Singapore sees 40% drop in scam losses

Across Asia, total scam losses amounted to US$688.42b.

Singapore saw a 40% decline in scam losses this year, the Global Anti-Scam (GASA) Alliance reported.

GASA attributed the decline to the city-state’s preventive measures like the co-location of police and banks.

Other Asia markets which recorded a decline in losses due to scams include Japan (17%).

On the other hand, citizens of Hong Kong and Thailand experienced scams at alarming rates, with 90% reporting monthly incidents. 

Across Asia, the total loss amounted to US$688.42 billion over the past 12 months, a significant share of the US$1.026t in global scam losses recorded in GASA’s 2023 report. 

GASA identified identity theft, investment scams, and shopping scams as the top threats, with scammers targeting individuals via phone calls, social media, and text messages.