How Scams Have Evolved Over Time in Singapore – The Digital Age and into The Future

Introduction

Imagine starting your day as usual, then discovering that your bank account has been drained by a scam you never saw coming. As scams using technology bloom with the rise of Artificial Intelligence (AI), this day may be approaching faster than we imagine. Scams in Singapore have evolved rapidly, from traditional 'kopitiam' cons to AI-driven frauds.

 

By the end of this article, you will understand how scams have evolved, from traditional "kopitiam" cons (from our earlier post) to sophisticated AI-driven frauds.

 

A Channel News Asia (CNA) report from November 4, 2023, highlighted that almost all resident households in Singapore (99%) have internet access, with smartphone ownership reaching 97%. On average, people in Singapore spent about eight hours using the internet daily, mostly for personal purposes such as online banking and shopping, presenting a wide online audience, waiting to be reached through strategic digital marketing and social media engagement.

 

Scams in Singapore post-2000s 

1. SMS phishing scams affecting bank customers, where scammers used fake sender identification labels to send SMS messages to customer,s tricking them with claims that there were problems with their bank accounts. (H3)

 

2. Impersonation scams, where crooks pose as authority figures such as the police, banks, job recruiters or government officials, trying to convince victims to part with money or divulge sensitive information or personal data. During the COVID-19 pandemic, scammers pretended to be calling from the Health Ministry, requesting information for contact tracing purposes. (H3)

 

3. E-commerce and delivery scams involving fake item listings on e-commerce marketplaces, or auction sites on social media platforms, tare empting users looking for a bargain. Another related scam involves unsolicited SMS messages or e-mails claiming the recipient's parcel is stuck in transit and that a fee must be paid to ensure delivery.

 

4. Love/Romance scams with scammers targeting vulnerable victims on dating and social media platforms, spinning a tale about falling on hard times and asking for money, as proof of the victim's love.

Ripple, Etehereum and Bitcoin and Micro Sdhc Card · Free Stock Photo

Alternative text: Bitcoin

 

5. Investment Scams are fraudulent schemes that promise high returns at little to no risk on investment opportunities. Some investment opportunities include cryptocurrency. About $78,000 was lost to investment scams which portrayed bitcoin investments as safe, secure and highly lucrative. (Source: The Straits Times)

 

H2: The Digital Period

H3: Emergence of Online Deception

 

Email phishing, such as the "Nigerian Prince" scam, still works in 2025 as scammers, understanding human psychology, prey on emotions like greed, trust, and desperation.

 

According to fintechnews.sg edition of February 5, 2025, with its high level of digital payments maturity, Singapore has seen a rise in more sophisticated and creative forms of fraud, such as:

• Phishing involves deceptive tactics to steal personal information such as passwords and credit card numbers, with a more advanced technique known as synthetic identity fraud, where fraudsters combine legitimate and falsified personal identifiable information (PII) to create fake identities to deceive retailers.

• Subscription-based fraud focusing on the entertainment and digital goods sectors, with fraudsters repeatedly signing up for free trials and selling access at discounted rates.

• Card testing, where scammers test/verify the stolen card’s validity by doing small transactions or signing up for free trials and selling these active cards on the dark web for higher prices after verification.

 

Early Phishing Attacks Targeting Singapore Banks

In late 2003, DBS Bank had the dubious privilege of having the earliest documented phishing attempts targeting their customers, while in early 2004, OCBC customers were targeted with spoofed emails.

SMS scams 

• The Singapore Police Force (SPF) in their advisory of June 9, 2020, shared that victims would receive e-mails or text messages supposedly sent from a company they know or trust, such as banks, government agencies, or companies such as SingPost, and PayPal, usually including

• fake offers or claims to trick you into clicking on a link

• asking you to make a payment for a parcel delivery,

• verifying your account to avoid service disruptions, or

• Request that you provide your details to obtain refunds or take advantage of promotions.

 

• SMS lottery scams with scammers claiming to be from Singapore Pools, or to be affiliated with Singapore Pools, to increase the likelihood that recipients will fall for these scams.

 

• "Low-balance" banking scams prey on users’ anxiety and fear of possible financial disruption, believing their accounts may be compromised or critically low on funds.

 

 

Examples

DBS SMS Spoofing Incident (2022)

In their advisory of 08 June 2022, the Singapore Police Force (SPF) shared that instances of unsolicited SMSes supposedly from DBS, claiming that their card or bank account had been frozen because of suspicious activities.

 

OCBC Phishing Scam (Late 2021)

A total of S$13.7 million was lost in phishing scams involving OCBC Bank, affecting 790 customers who fell prey to phishing websites. (Source: The Straits Times)

 

Tech support scams such as "Windows Support" calls, specifically targeted at older Singaporeans transitioning to digital:

 

 

Singapore's Digital Evolution and Scammer Adaptation

In 1997, Overseas Chinese Banking Corporation (OCBC) first launched internet banking services and Singapore's first "virtual branch" concept in 2010, allowing video conferencing with banking representatives. Scammers are since able to exploit this and make use of AI deepfake technology now to impersonate bank staff. 

