Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore’s central business district skyline, in Singapore, May 10, 2019. Photo by Reuters
A dispute resolution center in Singapore recorded 829 fraud claims in the 12 months ending June 30, a 63% increase from a year earlier.
The average amount claimed hit SGD$51,599 (US$38,442), up almost 13%, according to the latest report by the Financial Industry Disputes Resolution Centre (Fidrec).
People in the middle age are most likely to be scammed, with 72% of claimants aged between 31 and 60.
Fidrec chief executive Eunice Chua said most scams happened because a victim’s credentials were compromised.
This means that a victim’s bank account, digital wallet or credit card has been controlled by scammers who use them to make unauthorized transactions, The Straits Times quoted her as saying.
She emphasized the importance of family and friends watching out for each other, as victims may sometimes be unaware that they have been scammed.
“Perhaps the person is under psychological pressure or has been tricked,” she said, adding that in such situations, “a family member or a friend has noticed and they help to break the psychological spell”.
In another report by Singapore police, the number of scams in the country surged more than 16% year-on-year to 26,587 in the first half.
Over S$385.6 million (US$295 million) in losses were reported.
