Financial Crime World

Financial Cybercrime on the Rise in Singapore: A Look at the Mid-Year Statistics (2023)

The Singapore Police Force (SPF) has recently published the scams and cybercrime statistics for the first half of 2023, revealing a substantial increase in cases compared to the same period last year. Here’s a detailed look at the mid-year financial cybercrime report.

Key Findings

  • 24,525 cases of scams and cybercrime were reported, marking a significant 69.4% rise from the 14,481 cases in 2022.
  • Scams accounted for 91.1% of the total number of cases with 22,339 cases reported.
  • Despite the increase in cases, the total amount of money lost decreased by 2.2% to $334.5 million.

Demographics of Victims

Young adults aged between 20 and 39 made up over half of all reported scam victims in Singapore.

Most Common Scam Types and Losses

  1. Job scams: Accounted for 5,737 cases and $79.4 million in losses.
  2. E-commerce scams: Resulted in $7.3 million in losses, affecting 4,516 users.

Communication Channels Used by Scammers

WhatsApp, SMSes, Facebook, and Instagram were the most common channels used for contacting victims of scams, accounting for 68.4%, 24.1%, 23.3%, and 22.6% of cases, respectively.

Combating Financial Cybercrime in Singapore

Despite the decrease in losses in some areas, overall financial cybercrime is on the rise in Singapore. To tackle this issue, the following initiatives are being undertaken:

  1. ASCom (Anti-Scam Command) collaborations: ASCom is partnering with over 90 institutions, including banks and fintech companies, to facilitate swift freezing of accounts and fund recovery. In the first half of 2023, the ASCom froze more than 9,000 bank accounts and recovered approximately $50.8 million.
  2. International cooperation: Singapore authorities have collaborated with foreign law enforcement agencies and partners to exchange information and combat transnational scams. From January to June 2023, international cooperation led to the dismantling of nine scam syndicates and the arrests of over 42 individuals based overseas.
  3. Local education and prevention initiatives: Various local organizations and businesses play essential roles in education and prevention. For example, The police and Gardenia Singapore launched a two-month anti-scam campaign to promote scam awareness, and the e-Shoppers on Watch interest group has over 4,700 members dedicated to sharing scam information and prevention tips with the SPF and their loved ones.