How Scams Have Evolved Over Time in Singapore: Phishing, Investment Scams, Social Engineering, and the Road Ahead

1. Introduction

 

As far back as 2016, The Straits Times reported that “scams committed over the phone and on social media, including credit-for-sex scams, Internet love scams, kidnap hoax scams and lottery scams, have more than doubled in a year, with 2,450 of such scams in 2015, compared to 1,015 the year before.”

 

In their February 2025 edition, The Straits Times reported “at least S$1.1 billion (US$822 million) was lost to scams in 2024, with one victim losing S$125 million in cryptocurrency, with the total amount lost to fraudsters rising by 70.6 per cent from at least S$651.8 million in 2023, and the total number of scam cases also increasing by 10.6 per cent to 51,501 cases in 2024.”

 

For ages, people have been trying to swindle one another, from insurance fraud to snail mail scams and phising email scams to investment scams. Scammers are still devising new scams or even reviving old scams, using new technology with artificial intelligence (AI), to trick individuals and businesses into disclosing sensitive information usually with the end purpose of siphoning off victims’ hard-earned money.

 

Singapore is a safe and technologically advanced nation, but scammers, often using the same technology to exploit digital transformation and social vulnerabilities, have also evolved.

 

In their Annual Scams and Cybercrime Brief 2023, Singapore Police shared that “scams and cybercrime continue to be a key concern, but we can better protect ourselves by staying informed and exercising caution!”

 

2. The Changing Landscape of Scams in Singapore

Everyone, from tech-savvy youths and corporate executives to unsuspecting seniors, is a potential target for scammers.

 

In their February 2023 edition, CNA reported that young adults aged 20 to 39, accounted for 66.8 per cent of the victims of job scams, with phishing scams and e-commerce scams rounding out the top three scam types for this age group, while seniors aged 60 and above accounted for 8.8 per cent of scam victims, with most falling prey to phishing scams, followed by fake friend call scams and investment scams.

 

Crooks now use AI technology to alter or manipulate visual and audio content to impersonate trusted figures, as in the case where scammers using deepfake to pose as the company’s chief executive officer to instruct the victim to transfer over US$499,000 from the company’s HSBC bank account to another local corporate bank account. (The Straits Times).

 

Channel News Asia, CNA reported that in their Singapore Cyber Landscape 2023 report, the Cyber Security Agency (CSA) found that malicious actors are using generative AI for deepfake scams, bypassing biometric authentication and detecting vulnerabilities in software and that phishing emails with AI-generated content “were grammatically better and had better sentence structure,” apart from “better flow and reasoning, intended to reduce logic gaps and enhance legitimacy”.

 

Social media platforms and dating apps such as WhatsApp, Facebook and Instagram have become the platforms of choice for scammers to lure victims, accounting for 9,556 of the 22,339 (about 43 per cent) scam cases reported between January and June 2024, according to the mid-year scam and cybercrime statistics released by the police on Wednesday.(The Straits Times).

 

Deep Dive Into Major Scam Types

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Alternative text: Phising

 

1. Phishing

Phishing, the act of criminal deception, is the dishonest attempt to steal information using social engineering, with the earliest phishing cases reported more than 20 years ago.

 

As people started to use the internet and email more regularly, the number of phishing scams has also increased, progressing into sending automated campaigns to people to steal their credentials.

 

Phishing is evolving continually across Singapore's connected digital landscape, moving from sending emails supposedly from familiar contact names or companies and to deepfake using AI technology to steal credentials, financial information, or to implant malware.

 

Channel News Asia (CNA) in their March 17, 2022 edition reported that Singapore Police Force (SPF) had warned against phishing scams involving the impersonation of banks, such as POSB, HSBC and UOB, using these three scam variants:

·         scammers claiming to be conducting surveys via spoofed emails;

·         spoofed SMSes promoting a banking product sent to victims;

·         video calling victims with a bank logo as a backdrop using messaging applications such as WhatsApp.

 

Protection against scams requires vigilance, and Singapore banks recommend verifying URLs, using multi-factor authentication, navigating directly to websites, and applying the "STOP, THINK, CHECK" methodology.

 

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Alternative text: Investments

 

2. Investment Scams

Investment scam is a white-collar crime involving misleading practices, false or misleading information, or schemes to swindle individuals or organizations seeking to invest their money. Investment scams, such as Ponzi schemes promising impossible returns and bitcoin frauds, usually prey on human psychology and weaknesses, using “urgency” with "the offer expiring soon” strategy, false reviews on social media platforms, and advanced trust-building techniques.

In pig butchering scams, another form of investment scams to steal money from their victims who may be susceptible elderly, successful professionals or even tech-savvy individuals, scammers use fake online profiles, social engineering techniques, and technology to gain trust, influence emotions, leaving financial and emotional damage in their wake.

