Singapore fraud victims lose S$334.5 million in first half

On Wednesday (September 13), the Singapore Police announced that although the number of fraud cases increased by 64.5% in the first half of 2023 compared with the same period last year, the overall amount of losses suffered by victims was still slightly lower.

In other words, more people were defrauded, but the overall amount defrauded was less.

From January to June this year, the total amount defrauded by victims was 334.5 million Singapore dollars (1.7893 billion yuan), a 2.2% decrease from 342.1 million Singapore dollars (1.8299 billion yuan) in the same period in 2022.

Singapore fraud victims lose S$334.5 million in first half

In the first half of this year, more than half of cases (55%) resulted in losses of less than S$2,000 (10,698 yuan). The total number of fraud cases increased from 13,576 in the first half of last year to 22,339 in the first half of this year.

Data shows that young people aged 20 to 39 are the most vulnerable to deception, accounting for more than half of the total number of victims. Most of them fall victim to wire scams, employment scams, and phishing scams.

The five most common methods used by scammers to approach victims are through messaging platforms such as WhatsApp and Telegram, social media, phone calls, online shopping platforms and text messages.

The total number of fraud and cybercrime cases increased from 14,481 cases in the same period in 2022 to 24,525 cases in the first half of 2023, an increase of nearly 70%.

Police also highlighted malware scams involving Android device users that have become increasingly common in recent months.

More than 750 such cases were reported in the first half of 2023, with total losses reaching at least 10 million Singapore dollars (5,349 yuan). Eleven of the cases involved unauthorized withdrawals of Central Provident Fund savings, resulting in a net loss of approximately S$130,000 (700,000 yuan).