Cryptocurrency Fraud and E-Commerce Scams Among Key Drivers of Rising Financial Losses

Singapore saw an unprecedented surge in scam-related losses in 2024, with victims losing a record-breaking $1.1 billion. This represents a staggering 70 per cent rise from the $651.8 million lost in 2023, according to police data released on 25 February.

The number of reported scams also reached a new peak, with 51,501 cases recorded, surpassing the 46,563 cases in the previous year. Cryptocurrency-related scams accounted for almost a quarter of total losses, increasing significantly from 6.8 per cent in 2023.

E-commerce scams remained the most frequently reported, with over 11,600 cases in 2024, costing victims at least $17.5 million. Concert ticket fraud was a major contributor to these cases, with nearly 1,000 victims losing over $538,000 in just ten weeks due to Taylor Swift ticket scams.

Job scams continued to be among the top concerns, with victims reporting more than 9,000 cases and total losses amounting to $156.2 million. Phishing scams followed closely, with $59.4 million lost—over four times the amount reported the previous year.

Scammers increasingly targeted cryptocurrency, exploiting its rapid transaction capabilities and the difficulty in tracing stolen funds. Authorities noted that criminals were shifting tactics as banking restrictions tightened. Some victims were so convinced by scammers that they ignored warnings from family members and police.

In response to the surge in scam-related crimes, Singapore introduced the Protection from Scams Bill in January 2025, granting law enforcement powers to block bank transfers if there is reasonable suspicion of fraud.

The police’s Anti-Scam Command, established in 2022, successfully recovered over $182 million in 2024 and prevented an estimated $483 million in potential losses. Authorities continue to warn the public to stay vigilant and take time to verify transactions before making financial commitments.