Mid-Year Scams and Cybercrime Brief 2024

Overall Scams and Cybercrime Situation

The number of scam and cybercrime cases, from January to June 2024, increased by 18.0% to 28,751 cases. The total amount lost increased by 24.6% to at least $385.6 million.

What is alarming is that, in 86% of these scams, victims made transfers themselves because of deception and social engineering.

Based on Singapore Police Force’s data, in their Mid-Year Scams and Cybercrime Brief 2024 released on 22 Aug 2024, the table below shows scam types, amounts lost, and number of cases for the first half of 2024:

Total Scam and Cybercrime Cases (2020-2024)

For the first half of 2024, there were 28,751 cases (an 18.0% increase from first half of 2023), of which 26,587 cases were scam cases (an increase of 16.3% increase).

Total Amount Lost to Scams (2020-2024)

Total amount lost saw a 24.6% increase to $385.6 million compared to the first half of 2023.

Average Loss per Scam Case (2020-2024)

Average Loss per Scam saw a 7.1% increase to $14,503 compared to the first half of 2023.

The most prevalent scam in the first half of 2024 is e-commerce scams with 7,250 cases. Job scams follow closely, with 5,717 cases while phishing and investment scams round out the top four types.

Although e-commerce scams are most common, they do not cause the highest financial damage. The dubious honour goes to investment scams, which caused losses of $133.4 million. Job scams and government official impersonation scams are the next most financially damaging. Investment scams, though fewer in number, cause the most significant financial damage.

The victim age profile for the first half of 2024 reveals several interesting patterns:

• Adults aged 30-49 represent the largest victim group at 41.4%.
• Young adults (20-29) make up 25.6% of victims.
• Seniors and the elderly (50+) account for about 25.8% of victims.
• Youths (19 and below) and the elderly (65+) each represent 7.2% of victims.

Key Contact Platforms

Notable Trends:

1. Increasing Complexity – in 86% of these scams, victims made transfers themselves due to deception and social engineering.
2. Platform Concerns – with three products from Meta, namely Facebook, WhatsApp and Instagram remaining of particular concern, consistently being over-represented among the platforms exploited by scammers to contact potential victims and conduct their scams. In addition, there was a spike in scam cases involving Telegram in the first half of 2024.
3. Telegram Surge – there was a spike in scam cases (137.5%), with investment scams being the most predominant.
4. Highest Average Losses – Government Officials Impersonation Scams led with ~$116,534 per case, with Investment Scams with ~$40,080 per case a far second
5. Age Vulnerability – although the elderly only make up 7.2% of the victims, they have the highest average loss per victim when compared to victims of the other age groups.

Recommendations for Prevention

Practical Tips for Public Protection

“I can ACT against Scams” campaign promotes three simple anti-scam actions – ADD, CHECK, TELL.

ADD:

• Install ScamShield app to block scam calls and detect scam SMSes
• Add anti-virus protection to protect your mobile phone(s) against malware
• Enable Money Lock to protect a specified portion of your funds
• Activate international call blocking to protect from scam calls
• Enable Two/Multi-Factor Authentication for all important accounts

CHECK:

• Verify before making decisions
• Use official channels for verification
• Be suspicious of urgent requests
• Double-check banking transactions

TELL:

• Report suspicious activities
• Share scam awareness with others
• Alert authorities to potential scams
• Inform family and friends about new scam types

Key Anti-Scam Efforts Summary

Public Education and Technology Interventions

Technological Interventions

1. Scam Analytics and Tactical Intervention System (SATIS)
   • AI and machine learning-powered dashboard
   • Assisted in disrupting over 18,000 scam-related websites
   • Implementation of single “gov.sg” SMS Sender ID across government agencies, statutory boards and services
   • Improved ScamShield app to alert users to potential scam threats and also to check web links, WhatsApp and Telegram messages
2. Cybersecurity Measures
   • Partnered with Google to block 900,000 high-risk app installations
   • Prevented over 11,000 potentially fraudulent apps from being misused

Forthcoming Measures

• Considering laws to authorise police to restrict banking transactions for potential scam victims
• Continued legislative and technological enhancements and updates to combat scams
• Stronger legislation against abuse of SIM cards which are often used in phone scams.
• Progressive operationalisation of Online Criminal Harms Act which allows the authorities to direct online service providers or other entities to disable access to online criminal content or accounts, including scams
• Expanded partnerships with financial institutions and telcos

This multi-pronged approach highlights Singapore's varied strategy to fight scams, from technological innovation, international co-operation, public education, to robust enforcement instruments.

The Human Impact

The report highlights that, as they affect real people from all backgrounds, ethnic and age groups, scams are not just about numbers. Scams don't discriminate; they can affect anyone, from young people trying to buy concert tickets online to retirees hoping to grow their nest egg.

SPF will continue to work with government agencies and community partners to engage and educate the public in building the community's vigilance and resilience towards scams. In addition, business operators, particularly banks, online marketplaces and telcos, also have a responsibility to prevent, deter and detect crimes committed through their platforms. Putting in place anti-scam measures and precautions will help keep their customers safe.

Although better protection measures and increased public awareness are showing positive results in some areas, constant watchfulness remains necessary.