In a staggering blow to financial security, scam victims in Singapore lost a record $1.1 billion in 2024, a 70% surge from the $651.8 million stolen by fraudsters in 2023. This marks the highest annual loss to scams in the city-state’s history, driven by a sharp rise in cryptocurrency-related fraud and sophisticated social engineering tactics, according to the latest figures released by the Singapore Police Force on 25 February. As scammers pivot to harder-to-trace digital assets and exploit human vulnerabilities, authorities are racing to curb the epidemic, with new legislation and enforcement measures introduced to stem the tide.

A Record-Breaking Year for Financial Fraud

The scale of the 2024 scam crisis is unprecedented, with police recording 51,501 cases—up from 46,563 in 2023—representing the highest number of reports ever. While over 70% of these cases involved losses of less than $5,000, with a median loss of $1,300 per incident, a handful of high-value cases skewed the total. Four cases alone accounted for $237.9 million in losses, including a business email compromise scam in July 2024, where a commodities company lost $57.2 million after being duped into transferring funds to a fraudulent account in Timor-Leste. Thanks to swift intervention by Singapore’s Anti-Scam Command, Interpol, and Timor-Leste authorities, around $56 million was recovered, and nine arrests were made.

Since 2019, cumulative losses to scams in Singapore have exceeded $3.4 billion, underscoring a growing threat to both individuals and businesses. The 2024 figures reveal a disturbing trend: scammers are not only increasing in number but also in sophistication, exploiting digital platforms and psychological manipulation to devastating effect. David Chew, director of the Commercial Affairs Department (CAD), highlighted the challenge of delayed victim response, noting that many are “groomed” by scammers over time, transferring funds willingly under false pretences. “By the time victims realise it is a scam, it is too late, and the money is long gone,” Chew warned.

Cryptocurrency: The New Frontier for Scammers

A significant driver of the 2024 losses was the dramatic rise in cryptocurrency-related scams, which accounted for nearly 25% of the total, up from just 6.8% in 2023. Chew described this pivot as “disturbing,” explaining that scammers are shifting to crypto to evade tightening bank controls and the prosecution of money mules—individuals who sell their bank accounts to fraudsters. Cryptocurrency’s appeal lies in its speed and anonymity; transactions can be executed rapidly, and tracing funds becomes near-impossible when scammers use “tumblers” or “mixers” to obscure the origin of money. “While you know the wallet number, you may not know who is behind it or where it is,” Chew said, adding that overseas exchanges often fall outside Singapore’s jurisdiction, hampering efforts to freeze assets.

This shift to digital currencies reflects a broader global trend, where fraudsters exploit the decentralised nature of blockchain technology to launder money and evade detection. For Singapore, a regional financial hub with a tech-savvy population, the implications are particularly severe. The authorities are now grappling with how to regulate an asset class that operates beyond traditional banking oversight while educating the public on the risks of crypto investments and transactions.

E-commerce and Concert Ticket Scams Dominate

Among the most prevalent scams in 2024 were e-commerce frauds, with 11,665 reported cases resulting in losses of at least $17.5 million. A significant portion of these involved concert ticket scams, where victims paid for tickets that were either never delivered or proved to be fake. Notably, in March 2024, at least 960 individuals lost over $538,000 in just 10 weeks to scams targeting fans of pop icon Taylor Swift, whose concerts drew massive demand in Singapore, the only South East Asian stop on her global tour. Around half of e-commerce scam victims were aged between 30 and 49, a demographic often active on online marketplaces and social media platforms where such frauds proliferate.

Job scams ranked second, with over 9,000 cases and $156.2 million in losses, though the number of reports dipped slightly from the previous year. Phishing scams completed the top three, with losses skyrocketing to $59.4 million—more than four times the amount lost in 2023. Age demographics revealed distinct vulnerabilities: while younger adults under 50 were most susceptible to e-commerce fraud, those aged 50 to 64 and the elderly were disproportionately affected by phishing scams, often losing larger sums due to less familiarity with digital security practices.

A chilling aspect of the 2024 data is the prevalence of self-effected transfers, where victims voluntarily send money to scammers without their accounts being directly compromised. In over 75% of cases, individuals were manipulated through deception and social engineering, often after prolonged interactions designed to build trust. CAD’s Chew noted that scammers target people with assets, exploiting emotional triggers or urgency to prompt quick decisions. Some victims, even when warned by loved ones or authorities, refused to believe they were being scammed, trapped in a cycle of self-denial until their funds were irretrievable.

This psychological manipulation has prompted legislative action. In January 2025, Singapore’s Parliament passed the Protection from Scams Bill, granting police the power to restrict individuals from transferring money out of their bank accounts if there is reason to believe they are at risk of falling victim to fraud. The measure aims to buy time for authorities to intervene and convince potential victims of the deception. While it is too early to assess the law’s impact, its introduction signals a recognition that traditional enforcement alone cannot address the human element at the heart of many scams.

Enforcement and Public Education Efforts

Singapore’s response to the scam epidemic has been multifaceted. The Anti-Scam Command, operational since 2022, recovered over $182 million in losses and prevented at least $483 million in potential fraud in 2024. Islandwide enforcement operations led to charges against more than 660 scammers and money mules, disrupting networks that facilitate financial crime. However, the adaptability of fraudsters remains a challenge. Jeffrey Chin, deputy director of the Scam Public Education Office, emphasised the need for public vigilance, urging individuals to “stop, think, and then act” rather than succumbing to pressure tactics. “Scammers will constantly find ways to push victims into making fast decisions,” he cautioned.

Public education campaigns are now a priority, with a focus on raising awareness about common ruses and the dangers of cryptocurrency transactions. Yet, the sheer volume of cases suggests that outreach alone may not suffice. The police are also collaborating with international partners, as seen in the Timor-Leste case, to recover funds and dismantle cross-border scam syndicates. Still, the global nature of digital fraud, coupled with jurisdictional hurdles, means that prevention remains the most effective defence.

A Growing Threat with No Easy Solutions

The $1.1 billion loss to scams in 2024 is a stark reminder of the evolving nature of financial crime in the digital age. As scammers exploit emerging technologies like cryptocurrency and refine their psychological tactics, Singapore faces an uphill battle to protect its citizens and maintain its reputation as a secure financial hub. While enforcement and legislative measures offer some respite, the data suggests that a small number of high-value cases can disproportionately inflate losses, posing systemic risks to businesses and the economy.

If current trends continue, losses could escalate further in the coming years, particularly as digital adoption deepens across South East Asia. The rise in cryptocurrency scams, in particular, may signal a broader shift in how fraud is perpetrated, with implications for regulatory frameworks region-wide. For now, the onus falls on both authorities and individuals to stay ahead of scammers’ tactics—a task that requires not just technological solutions but a fundamental shift in how trust and urgency are navigated in an increasingly connected world.

Singapore’s experience offers a cautionary tale for other nations in the region, where digital economies are growing rapidly but often lack robust safeguards against fraud. As the city-state strengthens its defences, the question remains: can it outpace the ingenuity of scammers, or will 2025 bring yet another record-breaking year of losses? While no definitive predictions can be made, the urgency of the crisis is undeniable, demanding sustained action on multiple fronts.