Reports show that overall scam cases have risen in the first half of 2024. A total of 26,587 cases were reported, with at least S$385.6 million lost – a 24.6% increase. Overall, scam cases in Singapore between January and June rose 16.3% compared with the same period last year. Young people fall for scams too! The majority of scam victims (74.2%) were youths, young adults and adults under the age of 50. However, the average amount lost per elderly victim was the highest among the age groups. This article was written by a Financial Horse Contributor. Singapore Police Force highlighted Meta, WhatsApp and Instagram as being most often exploited to contact potential victims and carry out scams. Additionally, more people are falling victim to Telegram scams, with a 137.5% increase in cases.

1. Government impersonation scams

The average amount lost in each scam was S$14,503, an increase of 7.1% from last year. Government officials impersonation scams caused the highest losses on average, with victims losing about...