Analysis of Singapore’s Scam Landscape in 2025

Current Scam Situation

Singapore has experienced a significant increase in scam-related financial losses, with total losses reaching $1.1 billion in 2024—a 70% increase from 2023. This demonstrates that scams have evolved into a critical national security concern.

Major Types of Scams Prevalent in Singapore

1. Self-Effected Transfers

Self-efficacy transfers have become the predominant scam method, where victims are manipulated into willingly transferring money to scammers. These scams exploit:

Desire for companionship (likely romance scams)
Respect for authority (impersonation scams)
Greed (investment scams)

The psychological manipulation can be so effective that victims sometimes refuse to believe they’re being scammed, prompting the government to introduce the Protection from Scam Bills that allow for temporary banking restrictions.

2. Malware and Phishing Attacks

These attacks target bank accounts through:

Deceptive websites mimicking legitimate banking platforms
Malicious software that compromises devices
Fraudulent communications that steal credentials

3. Scam Calls and SMS

Scammers have adapted to using local phone numbers to appear more legitimate, leading to tighter SIM card ownership regulations.

4. Cryptocurrency Scams

This emerging threat involves:

Fake crypto trading interfaces create the illusion of profits
Malware/phishing to drain cryptocurrency wallets
Requests to convert money to cryptocurrency to bypass banking safeguards

5. Social Media and Messaging App Scams

These platforms account for 60% of scams, with Telegram specifically noted as a platform of concern, where scam reports nearly doubled in 2024.

Anti-Scam Initiatives and Resources

1. Government and Regulatory Measures

Protection from Scam Bills: Enables temporary freezing of accounts when victims are being scammed
Online Criminal Harms Act: Requires online services to implement proactive anti-scam measures
SIM Card Regulations: Limits on ownership and penalties for misuse
Cryptocurrency Oversight: Collaboration with MAS-licensed digital payment token service providers

2. Banking Security Enhancements

Improved Authentication Methods: Exploring FIDO-compliant hardware tokens for transaction authentication
Cooling-off Periods: For high-risk transactions like limit increases or contact detail changes
Enhanced Fraud Analytics: Better detection of suspicious activities
Money Mule Detection: Expanded information sharing between banks and police

3. Public Resources for Scam Protection

ScamShield Suite: Comprehensive platform to:
- Check if something is a scam
- Report scams
- Stay updated on scam trends
ScamShield Hotline (1799): For real-time advice and verification
Monthly Media Campaigns: Targeted awareness campaigns for high-risk scam types, customised for vulnerable population segments

4. Public-Private Collaboration

Working with tech companies to implement robust user verification
Encouraging verification against government-issued identity documents
Potential legislative measures to mandate compliance from platforms like Telegram

Key Challenges in Anti-Scam Efforts

Psychological Manipulation: Scammers effectively exploit human emotions and cognitive biases
Technological Evolution: Criminals rapidly adapt to new security measures
Cross-Platform Vulnerabilities: Scams operate across multiple channels
Cryptocurrency Anonymity: Makes tracking and recovery difficult
International Criminal Networks: Sophisticated syndicates operating beyond Singapore’s borders

Recommended Personal Protection Strategies

Verify unusual requests through official channels using independently sourced contact information.
Be sceptical of urgent requests for money or personal information
Use the ScamShield Suite and hotline when uncertain
Stay informed about current scam trends through official channels
Exercise extreme caution with cryptocurrency investments and transactions
Enable all available security features on banking and communication platforms
Verify the identity of contacts through multiple channels before engaging in financial transactions

The comprehensive approach Singapore is taking demonstrates the seriousness of the scam threat and the need for collaboration between government agencies, financial institutions, technology companies, and the public to effectively combat this growing problem.

Analysis of Singapore’s Anti-Scam Measures in 2025

Overview of the Anti-Scam Strategy

Singapore has developed a comprehensive, multi-pronged approach to combat the growing scam threat. The strategy combines legislative action, technological safeguards, cross-sector collaboration, and public education to create multiple layers of defence against increasingly sophisticated scam operations.

