Scam losses in Singapore drop by impressive 40%

SINGAPORE: Singapore has achieved a notable 40% reduction in losses from scams this year, according to a report from the Global Anti-Scam Alliance (GASA).

The organization credited the nation’s success to effective preventive measures, particularly the co-location of police and banks, which has enhanced real-time intervention and detection efforts.

While Singapore and other Asian markets such as Japan, which saw a 17% decline, made strides in reducing scam-related losses, the situation remains dire in other parts of the region.

In Hong Kong and Thailand, 90% of citizens reported being targeted by scams on a monthly basis, indicating that these areas are experiencing scams at an alarming rate.

Despite some regional improvements, scam losses across Asia amounted to a staggering US$688.42 billion over the past 12 months, accounting for a significant portion of the US$1.026 trillion in global scam losses recorded in GASA’s 2023 report.

The report highlighted identity theft, investment scams, and shopping scams as the top threats faced by individuals. Scammers are increasingly exploiting phone calls, social media platforms, and text messages to carry out their schemes.