Scam losses in Singapore surge to S$1.1b in 2024, crypto-related cases rising

Singapore saw a sharp rise in scam losses last year, with victims losing a record S$1.1 billion, the highest-ever total recorded. It is a more than 70 per cent rise in losses from 2023. Police also saw the highest number of scam reports ever in the last year, with cases increasing by 10.6 per cent to 51,501 cases. Cryptocurrency-related scams made up just under a quarter of the total losses, a sharp increase from 6.8 per cent in 2023. Clinical Psychologist Dr Annabelle Chow explains the psychology of scammers and victims, and what can be done to strengthen people’s resistance to scams.

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