Scam Cases & Losses Decline But New Insurance-Related Con Emerges
While overall scam cases and total losses saw a decrease in the first half of the year,Singapore police are warning of a new scam trend involving fraudulent insurance services. there were 22,983 scam cases reported, a 16.8% drop from the 27,523 cases in the same period last year. Total amount stolen fell 19.9% to S$94.5 million, down from S$118.0 million previously.
Though, authorities are flagging a concerning rise in scams exploiting insurance policies. Victims are being tricked into revealing personal information or making payments to scammers posing as insurance representatives, or being offered fake insurance policies. Details of this emerging trend are still being investigated, but police urge caution when dealing with unsolicited insurance offers.
Top Scam Types – A Closer Look
The five most prevalent scam types – phishing scams, e-commerce scams, job scams, investment scams, and government official impersonation scams – accounted for over 70% of all reported cases.
Phishing Scams: Remained the most common, representing 19.2% of all scams. 3,779 cases were reported, a 10.9% increase year-on-year. Losses surged dramatically, climbing 134% to S$30.4 million from approximately S$13 million in the first half of 2023. Victims aged 30-49 are disproportionately affected, often falling for deals advertised on social media and subsequently providing credit card details.
Government Official Impersonation Scams: Saw a near tripling of cases, jumping from 589 to 1,762. Losses from these scams rose 88.3% to S$126.5 million, making it the second-highest loss category. Police are observing a worrying tactic where victims are pressured to withdraw cash,buy gold,or declare assets before handing them over to “officials” for supposed investigation.Investment Scams: Despite a 19.2% decrease in the number of cases, investment scams resulted in the highest total losses – S$145.4 million. This represents a 10.6% increase compared to the same period last year. Scammers frequently instruct victims to create new cryptocurrency wallets and transfer funds, often offering initial small profits to encourage further investment.
Other Scams: While specific figures for e-commerce and job scams were not detailed in the provided information, they remain important contributors to the overall scam landscape.
The police continue to advise the public to exercise caution, verify information independently, and report any suspicious activity instantly.