In recent years, Singapore has experienced a significant surge in scam-related activities, leading to substantial financial losses for its residents. In 2023, victims reported losses totaling S$651.8 million, with over 46,000 scam cases recorded. This trend continued into the first half of 2024, with 26,587 cases resulting in S$385.6 million in losses.
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In response to this escalating issue, Singapore enacted a new law in January 2025 empowering police to freeze bank accounts of scam victims as a preventive measure against further financial loss. These restriction orders can last for 30 days and may be renewed up to five times. The legislation aims to provide swift protection for potential victims, with authorities emphasizing the necessity of rapid action to minimize financial damage.
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The most prevalent scams in Singapore have included job-related frauds, e-commerce scams, fake friend calls, phishing attempts, and investment-related deceptions. Notably, phishing scams often involve malware installed on victims’ devices to steal banking credentials.
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To combat these scams, Singaporean authorities have implemented various measures, such as forming the Anti-Scam Command, launching public awareness campaigns, and developing the ScamShield app to block potential scam messages. Additionally, collaboration with financial institutions has been strengthened to expedite the freezing of fraudulent transactions and accounts.
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Singapore empowers police to freeze bank accounts in scam crackdown.
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