Investment Scam Tactics in Singapore

Channel News Asia (CNA) in their edition of February 12 2025, shared that “at least S$32.6 million (US$24 million) has been lost to investment scams since January, with about 470 cases reported” and highlighted that scammers have been targeting victims on Facebook, Instagram, Telegram, WhatsApp and the dating platform Coffee Meets Bagel, by building rapport with victims to gain their trust before introducing them to "investment opportunities", which would sometimes involve cryptocurrencies.”

 

In their Advisory On Investment Scams of February 11 2025, Police shared that victims would come across investment advertisements on social media platforms such as Instagram or Facebook, with some featuring so-called “endorsement” from political figures or celebrities.

 

Scammers could also add victims into chat groups or channels such as Telegram. Then to gain victims’ confidence that the investment is authentic and profitable, scammers claim association with famous individuals or reputable companies or have other “members” in the chat group sharing about the profits they have made from the investments.

 

 

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Alternative text: Social engineering

 

3. Social Engineering

To deceive victims, social engineering in Singapore, as in other parts of the world, places emphasis on manipulating victims’ emotions such as fear, trust, and urgency. Scammers use:

·         impersonation scams posing as friends, relatives, banks, government authorities, or even delivery companies, sometimes making use of deepfake, to create fake emergencies to incite victims to rush into actions

·         vishing (voice phishing) where callers impersonate police or government officials, and

·         fake SMS alerts demanding urgent action.

 

For example,

·         The Straits Times of September 2024 reported “a surge in parcel delivery scams in 2024 has cost victims here at least $616,000, with at least 338 such cases reported since Jan 1. So far, the bulk of these cases – at least 266 of them – involved scammers impersonating national postal service provider SingPost, which resulted in at least $495,000 lost in total.”

 

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Alternative text: Target

 

Who Are the Targets?

Millennials and Zoomers, also known as digital natives as they are the first generations that grew up having the internet at their fingertips, although tech-savvy, do fall victim to scams.

 

Statistics from the Singapore Police reveal that over 70% of scam victims in 2024 are below 50 years old, with young adults falling prey to scams related to e-commerce, job search, and phishing. Those aged 50 to 64 and the elderly are also vulnerable to phishing scams. (Source: GOVTECH Singapore)

 

Everyone, from the young to the senior adult, from the beginner to the tech-savvy, and even to businesses, is a potential scam target. Businesses, though less frequently discussed, are also targets for phishing and impersonation scams.

 

The Straits Times of February 25, 2025 reported that the most common ruse in 2024 was e-commerce scams, with 11,665 reported cases and victims losing at least $17.5 million in total, with around one in two of these victims aged between 30 and 49.

 

Per Channel News Asia (CNA), younger people were found to have fallen prey to scams more than older individuals. In 2024, those aged below 50 made up 70.9 per cent of scam victims, as seen below:

·         Youths aged 19 or below making up 6.3 per cent of scam victims,

·         Young adults aged 20 to 29 accounting for 23.4 per cent.

·         Adults aged 30 to 49 making up 41.2 per cent.

o   All three age groups tended to fall for e-commerce, job or phishing scams.

·         "Young seniors", such as those aged 50 to 64, forming 20.7 per cent of scam victims.

·         Those aged 65 and above, making up 8.4 per cent.

o   These last two groups mostly fell for phishing, investment and fake friend call scams.

 

According to Today, in their July 10, 2019 edition, Ms Carolyn Misir, the principal psychologist for the Singapore Police Force, shared that “a study by the Police Psychological Services Division last year on love and impersonation scams found that demographic factors such as gender, education or income levels “do not significantly” influence an individual’s likelihood of succumbing to a scam.”

 

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Alternative text: Impact of scams

 

Impact of Scams

In their Annual Scams and Cybercrime Brief 2024, the Singapore Police shared that the total number of scam cases increased by 10.6% to 51,501 cases in 2024, and the total amount lost also increased by 70.6% to at least $1.1 billion in 2024.

 

Channel News Asia (CNA) in their February 25, 2025 edition, shared that at least S$1.1 billion (US$822 million) was lost to scams in 2024, with one victim losing S$125 million in cryptocurrency. The total amount lost to fraudsters rose by 70.6 per cent from at least S$651.8 million in 2023, according to the police's annual statistics on scams and cybercrime, with e-commerce scams being the top scam type flagged by the police, followed by job scams, phishing scams, investment scams and fake friend call scams.

 

Not only will scams impact victim’s finances, it also affects them socially, emotionally, mentally and sometimes physically.

