Singaporeans lose record $822 million to scams in 2024, police say

Singaporeans lost a record $822 million to scams last year, with cryptocurrency schemes making up almost a quarter of the losses. The total amount lost to scams increased by 70.6% from the previous year, with e-commerce scams being the most numerous. The majority of cases saw losses of less than $3,700, but a small number of cases accounted for a significant portion of the total losses. The police were able to recover more than $136 million. A new law was passed in January to allow the freezing of bank accounts to prevent further losses.

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