SINGAPORE - Scam victims in Singapore lost $1.1 billion in 2024, marking a record high amount of losses suffered in a single year. The total amount lost to various ruses is 70 per cent higher than the $651.8 million scammers took in 2023, said police in releasing annual scam figures on Feb 25.

Cryptocurrency scams accounted for 24.3% of total money lost, while the e-commerce scams were the most numerous, with $13 million lost in 11,665 cases

At least S$1.1 billion (S$1=RM3.30) was lost to scams in Singapore in 2024 – an increase of 70.6 per cent compared to the previous year, according to police statistics released on Tuesday. The Singapore Police Force (SPF) said the total number of scam cases also increased by 10.