LISBON Scammers stole an estimated US$1.02 trillion (S$1.4 trillion) globally between August 2022 and August 2023, with victims in Singapore losing the most money on average. This was way higher than the US$55.3 billion lost for the whole of 2021 and the US$47.
The most prevalent scams worldwide are those involving online shopping, identity theft and investments.LISBON Scammers stole an estimated US$1.02 trillion globally between August 2022 and August 2023, with victims in Singapore losing the most money on average.
Participants were asked about the types of scams they encountered and the amount of money they lost to fraudsters, among other questions. The data was then extrapolated based on the country's population. Speaking to a hybrid audience of more than 1,250 attendees from over 100 countries, Mr Abraham said the most prevalent scams worldwide are those involving online shopping, identity theft and investments.
In his speech, Mr Abraham said scammers are winning at the moment by adopting more sophisticated methods for their ruses."Consumers are told that they have to check reviews, but there are so many fake reviews. They are also told that romance scammers don't show themselves on video, but the scammers can now do that using deep fake technology.
Dr Ng urged other countries to set up the equivalent of Singapore's Anti-Scam Command, where banks and law enforcement sit together to swiftly exchange information and freeze bank accounts used by scammers.
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