanding scams can help you stay vigilant. Here are some of the most common types:

• Impersonation Scams: Fraudsters often pretend to be government officials, law enforcement or legitimate employees from banks, demanding personal information or money under the guise of urgency or under false pretences. They often use scare tactics to convince victims that they owe money or that their accounts are compromised, pressuring them into making immediate payments. 

• Fake Job Offers: Scammers target individuals seeking employment by offering high-paying jobs with minimal qualifications required but requiring upfront fees for registration or training, promising reimbursement later. After payment is made, the scammers disappeared.

• Romance or Love Scams: Scammers target individuals on dating platforms by building emotional connections before fabricating financial opportunities or emergencies to request money. A Malaysian woman working in Singapore reportedly “lost S$5,000 after encountering scammer on Facebook dating service.”

  In a Straits Times report of November 13, 2024, “accepting a Facebook friend request from a stranger who asked for help has turned into a nightmare for a 65-year-old Singaporean retiree, who then lost her life savings of $1,078,053.62 in only 15 days.”

• Phishing scams involve fraudulent emails or messages that appear to come from reputable organsations, such as banks or government agencies. Victims receive prompts and urged to click on links that lead to fake websites designed to steal personal information. For example, a resident might receive an email urging them to reset their bank password, only to find that the link leads to a counterfeit site where their credentials are compromised. Cybersecurity awareness is crucial for detecting these threats.

• Investment Scams: Scammers pose as financial advisors or brokers, promise lucrative returns by using professional-looking websites and fake testimonials, preying on individuals' desire for financial growth and high returns. Scammers often request personal information and funds for investments that do not exist. Victims frequently end up losing substantial amounts of money without any returns.

  Key investment scam warning signs include:

  • Promises of unrealistic returns
  • Pressure to invest quickly
  • Requirements for upfront fees
  • Unsolicited investment advice through messaging apps

• E-commerce Scams: The rise of online shopping has led to an increase in e-commerce fraud. Scammers create fake listings of high-demand items, usually at attractive prices on platforms such as social media or auction sites. Once the victim makes payment, the seller disappears, leaving the buyer empty-handed. According to police reports, victims lost over $616,000 to parcel delivery phishing scams in early 2024. 

  Common tactics include:

  • Fake shopping platforms
  • Non-existent luxury items at attractive prices
  • Fraudulent delivery service messages
  • Counterfeit payment portals

• Advance Fee Fraud: Victims are asked to pay upfront fees for investment, goods or services that are never delivered, often leading to substantial financial losses.

• Lottery and Sweepstakes Scams: These scams claim that victims have won prizes but require payment of fees or taxes before claiming them.

• Loan Scams typically start with unsolicited offers via phone calls or messages claiming low-interest loans. Once victims express interest, scammers request upfront fees before disbursing the loan, disappearing after receiving payment.

• Fake Ticket Scams involve selling counterfeit tickets for events like concerts or sports games, often at discounted prices. According to Singapore Police Force’s (SPF) advisory on resurgence e-commerce scams involving the sale of electronics and concert tickets “The Police have received reports lodged against allegedly fraudulent scams on social media platforms.”

How to Spot a Scam

Recognising the signs of a scam is crucial for protecting oneself. Here are some effective strategies on how to spot a scam:

• Verify Identities: 
• Confirm the identity of anyone requesting sensitive information. 
• Contact organisations directly through official channels to cross-check.
• Beware of Urgency: 
• Scammers often create a false sense of urgency. Take time to verify claims.
• Inspect URLs and Emails: 
• Look for slight changes in website addresses and spelling errors in emails.
• Seek Trusted Sources: 
• Use platforms like Scam.SG to assess the credibility of entities and websites.
• Be Cautious with Payments: 
• Avoid making payments to unknown parties, especially through non-reversible methods.

Scam.SG in Scam Education and Scam Prevention

Scam.SG’s TrustScore system evaluates the credibility and safety of entities by analysing both positive and negative factors. A high TrustScore signals reliability, while a low score indicates potential risks.

What are the benefits and limitations of Trustscore?

1. Benefits:
   • Provides a quick and clear measure of trustworthiness.
   • Helps users make informed decisions before engaging with businesses or websites.
2. Limitations: 
   • While TrustScore is a powerful tool, scammers can manipulate scores. 
   • It’s best to combine TrustScore insights with other safety checks.

There are additional features in Scam.SG:

• Fraud Prevention Resources: 
• Stay informed with online safety tips and consumer fraud alerts.
• Legitimate Fraud Reporting: 
• Report scams in Singapore directly through Scam.SG.
• Educational Tools: 
• Access advice on phishing email examples, identity theft protection, and more.

Leveraging Scam.SG to Stay Protected

Scam.SG empowers individuals and businesses to:

• Identify Risks: 
• Use tools like TrustScore for quick credibility assessments.
• Access Resources: 
• Stay informed through scam alerts and advice on protection measures.
• Take Action: 
• Report scams directly, contributing to a safer community.

Visit Scam.SG today to learn how to protect yourself and your loved ones better. 

Conclusion

The fight against scams begins with awareness and the right tools. Scam.SG bridges the gap by offering robust solutions like TrustScore, fraud prevention resources, and scam alerts tailored to Singapore’s evolving threats. By leveraging these tools, you can make informed decisions and significantly reduce your risk of falling victim to scams. Together, we can create a safer Singapore.