$456m lost to scams in first half of year with almost 20,000 cases reported here

Amount a dip from same period last year; more cases see losses of at least $100,000

- Nadine Chua

Close to half a billion dollars was lost to scams in the first half of 2025, with almost 20,000 cases reported in Singapore.

The $456.4 million lost between January and June 2025 was a drop from the $522.4 million lost during the same period in 2024.

The police previously said victims lost over $385.6 million in the first six months of 2024, but this figure increased due to reclassification of cases.

In 2024, scam victims here lost $1.1 billion, a record high in a single year.

In releasing the mid-year scam statistics on Aug 30, the police highlighted the rise in the number of scam cases which saw losses of at least $100,000.

Around 1,000 victims lost more than $100,000 in the first half of 2025, up from around 700 during the same period in 2024.

Almost seven in 10 scam cases saw less than $5,000 in losses, while the median loss per case was around $1,500.

In 79 per cent of the cases, scammers did not gain control of the victims' accounts but manipulated the victims into transferring money.

The police said cryptocurrencies formed a considerable proportion of scam losses, accounting for more than $81 million in the first half of 2025.

"Scammers target cryptocurrency likely due to its irreversible transactions and limited traceability, making asset recovery virtually impossible, unlike traditional banking transactions," noted the police.

As scams evolve, they warn of an insurance-service type which emerged in 2025.

A total of 791 insurance scam cases were reported during this period, with over $21 million lost.