Top 10 Scams in Singapore up to 2024, their impact on the victims and their families and how to avoid being a victim of such scams

The top 10 Scams in Singapore up to 2024, their impact and how to avoid being a victim of such scams.

Introduction

2023 saw over S$651.8 million lost to scams in 50,376 cases, making it is clear that scammers are becoming more advanced in their modus operandi. This article looks at the top 10 scams in Singapore up to 2024 and how victims and their families are affected, with some suggestions to avoid falling prey to such fraud.

Top 10 Scams in Singapore

1. Phishing Scams, one of the most common types of fraud in Singapore in which scammers send emails or text messages to would-be victims, pretending to be legitimate organisations, even using the organisation’s logo in the header. They hope to trick victims into giving them personal and financial information, such as passwords and banking details. These spoofed messages may claim that there are suspicious activities or log-in attempts in your account/s and that you are to take preventive actions immediately to avoid any financial losses.

 

Impact on Victims: Individual victims might suffer mental anguish and financial instability. The loss of personal information may also lead to identity theft, increasing the victim's problems. For the spoofed companies, the harm to their reputation by these phising scams might be a difficult and expensive obstacle to overcome.

Prevention Tips:

• Use updated security software to manage any new security threats and to provide critical protection against security threats on your computer/laptop and/or mobile phones.
• Use 2 Factor Authentication (2FA) or even multi-factor authentication (MFA) to protect your accounts.
• Protect your data by backing up the data on your computer, and on your phone, to an external hard drive or in the cloud.

2. Job Scams, mostly aimed at young adults, have been increasing. These scams often contain attractive fake job offers, promising high returns for minimal work, to trick job seekers into giving money, disclosing personal information or providing free labour. 

 

Impact on Victims: Victims face emotional turmoil from the fraud. Apart from losing money, and possibly identity theft, they may also lose trust in the job-seeking processes. 

Prevention Tips:

• Conduct research on the company to check its existence and verify identifying details and their security measures., such as the owner and how long the site has been active.
• Avoid any job offers that ask for upfront payment even before anything else is confirmed.
• Keep your bank account information, credit card number, and all other sensitive information safe from strangers online, as legitimate employers do not ask for any banking or identifying information until they have hired you. 

3. E-commerce Scams are more common nowadays, in line with a rise in online shopping, with scammers creating fake online stores or listings on genuine platforms, such as Shopee or Lazada, to offer attractive deals or even products at prices that are too good to be true.

 

Impact on Victims: Individual victims often feel embarrassed and may also suffer financial losses. A business attacked by E-commerce fraud risk losing customers, reputation and money, as most would not buy again from an online store where their account was attacked. The long-term impact of eCommerce fraud can be difficult to recover from, as rebuilding consumer trust takes effort, time, and money. 

Prevention Tips:

• Shop only from reputable websites, making sure that the website URL starts with https:// and that the browser displays a valid lock icon.
• Check reviews and ratings before making purchases.
• Have and use safer, more elaborate passwords
• Watch out for deals that are too good to be true
• Avoid making purchases or sharing sensitive information when you are on a public Wifi. 

4. Investment Scams entice victims into putting money in their schemes with false promises of very high returns with minimal risks. Swindlers may use fake websites, cold calls, impersonation tactics, and even false documentation to make their schemes look genuine.

 

Impact on Victims: These scams can lead to huge financial losses, affecting not just the individual’s but possibly their entire family’s financial security and mental well-being.

Prevention Tips:

• Check and verify any investment opportunity by consulting licensed financial advisors before making any investments.
• Be distrustful of spontaneous offers, especially those promising high returns with minimal risk. 
• Do research by reading online reviews, verifying credentials, and speaking to independent financial advisors.

5. Love/Romance Scams exploiting emotional weaknesses, can affect people of all ethnic groups, ages, incomes, and educational levels. In such scams, fraudsters employ sophisticated methods to create rapport, trust, and build emotional links with their victims.

 

Impact on Victims: Victims often feel deep emotional anguish and even financial loss, which often strain relationships with loved ones, family and friends whom they feel might not empathise or understand their situation.

Prevention Tips:

• Be cautious when sharing personal information with online acquaintances.
• Never send money to someone you have not met in person, regardless of how urgent or convincing the emergency seems.

6. Loan Scams usually advertise hassle-free and quick cash without any credit checks, but requiring upfront fees or personal information only.

 

Impact on Victims: Victims may find themselves deeper in debt after paying fees without receiving any loan assistance.

Prevention Tips:

• Borrow only from licensed moneylenders, if needed.
• Be extra careful if you receive an unsolicited message supposedly from a lender or broker, as legitimate lenders and brokers will not unilaterally contact potential clients with an offer of a pre-approved loan.
• Avoid any pressure to make quick decisions, but take time to make an informed decision by checking whether the firm or financial product is legitimate 

7. Fake Friend Call Scams where victims receive calls from someone claiming to be a friend or family member, asking for urgent financial help as they are in distress. They will give you a time and date they would repay you to convince you to help them. A new variant to the scam nowadays is that the scammer will request for a transfer of funds to someone else’s bank account on their behalf.

