Singapore Sees an Increase in Online Scams

[mlawson71]

Singapore is seeing an increase in online scams over the last couple of years, with the numbers of victims not showing any signs of stopping. These scams vary, but are mostly concerned with internet love sites, e-commerce, impersonating officials, and of course online investments. The current year’s reports show that a total of 3591 cases were reported, amounting to a total loss of SGD83 million. The most significant of these cases was a SGD4.3 million scam involving an investment scheme.

The authorities have done their best to cut down on these numbers, by utilizing a number of tactics, from public warnings, awareness campaigns, to establishing an Anti-Scam center. Yet is spite of these efforts, people are continuously being defrauded, and cases are popping up each day, with experts putting the blame on the innocence of people brought about by the community of Singapore’s general trust towards more authoritative figures and the fact that the city-state has a low crime rate.

[Dalton33]

This is very interesting news. Do you maybe know what is general reason for increasing number of victims? I think that forex brokers are regulated in Singapore, so in which way traders get hooked on scammers? 

[mlawson71]

I was wondering whether the victims haven't increased but more people are reporting being scammed instead.

[AkashHasan]

Civilians can also keep themselves and their friends and family members safe by being aware of potential threats and remaining vigilant, said director of the Criminal Investigation Department and senior assistant commissioner of police How Kwang Hwee.