In the Meantime... Singapore Sees a Surge in Online Scams

41.3 million Singapore dollars in Q1 alone

28% increase compared to the same period last year

Many masks and hand sanitizers due to the impact of COVID-19

[Asia Economy Singapore, Seo Jumi, Guest Reporter] As the contactless economy experiences rapid growth, its shadows are also lengthening. Online crimes are increasing in Singapore, with online scam losses exceeding 41.3 million Singapore dollars in the first quarter.

According to the Singapore Police Force on the 12th, online scam crimes in the first quarter of this year increased by 27.9% compared to the same period last year. In particular, e-commerce scams more than doubled from 536 cases in the same period last year to 1,159 cases. During the same period, the amount of damages also surged from 469,000 dollars to 1.3 million dollars. The Singapore Police attribute this largely to increased online activity due to movement restrictions following the outbreak of COVID-19.

In fact, many e-commerce scams involved promises to sell hygiene products such as masks, hand sanitizers, and thermometers, only to swindle victims out of their money. There were also frequent cases where scammers demanded advance payments by baiting with electronic products like game consoles and mobile phones at prices cheaper than the market. Additionally, due to the surge in laptop sales driven by remote work and online classes, related scam cases also increased consecutively.

Among online scam cases, Carousell, a Southeast Asian secondhand goods trading site, accounted for 61% of the total. Other digital platforms such as Facebook and Instagram followed. Carousell is a platform where buyers and sellers transact directly, making it known to be vulnerable to crimes.

Following e-commerce, there were also many reports of social media identity theft. Reports increased more than tenfold compared to the first quarter of last year, reaching 466 cases. Scammers impersonate victims through their social media accounts and extract personal information such as bank account details, phone numbers, and OTPs from family or acquaintances. The criminals then conduct illegal transactions through the victim’s bank accounts and mobile wallets. Loan scams were also reported 421 times in the first quarter, a 50% increase compared to the same period last year.

The Singapore Police Force’s Scam Prevention Centre stated that they are minimizing financial losses related to scams by partnering with commercial banks to freeze the relevant accounts. They also added that they cooperate with telecommunications companies to suspend phone numbers used in online scams, suspicious online advertisements, and sales accounts. However, since many scam crimes occurring in Singapore are linked to overseas criminal organizations, it is difficult to recover money once it leaves Singapore. Therefore, the police emphasize avoiding direct transactions in online purchases and being cautious about providing personal information.

This content was produced with the assistance of AI translation services.