Title: Record-Breaking Financial Fraud Statistics in Singapore: Scams and Cybercrime Surge by 69.4% in H1 2023
Mid-Year Statistics on Scams and Cybercrimes in Singapore
Singaporean authorities have released mid-year statistics on scams and cybercrimes, revealing a concerning increase of 69.4% in cases reported between January and June 2023 1. Here’s a breakdown of the trends and insights from the report.
Key Findings
- Scams accounted for 91.1% of the total 24,525 cases, marking an increase of 64.5% compared to the same period last year.
- Total amount reported to have been cheated decreased by 2.2% to $334.5 million.
- Young adults (aged between 20 and 39) made up more than 50% of the total number of scam victims.
- Top five scam types represent 83.8% of all cases reported.
Scams: By the Numbers
Total Cases: 24,525 cases reported in the first half of 2023, representing a 64.5% increase compared to the same period last year 1.
Amount Cheated: $334.5 million was reported to have been cheated in the first six months of 2023, which is a 2.2% decrease compared to the same period last year.
Scam Types: Job scams, e-commerce scams, fake friend call scams, phishing scams, and investment scams were the top five scam types in the first half of 2023, representing 83.8% of all cases reported 1.
Age Demographics and Scam Victims
Young adults aged between 20 and 39 accounted for more than 50% of the total number of scam victims in Singapore. The majority of this age group fell prey to job scams, e-commerce scams, and phishing scams 1.
Average Losses per Scam Type
- Government officials impersonation scams: Average losses per case were about $3,470.
- Investment scams: Average losses per case were approximately $60,000.
- E-commerce scams: Average losses per case were about $1,600.
- Phishing scams: Average losses per case were about $2,400.
Combating Financial Fraud
Despite efforts to educate and protect citizens, many individuals continue to fall victim to these fraudulent schemes. To combat financial fraud, the Singapore Police Force (SPF) is intensifying its efforts through international collaboration, public education, and enforcement actions 1.
Stay Informed and Vigilant
As scams and cybercrime continue to evolve, staying informed and vigilant is essential to keeping yourself and your assets safe from potential threats. Be sure to check in for the latest updates on scams and cybercrimes in Singapore.