Scams in Singapore: An Age-Group Perspective and Efforts to Combat Them

Scams in Singapore: An Age-Group Perspective and Efforts to Combat Them

In the first half of 2024, scam cases in Singapore jumped by 16.3%, with more than S$385 million lost to scams such as investment scams, e-commerce scams, and impersonation scams, especially directed at young adults and the elderly.

Impact on Different Age Groups

 

Age Group     |                                   Percentage

------------------|--------------------------------------------------------------------

10-19               | ██████ (6.7%)

20-29               | █████████████████████████ (26.7%)

30-39               | ██████████████████████████ (26.8%)

40-49               | ███████████████████ (19.2%)

50-59               | ███████████ (11.8%)

60-69               | ██████ (6.5%)

70-79               | ██ (2.1%)

80 and above  ▏ (0.2%)

Source: Singapore Police Force

This chart shows that at 53.5 per cent, most scam victims are in the 20-39 age range, with those in the 30-39 group, making up 26.8 percent, being the most affected. The least affected are the elderly (those who are 70 and above) making up only 2.3 per cent combined.

Youth, Young Adults and Middle-Aged Individuals

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Commercial Affairs Department (CAD) director David Chew said: “The people who are more connected in the digital (world), the people who deal with it day in and day out and are comfortable with clicking on links – they are all vulnerable.” Source: The Straits Times

Between January and June 2024, a total of 26,587 cases were reported, with at least S$385.6 million lost – a 24.6 per cent increase. 

About 74.2 per cent of all scam victims were youngsters, young adults and adults below the age of 50, tempted by promises of quick profits or attractive deals promised by scams such as investment scams and e-commerce scams.

A total of 27.2 per cent of victims aged 20 to 29 fell prey to job scams, which typically involve victims being offered online jobs such as liking social media posts or reviewing hotels and restaurants.

Middle-Aged Individuals

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Those in their 30s to 50s, usually in their prime earning years, are also objectives of scammers, offering loan or investment opportunities that appear legitimate. Driven by career and family responsibilities, they may overlook warning signs due to time limits or a simple desire to improve their financial stability. The emotional tumult is substantial, as losing savings can affect not just individuals but families and educational goals for children.

Seniors/Elderly

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Although the senior/elderly made up only 7.2 per cent of scam victims, the police said they were particularly concerned for this group, as they could lose their life savings and are doubtful to recover financially from it.

These seniors/elderly are more unprotected making them prone to scams via phone calls, emails, or even in-person visits. They do not have the same level of digital literacy as younger individuals and less expertise with digital platforms and scams. Common scams affecting seniors include fake lotteries, investment schemes, and romance scams. The emotional impact is often overwhelming, leading to feelings of shame and isolation after falling victim to fraud.

In fact, those aged 60 and above accounted for only 8.8 per cent of scam victims, with most of them falling for phishing scams.

Measures by Authorities and Financial Institutions

The government, financial institutions, and the community are bringing together their resources and efforts to fight against scams in Singapore, developing effective and focused activities to educate and protect citizens. It is important for individuals to remain watchful, informed and updated, even as technology evolves. Both scammers and the defensive measures against them will continue to adjust. Through partnership and education, Singapore can work towards a safer environment free from the threats of scams.

The Singapore Police Force (SPF) has also increased efforts to fight scams through partnering e-commerce platforms and international law enforcement, with initiatives such as:

• ScamShield App Enhancements where users can upload suspicious messages for analysis.
• Legislative Measures such as the Online Criminal Harms Act to counteract scams effectively.
• Daily CPF Withdrawal Limit Reduction from September 2024 to prevent large-scale fraud with the maximum limit for daily withdrawals being reduced from S$200,000 to S$50,000.

They also launched campaigns such as "Don't Be a Victim," highlighting public awareness about different types of scams and encouraging individuals to report suspicious activities. 

The Anti-Scam Centre (ASC) set up by the Singapore Police Force (SPF) serves as the Police's nerve centre to disrupt and prevent scam operations so as to lessen victims' monetary losses through the swift recovery of proceeds of crime and for investigating scam-related crimes and providing support to victims. 

Banks and financial institutions have put in strict security measures to protect customers, including transaction alerts when unusual activities are detected, and education to their clients about potential scams. Some institutions have also put aside funds to create a safety net to support victims who suffer severe financial losses resulting from scams, and to help restore a measure of financial security and reinforces trust between consumers, banks and financial institutions.

Protecting Yourself in 2024

The thinking that they would never fall prey to scams or that they are immune to scams is dangerous. People have a tendency to underestimate the changing nature of scams, and the diverse and sophisticated tactics employed by scammers, creating a false sense of security and fuels complacency, making individuals less vigilant against scams in our daily interactions and not take enough protective measures to protect themselves.

To safeguard against scams:

1. Stay Informed by regularly checking updates from authorities on prevailing scams.
2. Verify Sources to check whether the messages or calls from banks or government agencies are legitimate.
3. Use Trusted Platforms to conduct transactions and avoid complying with unusual payment methods.
4. Educate Others to raise awareness and to share knowledge about scams within your community.