Singapore Investment Scam Victims Lost at Least $133.4 Million in the First Half of 2024

The Singapore Police Force (SPF) mentioned in the Mid-Year Scams and Cybercrime Brief 2024 that investment scam victims lost at least US$133.4 million since January this year.

Between January and June this year, the number of scam and cybercrime cases is 28,751, an increase of 18% compared to the 24,367 cases in the same period last year. Of these, scams accounted for 92.5% of all cases, up 16.3% year-on-year. Losses due to scams also increased by 24.6% to $385.6 million.

It's worth noting that in 86% of scams, the criminals didn't take direct control of the victim's account, but instead manipulated them into transferring money. This is a common fraudulent tactic in investment scams.

Of the many types of scams, investment scam reached 3,330, accounting for 12.5% of the total. While this was not the top scam, it caused at least $133.4 million to victims, with the average loss per scam reaching $40,080.

^{Breakdown of scam types in terms of amount lost}

According to the Singapore Police, typically, victims come across these illegal investment opportunities while searching for information or being recommended by friends. Some victims also receive unsolicited offers from scammers via phone calls and messages. Investors are also added to groups offering fake investment opportunities on chating Apps.

Some victims would receive little “profits” in the initial scam stage and invest more, resulting in greater losses.

Victims are lured into transferring funds to bank accounts or cryptocurrency wallets, providing their personal information, and ultimately being prevented from withdrawing their funds.

Most of these victims are between the ages of 30 and 49. And Telegram, Facebook and WhatsApp are the most common methods of contact for scammers. The number of scams via Telegram has even increased by 137.5%.

(Picture resource: the Singapore Police Force (SPF))