Scam losses exceed $410m in first half of 2026

Scam-related losses in Singapore exceeded $410 million during the first half of 2026, according to data released by authorities. The amount reflects a notable decrease compared to the corresponding period last year, when victims reported losses totalling $500.2 million.

A striking aspect of the scam landscape is the manner in which funds were surrendered to fraudsters. Approximately 8 in 10 victims voluntarily handed money to scammers, rather than having funds stolen through unauthorised access to their accounts. This pattern underscores the effectiveness of social engineering tactics employed by criminal networks, who manipulate victims into believing they are conducting legitimate transactions.

The decline in overall losses year-on-year may be attributed to increased public awareness campaigns and enhanced vigilance among residents. Authorities have intensified efforts to educate the public about common scam tactics, including investment schemes, impersonation fraud, and romance scams.

Despite the reduction, the scale of losses continues to pose significant concerns for regulators and financial institutions. Experts emphasise that victims should exercise caution when receiving unsolicited requests for money and verify the legitimacy of organisations before making any transfers. Financial institutions also remind customers never to share sensitive information such as one-time passwords or banking credentials with third parties.