“Scamdemic” was how the Financial Times chose to describe the rise in online scams and cybercrimes that Singapore has faced in recent years.
Published in May 2025, the Financial Times explored the increasing prevalence of the “Scamdemic” while emphasising another key phrase in its article’s headline, “rich and naive”.
Diplomatic Network (Asia) looks into the reasons for the increase in scams and explores the common formats these crimes take. In the process, DNA aims to better prepare readers when encountering these scams.
Why the “Scamdemic” emerged in the 2020s
According to the Financial Times, Singaporeans lost over USD$1 billion in 2024 from scams, just based on reported figures alone, with experts suggesting the number is much higher, as experts predict over 67% of fraud victims do not even report their crimes.
As of 2025, the Straits Times have reported only a slight improvement in these figures as monthly scam cases and monetary losses have dropped below the 2024 average.
However, Singaporeans are still among the most targeted and prevalent victims of scams globally. There are three reasons why this is the case.
Firstly, the rise in global scam cases has been due to the rise of AI and deepfake impersonation technology. Statistically, global victims of scams tend to be disproportionately amongst older generations who likely would be less familiar with the signs of new technologies.
This also relates to increased internet access and digital connectivity since the 2020-2022 global pandemic years. With more people online than ever before, the number of people scammers can target has increased exponentially. The Singapore Police Force’s annual figures consistently report that most scams originate from online messaging chats.
Secondly, Southeast Asia in general has had a problem with online scam syndicates for the past few years.
The Straits Times recently reported a joint operation between Singapore, Malaysia and Hong Kong that saw the arrest of 11 individuals involved in a major scam syndicate.
While most people often assume the “Scamdemic” is limited to the digital space, scam syndicates are often responsible for crimes such as human trafficking.
Myanmar is a nation that is facing intense scrutiny for the number of illegal scam centres that have been appearing on the Thai border, staffed by trafficked foreign expatriates lured into the region. In the process, this has also allowed syndicates to extend their international reach by leveraging the different language skills of their trafficked victims.
However, what makes Singapore most susceptible to scams is a final point unique to the nation: Singaporeans are simply unused to the range of scam formats and tactics used by professional criminals.
Bluntly described as “rich and naive” by the Financial Times, Singaporeans are ripe targets for scammers due to the average citizen’s high asset value and complacent attitude towards crime.
When combined with overwhelming exposure to scammers in online spaces, such as being added to messaging chatrooms or approached with suspicious emails, Singaporeans tend to make poor decisions and ignore common signs of scams.
Crucially, the Financial Times reported that 80% of cases involve victims transferring funds to criminals themselves, highlighting that this error can in fact, be prevented if the basic signs of scams are spotted.
Below is a compilation of the different approaches scams can take and how to spot them.
List of scam formats and how to spot them
Phishing Scam
What is it:
Phishing is a general term to describe scams that rely on the victims sending over sensitive private information, such as identification numbers. This allows scammers to access their data and transfer out funds.
Phishing usually occurs when victims voluntarily give up their information, such as on a fake website or through emails responding to fake messages.
In the most extreme cases, phishing could even result in scammers taking control of a victim’s electronic devices, which could result in identity leaks and theft by accessing the camera on these devices.
How to prevent it:
-Look out for spelling and grammar mistakes, especially regarding names of websites or URLs.
-Beware of emails or messages that do not directly address your name or credentials, but merely “customer”, “resident” or “user”.
-Hover your mouse cursor over a hyperlink and do not click the link. This would allow you to check whether the URL of the link will take you to a legitimate website.
-Check if the website has a “https://” in its URL. This is an indication of an extra layer of security which all Singapore government websites use.
E-Commerce Scam
What is it:
This scam occurs when online shopping customers are cheated out of goods they paid for. Unlike regular online shopping fraud and cheating, this scam tends to involve higher-value assets such as luxury clothes and electronics.
Common platforms like Carousell are full of these kinds of scams, where a merchant would claim to sell a certain good, and would cut all communications with their customer after payments are made without delivering the goods.
How to prevent it:
-The best way to prevent e-commerce is to simply limit the amount of online shopping, especially for luxury goods, rather than basic necessities such as groceries.
-Additionally, aim to avoid buying goods on second-hand sites.
-Always check reviews for the merchant that you are planning to buy from.
