GASA Scams Report: Singapore

Singaporeans Loses $2.51B SGD to Scams Last Year

Singapore is a hub of innovation and tradition. But like many other nations, it is facing a serious challenge from scammers that cost Singaporeans $2.51 billion SGD last year.

New data from Feedzai and the Global Anti-Scam Alliance (GASA) shows most scams begin with phone calls or text messages. At the same time, instant messaging apps, emails, and social media platforms are also proving to be hotbeds for scamming activities. Meanwhile, investment scams were the most common type of scam encountered.

Feedzai’s new report, produced in partnership with GASA, surveyed 500 Singaporean bank customers and sheds a critical light on the state of Singapore’s scam landscape. Among the report’s findings:

• 68% of Singaporeans encounter at least one scam per month
• 54% of respondents said their scam experience had a strong or very strong emotional impact
• Only 9% of respondents were able to recover all of the money lost to a scam

Download the report to learn more.