Singapore loses $337M to scams, crypto accounts for 18%
Singaporeans lost about S$456 million (US$337 million) to scams in the first half of 2025, according to police data.
The figure represents a decline of S$66 million compared to the same period last year, while the number of reported scam and cybercrime cases fell 21.5% to 22,476.
Losses tied to cryptocurrency scams made up nearly 18% of the total, or S$81.6 million, with fraudsters primarily exploiting Tether, Bitcoin and Ethereum.
Authorities credited new enforcement measures for helping to contain the damage. The Protection from Scams Act, which took effect on July 1, allows police to block suspicious transfers in real time. So far, two Restriction Orders have been issued to stop potential victims from handing over money. The Anti-Scam Command also recovered S$56.7 million, including S$17 million in crypto, and worked with partners to prevent an additional S$179 million in potential losses. Meanwhile, more than 370,000 banking customers have locked up S$30 billion in deposits using the “Money Lock” feature, which limits withdrawals if accounts are compromised.
Crypto-related crime continues to climb worldwide, with an estimated US$2.5 billion lost to hacks and scams in the first half of 2025, including US$1.7 billion from wallet breaches, according to CoinDesk.
In the U.S., the Federal Trade Commission reported consumer losses of more than US$12.5 billion in 2024, with investment and crypto scams accounting for more than half.
As we reported earlier, Singapore’s PM was caught in deepfake crypto controversy.
Losses tied to cryptocurrency scams made up nearly 18% of the total, or S$81.6 million, with fraudsters primarily exploiting Tether, Bitcoin and Ethereum.
Authorities credited new enforcement measures for helping to contain the damage. The Protection from Scams Act, which took effect on July 1, allows police to block suspicious transfers in real time. So far, two Restriction Orders have been issued to stop potential victims from handing over money. The Anti-Scam Command also recovered S$56.7 million, including S$17 million in crypto, and worked with partners to prevent an additional S$179 million in potential losses. Meanwhile, more than 370,000 banking customers have locked up S$30 billion in deposits using the “Money Lock” feature, which limits withdrawals if accounts are compromised.
Crypto-related crime continues to climb worldwide, with an estimated US$2.5 billion lost to hacks and scams in the first half of 2025, including US$1.7 billion from wallet breaches, according to CoinDesk.
In the U.S., the Federal Trade Commission reported consumer losses of more than US$12.5 billion in 2024, with investment and crypto scams accounting for more than half.
As we reported earlier, Singapore’s PM was caught in deepfake crypto controversy.
