Behind the numbers: Navigating banking processes to avert scams can be frustrating

IN THE first half of 2024, Singapore witnessed 26,587 scam cases – a 16.3 per cent increase from the same period last year – with losses rising by 24.6 per cent to an estimated S$385.6 million​.

Among the most lucrative for scammers were government official impersonation scams, which caused the highest average losses at over S$116,000 per victim​.

While these numbers highlight the alarming prevalence of scams, they also underline a sobering reality: each statistic represents a person whose financial security and trust were violated.