 

From 2010 onwards, as mobile banking apps became more popular, fraudsters used fake apps and smishing (SMS phishing) to steal login credentials and one-time passwords (OTP).

 

The e-commerce boom led to new scam trends as well. Early platforms such as eBay and Yahoo (2005–2008) laid the groundwork for online transactions, while later waves saw localised platforms such as Qoo10 and Lazada (2010–2015), followed by Carousell and Shopee (2015–present). Each phase was accompanied by distinct scam patterns mirroring platform functionalities and user behaviours.

 

Anti-Scam Efforts

Resulting from these attacks, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS):

• Issued public advisories in 2004 warning customers about phishing

• Implemented customer education campaigns

• Encouraged banks to develop more robust authentication systems

 

Singapore Computer Emergency Response Team (SingCERT)

As part of broader efforts to monitor and respond to cyber threats, the Singapore Computer Emergency Response Team (SingCERT) began to track and report email scams, including phishing and other email-based attacks, which were significant cybersecurity concerns in Singapore between 2001 and 2005.

  

Evolution of Scam Tactics in e-commerce

First Wave: eBay and Yahoo (2005–2008)

The initial threat was small but equally costly. After payment by customers, scammers either did not deliver goods or when they did, sent fake products.

 

Second Wave: Qoo10 and Lazada (2010–2015) 

New threats, including

• Phishing emails impersonating Qoo10 staff.

• Fake product listings, using images without the knowledge of or authorisation from the owners

 

Third Wave: Carousell and Shopee (2015–present) 

Scammers on Carousell accepted payments from genuine buyers and then did not deliver the goods paid for. Shopee faced "pre-order" scams, with sellers delaying shipments indefinitely or sending fake items. By 2025, scammers will use fake tracking numbers and clandestine groups, especially on Telegram, giving false reviews to make fraudulent sellers appear to be genuine.

 

Connection Between E-Commerce Growth and Scams

Reports of scams in Singapore surged together with e-commerce expansion: 

• E-commerce scams were the top scam in Singapore, increasing to 2,125 cases in 2018, with the total amount lost rising to $1.9 million.

• Of the total e-commerce scams that were reported in Singapore, Carousell alone accounted for about 70 per cent

• Offences (e.g., phishing, unauthorised account access) under the Computer Misuse Act increased by 40.3 per cent to 1,204 cases.

(Source: Yahoo News) 

 

Demographics

CNA, in their report of 25 Feb 2025, shared that

• Youths aged 19 or below made up 6.3 per cent of scam victims,

• Young adults aged 20 to 29 accounted for 23.4 per cent.

• Adults aged 30 to 49 made up 41.2 per cent.

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

• "Young seniors" aged 50 to 64, formed 20.7 per cent of scam victims.

•  Those aged 65 and above made up 8.4 per cent.

• This group mostly fell for phishing, investment and fake friend call scams.

 

Contemporary Scam Landscape in Singapore

According to Channel News Asia, scams in Singapore saw an increase of 10.6 per cent to 51,501 cases in 2024 from 46,563 in 2023.

 

Cryptocurrency losses accounted for about 24.3 per cent of total scam losses. E-commerce scams are the top scam type flagged by the police, followed by job scams, phishing scams, investment scams, and fake friend call scams.

 

Scammers are increasingly targeting victims, 73% aged under 50, through social media, messaging platforms, phone calls, online shopping platforms and other websites, per the Singapore Police Force Annual Scams and Cybercrime Brief 2023.

 

Advanced Technological Tactics

Deepfakes and AI 

Singapore Police Force, in their joint advisory with Monetary Authority of Singapore (MAS) and Cyber Security Agency of Singapore (CSA), shared about thieves making use of deepfakes generated by Artificial Intelligence (AI) in impersonation scams with scammers impersonating companies’ top executives, MAS officials and/or potential “investors.”

 

Job Scams on Messaging Platforms 

Scammers, exploiting job seekers’ urgency to land a job and their trust in messaging platforms, initiated contact via unsolicited messages, impersonating recruiters or companies, promising lucrative, low-effort roles, without any prior application from the target or verification from the so-called recruiter.

 

Investment scams leveraging cryptocurrency

Channel News Asia (CNA) reported that investment scams, with one victim losing S$125 million in cryptocurrency, ranked among the most financially devastating.

 

Social media impersonation

Scammers use artificial intelligence (AI)-powered digital manipulation to generate deepfakes, posing as friends, government officials, or company executives, and trick victims into revealing sensitive information and deceive employees into executing fraudulent instructions.

 

Romance scams targeting seniors

Scammers exploit seniors’ loneliness, social isolation, and their limited digital literacy, building trust over time, before asking for funds, citing emergencies such as medical bills or impending business failure.

 

Singapore's Multi-Pronged Response

 

Government and Law Enforcement Initiatives

• ScamShield Suite was launched in September 2024 to consolidate all anti-scam resources onto a single, trusted brand.

 

• SMS Sender ID Registry (SSIR) labelled unregistered SMS as "Likely-SCAM," reducing scam SMS cases.

 

• International Call Blocking with over 287,000 subscribers activating call/SMS blocking for international numbers by December 2024. 