 

The stress from financial impact of scams can be intense, from the sheer amount lost, and protracted, as victims seek to recover the loss, sometimes leading to depression or other disorders such as anxiety. This can appear in symptoms such as low mood, sleep issues, or panic attacks, affecting victim’s daily and social functioning, affecting their work performance or even family life.

 

Scam victims may also experience a sense of shame or self-reproach, which can lead to depression, causing victims to withdraw socially, a double-blow as self-isolation forces victims to bear the full burden of the loss while simultaneously denying themselves the social support they need to get better.

 

Some have also experienced trauma and paranoia after becoming a scam victim, with some victims being fearful to pick up phone calls and becoming excessively scared of handling money.

 

For three months, a 52-year-old part-time bakery worker in Singapore had problems sleeping, crying in bed, after she was scammed and losing over US$81,000 (S$111,000) from her bank accounts. According to mental health experts, scam victims could continue to experience emotional trauma and turmoil, months after they have been swindled out of large sums of money. (Source: The Straits Times)

 

Avoidance and Prevention Strategies

 

 

Here are some suggestions on how to avoid being a scam victim:

·         Stay informed and aware of the latest tactics used by scammers to protect yourself and your loved ones

·         Check URLs, looking for “https” and check for misspellings or odd characters before clicking on links

·         Never trust unsolicited contacts via SMS, WhatsApp, or email, even if they appear in familiar message threads as banks and government agencies will not request sensitive information or money transfers through such channels

o   the Anti-Scam Centre advised that, before action, confirm independently and directly through official channels.

·         Use ScamShield app to block scam calls and messages, and submit suspicious numbers or links for AI-powered verification

·         Activate the “kill switch” with your bank if you suspect that your accounts have been compromised

·         Check your credit report which is a comprehensive record of your credit history including accounts opened, credit limits, payment history and outstanding debts, on a regular basis.

 

For businesses, educate staff on scam tactics and establish protocols for verifying payment and communication sources.

 

To help your family, loved ones and friends avoid becoming scam victims,

·         share the latest information, updates, and new types of scams by reading the news, visiting Scamshield.gov.sg

·         report potential scams you come across to the Police at 1800-255-0000,

·         submit a report online at https://www.police.gov.sg/I-Witness, or

·         head down to the nearest police station to lodge a report

o   If you requre urgent police assistance, dial "999".

 

National Library Board (NLB), are tackling topics from unravelling the use and impact of Gen AI to separate fact from fiction, with their S.U.R.E. steps – Source, Understand, Research, Evaluate – which will guide readers through the dynamic digital landscape and help them make informed choices in an interconnected world.

 

Role of scam.SG

Consumers and/or business associates have another weapon in their arsenal to fight against scams, namely TrustScore from scam.SG, Singapore’s largest business company review and authenticity platform that provides business scam analysis and aggregates business authenticity.

 

TrustScore uses our own proprietary algorithms to review, verify, and authenticate various businesses and enterprises in Singapore to evaluate and communicate the trustworthiness of online entities, signalling when a website, service, or message is potentially dangerous, helping users dodge scams before disaster strikes.

 

With scams growing in scope and reach everyday, protect yourselves by creating a protective layer into your daily digital life browsing, shopping, and communication habits with scam.SG.

 

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Alternative text: Recovery

 

Recovery Strategies

Recovery from scams involves both financial recovery and vital psychological restoration through Singapore's integrated support network.

 

Police statistics show those scam victims who act immediately such as reporting within 24 hours after being scammed, have higher recovery rates. If you think you have been scammed, immediately

·         log out and shut down your electronic devises

·         contact your bank to secure your accounts

·         file a police report

o   For assistance, call the Police Hotline at 1800-255-0000.

·         report to platform administrators

·         update the software of your electronic devices

 

To better manage emotional impacts, such as stress or guilt, family and community support, self-care as well as professional support are vital in rebuilding confidence and moving forward. For mental health support, contact

·         TOUCHline, at 1800 377 2252, Mondays to Fridays, 9 a.m. to 6 p.m. to speak with a counsellor

·         Samaritans of Singapore (SOS) at 1767, their 24 hour hotline, and

·         Singapore Association for Mental Health Toll-Free Helpline at 1800-283-7019.

 

Conclusion

Although there may be many potholes and potential traps running through Singapore’s digital landscape due to scammers refining their deceitful manoeuvrings, it should not end in despair but in our collective vigilance, with scam.SG becoming a platform for different experiences, converting isolated victimhood into networked resilience.

 

Sharing of your encounters with scammers and your vigilance, serve both as a warning flare to scammers and a healing catalyst for victims, and help to morph personal trauma into protective intelligence for many others negotiating Singapore's digital maze.

 

Make scam.SG your first line of defence against digital deception today to stay smart, and stay safe.