-Make sure the photo of the goods you wish to buy is not a generic photo, but one which actually shows the real condition of the good.
-Always aim to make payments and collect the goods in person rather than through deliveries and online transfers.
-Only make payments once you have physically seen the goods you have ordered.
Investment Scam
What is it:
This scam involves victims being tricked into transferring money to a fraudulent investment scheme. This could involve claims by the scammers to be stock or cryptocurrency brokers, but in general, it involves any form of investment with a promise of high returns.
Nowadays, it is very common for scammers to give victims a return on investment the first time they transfer over funds. This is to encourage victims to reinvest their earnings and even more funds for a second round of investment, therefore giving the scammer even more money due to the perceived trust they have.
How to prevent it:
-Always use good business sense. If a claim of high returns is too good to be true, then it likely is not true.
-Ensure that the credentials of a broker are legitimate by asking and checking.
-Additionally, real investments involving a middleman are never so quick and simple. Beware of brokers claiming fuss-free investments.
Loan Scam
What is it:
This scam involves victims being approached with the offer of loans. While this may seem like a counterintuitive strategy, as it involves transferring money to the victim, scammers in fact force victims to send money over first for “administrative purposes”, therefore allowing scammers to steal funds from victims.
Similar to the investment scam, scammers might in fact provide the victim some money in the form of a “trainee loan”, which, upon repayment with a high interest, scammers promise to send over the full loan. Scammers may even ask for a further “administrative” fee after the trainee loan has been repaid before promising to pay the full loan.
How to prevent it:
-Singapore’s strict laws on debt and moneylending do not allow licensed moneylenders to call people directly to advertise their services or make quick transfers. Any indication that the loans you will receive will be fast and hassle-free is a major warning sign.
-No licensed moneylender practices will ask for fees before providing a loan, nor would they send over a “trainee loan” instead of the full amount of requested funds.
Love Scam
What is it:
Scammers impersonate an individual who approaches potential victims with a proposal of romance and intimacy. This type of human relationship is growing increasingly less taboo with each passing year as the volume of people engaged in online dating increases.
Upon building a relationship with the victim, scammers would ask for a transfer of funds, combining both emotional manipulation with a promise of further intimacy.
How to prevent it:
-Always ask for a video call with matches that you meet online to verify their identity. Be careful of deepfake image tracking.
-Be careful of matches online who attempt to ask personal questions, as this is a way they can phish out identification information.
-Never transfer money to a person whom you have never met face-to-face, especially if they claim to be extremely devoted to you.
Government Impersonation Scam
What is it:
This scam involves victims being contacted by perpetrators claiming to be government officials or civil servants. This usually comes in the form of law enforcement.
Victims would be pressured into sending money over for a multitude of reasons. One of the most common is that their personal information has been compromised, and therefore, the government needs to verify their identity through a transfer of funds.
How to prevent it:
-Government officials are trained to approach all situations with calm and clarity. Do not be intimidated by the highly emotional language of impersonators.
-Government officials also have to identify themselves when contacting the public. If you are contacted by phone, force the caller to identify their office and employee number. If you receive an email claiming to be from a certain government agency, you can still call the agency to check if it is legitimate.
-Like the signs of phishing scams, look out for spelling and grammar mistakes, especially regarding the names of websites or URLs.
-Beware of emails or messages that do not directly address your name or credentials, but merely “customer”, “resident” or “user”.
-Hover your mouse cursor over a hyperlink and do not click the link. This would allow you to check whether the URL of the link will take you to a legitimate website.
Fake Friend Scam
What is it:
This is a new type of scam that involves perpetrators misidentifying themselves. The basic framework operates like this.
Firstly, the victim is called by the scammer pretending to be somebody they know, usually a long-lost friend. The scammer would ask the victim to delete all previous contacts they had.
Afterwards, the victim would be contacted asking to transfer the scammer money for reasons of either an investment or urgent aid, such as a medical bill or a failing business.
How to prevent it:
-Always force cold callers to identify themselves. Scammers in the fake friend call rely on victims guessing an identity which they would then adopt, rather than approach victims identifying themselves.
-If possible, force scammers to videocall. If this is not possible, propose a date to meet in person.
-Similar to the investment scam, always make sure you have done your research on where the money you have been asked to transfer is going.