Legislative and Regulatory Measures

Protection from Scam Bills (2025)

Key Feature: Empowers the Singapore Police Force to temporarily restrict banking transactions
Use Case: Last-resort intervention when victims refuse to believe they’re being scammed.
Effectiveness: Creates a critical “circuit breaker” to prevent financial losses in high-conviction cases
Challenge: Balances consumer protection with personal financial autonomy

Online Criminal Harms Act

Key Feature: Mandates preventative measures for designated online services
Scope: Requires platforms to proactively disrupt scam activities
Target: Addressing the 60% of scams occurring through messaging apps and social media
Future Direction: Potential expansion of requirements for platforms like Telegram

SIM Card Regulations

Key Measures:
1. Limiting ownership of post-paid SIM cards
2. Criminalising SIM card misuse and trafficking
3. Penalties for assisting in SIM card abuse
Target Problem: Scammers using local phone numbers to appear legitimate
Effectiveness: Creates accountability in an area previously exploited by scammers

Technological and Financial System Safeguards

Enhanced Authentication Solutions

Primary Innovation: FIDO-compliant hardware tokens
Security Principle: Requiring physical proximity for transaction authentication
Target Threats: Protects against remote malware and phishing attacks
Implementation Status: Still in development phase

Banking System Controls

Transaction Safeguards:
1. Cooling-off periods for high-risk transactions
2. Enhanced fraud analytics
3. Information sharing on money mule accounts
Preventative Approach: Creating time and opportunity for fraud detection before losses occur
System Focus: Targets vulnerable points in the banking transaction process

Cryptocurrency Protection Measures

Approach: Collaboration with MAS-licensed digital payment token service providers
Goals: Strengthening anti-scam controls and improving coordination with law enforcement
Challenge: Addressing the inherent anonymity features of cryptocurrency transactions
Current Stance: Discouraging public engagement with cryptocurrencies due to regulatory gaps

Public-Private Partnerships

Cross-Sector Collaboration

Key Stakeholders: Government agencies, banks, tech companies, and digital service providers
Focus Areas: Information sharing, standardising verification procedures, coordinated responses
Notable Challenge: Securing meaningful participation from platforms prioritising user anonymity
Enforcement Mechanism: “Legislative levers” mentioned as potential tools to mandate compliance

Online Platform Verification Requirements

Recommendation: Robust user verification against government-issued identity documents
Target Outcome: Reduction in anonymous accounts used for scam operations
Resistance Point: Platforms like Telegram that prioritise user anonymity
Monitoring Status: MHA actively tracking scam prevalence by platform

Public Education and Awareness Tools

ScamShield Suite

Components:
1. Verification tools to check suspicious communications
2. Reporting mechanisms for potential scams
3. Educational resources on current scam trends
Access Points: Multiple channels, including mobile application and hotline
Key Resource: Dedicated ScamShield hotline (1799) for real-time assistance

Targeted Public Education

Approach: Monthly media campaigns focused on high-loss scam types
Implementation: Tailored messaging for vulnerable demographic segments
Strategy: Preventative education based on data analysis of victimisation patterns
Recognition: Acknowledgement that most scams remain self-efficacious despite safeguards

Effectiveness Analysis

Strengths of Singapore’s Approach

Comprehensive Coverage: Addresses technical, financial, regulatory, and educational aspects
Adaptive Response: Evolving measures to match changing scam tactics
Intervention Authority: Legal power to intervene in high-risk situations
Collaborative Framework: Engages multiple stakeholders in solution development

Areas for Potential Improvement

International Coordination: Limited mention of cross-border enforcement cooperation
Recovery Mechanisms: Focus on prevention with less emphasis on fund recovery
Social Engineering Countermeasures: Could further develop psychological resistance training
Technology Adoption Timeline: Several key measures are still in the development phase
Platform Compliance: Challenges with securing cooperation from all digital platforms

Conclusion

Singapore’s anti-scam framework demonstrates a sophisticated understanding of the multifaceted nature of modern scams. The approach balances technological solutions with human-centred education and creates multiple intervention points throughout the scam cycle. The government’s willingness to use regulatory power when necessary, while prioritising public-private collaboration, shows a pragmatic approach to a complex problem.