 

• Scam Analytics and Tactical Intervention System (SATIS) disrupted 57,700 mobile lines, 40,500 WhatsApp accounts, and 44,900 scam websites in 2024 using AI-driven monitoring. 

 

• Anti-Scam Centre Operations was set up in 2019 as a nerve centre for investigating scam-related cases

 

• Project FRONTIER ​(Funds Recovery Operations and Networks Team, Inspiring Effective Resolutions), partnered with law enforcement and local stakeholders, such as banks, fintech companies, telecommunications providers, online marketplaces, and international agencies

 

•  Real-Time Interventions, using Robotic Process Automation (RPA), allowing SPF and six banks to detect potential victims of job, investment, fake friend calls, and e-commerce scams. 

 

• 24/7 Bank Co-Location with six major banks working alongside the Anti-Scam Centre to expedite freezes on accounts suspected of being involved in scam activities within a day, a vast improvement for such operations in 2019.

 

• Shared Responsibility Framework (SRF) holding financial institutions (e.g., DBS, UOB) and telcos accountable for unauthorised transactions as a result of phishing links, not involving love scams.

 

Legislative Responses

• Online Criminal Harms Act (OCHA) (2023) enabling “the authorities to deal more effectively with online activities that are criminal. It is part of the suite of legislation to better protect the public in Singapore from various harms in the online space.”

 

MAS Anti-Scam Regulations

• Money Lock is an anti-scam security feature which adds a layer of protection to accounts by allowing users to set aside portions of their funds that cannot be transferred digitally.

 

• November 2024 Circular mandating major payment institutions to implement real-time transaction alerts and biometric authentication, among other precautions. 

 

• Cross-Border Collaboration

ASEAN Partnerships for joint operations with regional law enforcement to combat scams and cybercrimes. 

 

Industry Measures

• Banking sector safeguards

Cooling-off periods for activating digital security tokens and processing large transactions, helping customers detect fraudulent activity.

 

AI-driven fraud detection systems at major Singapore banks are to analyse behavioural patterns and flag unusual activities, allowing banks to intervene before fraud occurs.

 

Customer education initiatives from ABS (Association of Banks in Singapore), such as scam awareness campaigns, empower them to make informed financial decisions and avoid being victims of scams.

 

The scam.SG Initiative

Consumers and/or business associates can now reduce the risk of falling into a scam with TrustScore from Scam.SG, the largest Singapore business company review and authenticity platform that provides business scam analysis and aggregates business authenticity.

 

TrustScore uses our proprietary algorithms to review, verify, and authenticate various businesses and enterprises in Singapore to evaluate and communicate the trustworthiness of online entities.

Check for company trustworthiness with scam.SG!

 

Future of Scams in Singapore (2025 and Beyond)

Singapore’s scam landscape will centre on AI “arms race” and Smart Nation vulnerabilities, with its fusion of predictive AI, blockchain, and cross-industry governance offering an ongoing proactive defence model.

 

Emerging Threats

• AI-Powered Scams using deepfakes (both voice-calls and video) created with AI technology.

 

• AI-generated or AI-assisted phishing emails allow scammers to exploit a wide range of their victims’ emotions.

 

• Smart Nation Vulnerabilities

IoT Risks, with smart HDB flats, as 70% of Singaporeans underestimate scam risks.

 

• Connected Vehicles and infrastructure, as highlighted by NCS’s cybersecurity assessment for LTA on the suitability of commercial-off-the-shelf (COTS) tools for cybersecurity testing of connected vehicles in Singapore.

 

• Central Bank Digital Currency (CBDC) Risks where criminals merge real and fictitious information to create new identities, to exploit loopholes in both digital and traditional identity verification.

 

• MAS Perspective prioritising dynamic Know Your Customer (KYC)/Anti Money Laundering (AML) frameworks to counter crypto-based money laundering.

 

• Data-Driven Targeting enables hyper-personalised scams using stolen personal, medical or financial data.

 

Technological Defences

AI-Powered

 

• SATIS+ supports SPF in fighting scam websites and protecting citizens from scammers, by hunting, analysing and disrupting malicious websites.

 

• Behavioural Biometrics to identify fraud and identity theft, reducing account takeovers.

 

• Blockchain Verification to confirm that transactions and data stored are legitimate and consistent with network rules, preventing fraudulent and invalid data from being added to the shared ledger.

 

• Biometric Advances with Next-Gen AuthAPI, for identity verification and access control for enhanced security, accuracy, and user convenience.

 

• Multi-Factor Authentication (MFA), now progressing toward adaptive MFA, balances security with user convenience via risk-based prompts, allowing organisations to apply the appropriate level of gateway security for each login request, which decreases the likelihood of a successful cyber attack.

 

Conclusion

As technology advances, so do scams, making them more difficult to detect. Therefore, we too must keep up with these technological advances.

 

Bearing in mind that being informed is the first line of defence, visit Scam.SG to check the latest scam alerts and updates relevant to Singapore.

 

Remember to share with friends and relatives, especially those who may be more susceptible to scams, such as seniors or new internet users, as a simple message could save someone from financial and emotional harm resulting from scams.