 

Impact on Victims: Victims can have feelings of guilt and betrayal when they realize they have been deceived, affecting their relationships with those they care about.

Prevention Tips:

• Do not suggest any names when asked to guess who the caller is
  
  • Get them to answer you instead, as real friends will have no issue verifying who they really are!
• When asked to save the new contact, verify the authenticity of the new number, by contacting your friend’s previous number or by reaching out to your common friends, before saving or replacing the new contact.
• Use a different communication method to confirm their story.
• Always verify the identity of anyone asking for money over the phone.
  
  • Always ask them to meet up with you face to face to ensure that the person you are helping is indeed your real friend.

8. Tech Support Scams where scammers pretend to be technical support staff from well-known companies. They will claim that there is an issue with the victim's computer requiring immediate attention to avoid any service outage and payment to resolve the issue.

 

Impact on Victims: Victims may lose money directly through payments or indirectly by allowing access to sensitive information on their devices. Identity theft is also a possibility as the scammers rummage through the victim’s computer after gaining access to it. 

Prevention Tips:

• Should you receive unsolicited tech support calls, contact the said company directly, using official contact details to verify.
• Never provide personal information over the phone unless you initiated the call.
• If you gave the scammer your credit card or financial information, call your bank to let your bank know that you have been conned and to go over your recent charges, starting from the day you were scammed.

9. Malware Scams involve software designed at damaging, disrupting, or gaining unauthorised access to computer systems and are used by criminals to steal your personal information. Cybercriminals plant these malware to steal personal information or to lock authorised users out of their devices until the victim pays a ransom.

 

Impact on Victims: Victims can lose data, financial loss due to ransom payments, and long-term damage from identity theft.

Prevention Tips:

• Keep antivirus software updated and run malware scans regularly.
  
  • Use an antivirus or security program to scan USB thumb drives, external drives, and other external devices before using them.
• Change passwords 
• Enable 2FA or Multi-Factor-Authentication (MFA) on your accounts, as appropriate.
• If you suspect the criminals may have stolen financially sensitive data, contact your bank and other concerned institutions.
• Keep your eyes on your accounts to detect any potential changes in time.

10. Charity Scams are bogus charities set up to solicit donations, by taking advantage of people's goodwill, to obtain money and personal information, which can be used for further exploitation through identity theft.

 

mpact on Victims: Other than financial loss, victims may feel cynical about charitable giving and lose trust in genuine organisations.

Prevention Tips:

• Confirm claims by the charity through reputable sources or platforms, as some scammers use names that sound a lot like those of real charities.
• When making a donation, there is no need to rush as legitimate charities appreciate your donation and will not pressure you to make a hasty donation. 
• Protect your important information and not share them with strangers, even if they claim to be working for a good cause.

How Scams affect Victims and Their Families

• Emotional Distress in the form of shame, leading to low self-esteem and isolating behaviours, and helplessness.
• Trust Issues as victims may isolate themselves due to embarrassment or criticism.
• Shock and Disbelief, realising that one has been deceived.
• Anger and Frustration, not only towards the scammers but also in questioning their own decisions and security measures. 
• Fear and Anxiety, about personal safety and financial security, now and in the future.
• Embarrassment and Shame, leading to isolation and, in extreme cases, extreme actions, such as suicide.
• Long-Term Emotional Impact, on their capability to trust and engage in both digital and/or human relationships.
• Need for Support to proceed after a scam, including professional assistance, counselling, and the support of family and friends.

Support Resources for Victims

1. Counselling Services by mental health experts for victims to process their experiences and feelings, in a safe environment.
2. Support Groups to help victims to feel less isolated.
3. Educational programmes/workshops to stay informed and updated about scams and digital safety. 
4. Engagement in activities and hobbies for rebuilding confidence, mental and physical health.
5. Police Assistance: Reporting these nefarious activities helps authorities combat fraud and may assist in recovering lost funds.

How to Avoid Being a Victim of Scams

1. Stay Informed about scams and share such knowledge with friends and family.
2. Use Technology Wisely to block nefarious activities.
3. Be Sceptical when faced with offers which seem to be too good to be true.
4. Verify before you act when making decisions based on unprompted messages.
5. Avoid payment via uncommon methods as scammers will usually request payment in forms that are not easily tracked. 
6. Be alert on social media and dating apps to identify scammers who usually pretend to be genuine users to associate with potential victims.

Conclusion

To protect ourselves better from scams, we need to stay informed and updated about such nefarious activities.
We need to work together to reduce threats associated with these despicable activities and to protect our loved ones and friends by encouraging and fostering a culture of awareness and caution.

Remember, always stop and check:

• Add security features such as downloading the ScamShield app to block scams and report scams
• Check for scam signs with official sources
• Tell the authorities and warn your loved ones and friends
• If you are unsure whether it is a scam, call the ScamShield helpline at 1799