The effectiveness of these measures will ultimately depend on implementation speed, public adoption of safety practices, cooperation from technology platforms, and the ability to adapt as scammers inevitably evolve their tactics in response.

Main Findings

5% of bank customers say clear communication about cybersecurity practices is essential
Only 28% of customers rate their bank highly on providing this clarity
Most banks believe they’re doing well in this area, showing a misalignment in perception

Approaches to Cybersecurity Communication

According to Valerie Abend from Accenture, banks fall into different tiers of effectiveness:

Basic approach: Static websites with minimal “bare bones” information about security
Incrementally better: More detailed explanations on websites about specific security measures, like cloud protection or zero trust
Superior approach: Proactive in-app messaging, security scores, tips like enabling multifactor authentication, and educational webinars
Best practice: Weaving security messages into marketing opportunities, like podcast advertisements

What Top Banks Are Doing

The top 10% of banks are:

Being proactive and transparent in communications
Embedding cybersecurity upfront in strategic initiatives rather than treating it as compliance
Empowering their workforce, customers, and third parties to detect and deter threats

This survey highlights an opportunity for many financial institutions to improve their communication of cybersecurity practices and build stronger customer trust.

Detailed Scam Prevention Methods in Singapore

Singapore has developed comprehensive approaches to combat the rising tide of scams. Here’s a detailed breakdown of prevention methods implemented across different sectors:

Government Initiatives

Anti-Scam Centre (ASC)

Established by the Singapore Police Force in 2019
Works with banks to freeze suspicious accounts and recover stolen funds
Coordinates with telecommunications companies to block scam calls/messages
Achieved over $200 million in frozen funds since inception

ScamShield App

Government-developed mobile application that:
- Filters and blocks are known to scam calls and messages
- Provides real-time alerts about emerging scam trends
- Allows easy reporting of suspected scams
- Uses AI to identify potential scam patterns

Legislation and Enforcement

The Online Criminal Harms Act (OCHA) empowers authorities to block access to scam websites and order the removal of fraudulent content.
Digital Identity Verification – Implementation of SingPass as secure authentication for government and financial services
Public Warnings – National Crime Prevention Council’s “Spot the Signs, Stop the Crimes” campaign

Banking Sector Safeguards

Transaction Security Measures

Mandatory cooling-off period for first-time fund transfers to new recipients
Default transaction limits on digital banking platforms
Removal of clickable links in emails/SMS from financial institutions
Advanced fraud detection systems using machine learning
Two-factor authentication (2FA) for all significant transactions

Customer Education

Banks conduct regular seminars on identifying phishing attempts
In-app security notifications and updates
SMS alerts for unusual transactions
Dedicated scam education zones in bank branches

Telecommunications Protections

Technical Controls

Implementation of the “+” prefix for all international incoming calls
Registry against Scam Calls (RASC) system blocks known scam numbers
SMS Sender ID Registry to prevent spoofing of official organizations
AI-powered call screening technology

Community-Based Prevention

Community Vigilance Networks

Neighborhood watch groups with scam prevention training
Senior citizen ambassador programs to protect vulnerable elderly
Community-based reporting mechanisms
Grassroots scam awareness workshops

Targeted Education Programs

Specialized training for high-risk groups (elderly, students, new immigrants)
School curriculum integration of scam awareness
Multi-language educational materials
Interactive simulation exercises to practice recognizing scams

Private Sector Collaboration

Industry Partnerships

Information sharing between banks, telcos, and e-commerce platforms
Joint technological solutions for cross-platform protections
Unified reporting mechanisms across industries
Anti-scam accreditation for businesses meeting security standards

Personal Protection Measures Promoted

Digital Hygiene Practices

Regular security software updates
Use of password managers and unique passwords
Enabling multi-factor authentication on all accounts
Regular checking of account statements
Verification of website authenticity (checking URLs, secure connections)
Healthy scepticism toward unsolicited communications

Singapore’s multi-layered approach combines technology, education, legislation, and community involvement to create one of the most comprehensive anti-scam ecosystems globally, though scammers continue to evolve their tactics, requiring continuous adaptation of these preventive measures.

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Singapore’s efforts to combat scams in 2025