Singaporeans lost about S$456 million to scams in the first half of 2025, around S$66 million less than last year, but the threat remains significant.
Police data showed scam and cybercrime cases fell 21.5 per cent to 22,476 between January and June, compared with 28,625 cases in the same period last year.
Of these, 19,665 were scams, down from 26,563 a year earlier. Losses also dropped 12.6 per cent from S$522.4 million, though the median amount lost per case climbed from S$1,100 to S$1,500.
Investment scams caused the biggest losses at S$145.4 million, followed by government official impersonation scams at S$126.5 million.
While phishing scams were the most common type with 3,779 cases, a new category of insurance services scams emerged, with 791 cases and S$21.3 million lost.
The Singapore Police Force noted a worrying trend where impersonation scam victims were pressured to withdraw cash, purchase gold bars or hand over valuables directly to scammers posing as investigators.
In contrast, job scams, e-commerce scams and fake friend call scams all recorded sharp declines.
Losses from cryptocurrency-related scams made up nearly 18 per cent of the total at S$81.6 million, mostly involving Tether, Bitcoin and Ethereum.
Money Lock Gains Ground as Police Ramp Up Scam Defences
Authorities highlighted that safeguards may be helping to contain losses.
By June, more than 370,000 banking customers had locked up over S$30 billion in savings using Money Lock, a feature designed to limit withdrawals if accounts are compromised.
The Anti-Scam Command also recovered S$56.7 million, including S$17 million in cryptocurrency, and worked with partners to avert another S$179 million in potential losses.
Scammers continue to exploit popular platforms to reach victims.
Social media was linked to 5,913 cases, with Facebook accounting for more than half, followed by TikTok and Instagram.
Messaging apps were behind 4,670 cases, led by WhatsApp and Telegram.
Phone calls and online shopping platforms remained common channels, while scams linked to TikTok more than doubled compared with last year.
Victim profiles also shifted. Adults aged 30 to 49 made up the largest group at 35.6 per cent of victims, with average losses of S$22,329 each.
The elderly accounted for a smaller share at 15 per cent but suffered the steepest losses, averaging S$33,672 per case.
Authorities Ramp Up Enforcement as Victims Still Transfer Funds
Authorities have stepped up legal and enforcement tools. The Protection from Scams Act, which took effect on 1 July, allows police to block banking transactions if a victim is about to transfer money to scammers.
Two such Restriction Orders had been issued as of 21 August.
Meanwhile, Project A.S.T.R.O., which sends SMS alerts to potential victims flagged by banks, reached more than 14,200 people in the first half of the year and helped avert S$145 million in losses.
The police urged the public to remain cautious, noting that nearly four in five scam cases still involved victims transferring money themselves after being deceived.
Featured image: Edited by Fintech News Singapore, based on images by powerbee and rawpixel.com via Freepik
