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Scam losses in Singapore have exceeded $1.1 billion in 2024, marking the highest financial toll ever recorded in the country. The State of Scams in Singapore 2024 report, published by the Global Anti-Scam Alliance (GASA) in partnership with Feedzai, highlights the evolving fraud landscape, driven by AI-powered deception, digital impersonation, and sophisticated social engineering tactics. Key findings from the report include: 65% of Singaporeans encounter scams at least once a month. 54% report a rise in scam attempts over the past year. 44% of scams are completed within 24 hours of first contact. 68% of scam victims do not report their experience to law enforcement. Only 8% of scam victims were able to recover their money. Investment, identity theft, and e-commerce scams remain the top threats. WhatsApp, Gmail, and Telegram are the most exploited platforms. AI-powered scams are surging, with 38% of victims encountering scams using AI-generated text, chat, or voice cloning.
Despite this, there are positive developments: The average scam loss per victim has dropped from over $4,000 to $2,500. $182 million in stolen funds have been recovered. 62% of Singaporeans remain confident in identifying scams, though this is down 6% from last year. New enforcement measures, such as the Protection from Scams Bill, are empowering authorities.
Despite strong public-private collaboration, scams continue to thrive, making further cooperation between regulators, financial institutions, and technology companies essential. Initiatives such as the ScamShield app, increased enforcement powers, and closer collaboration between banks and law enforcement are playing a crucial role in disrupting fraud. However, declining trust in digital platforms (55%) underscores the need for continued vigilance and action. |
Scam losses in Singapore have exceeded $1.1 billion in 2024, marking the highest financial toll ever recorded in the country. The State of Scams in Singapore 2024 report, published by the Global Anti-Scam Alliance (GASA) in partnership with Feedzai, highlights the evolving fraud landscape, driven by AI-powered deception, digital impersonation, and sophisticated social engineering tactics. Key findings from the report include: 65% of Singaporeans encounter scams at least once a month. 54% report a rise in scam attempts over the past year. 44% of scams are completed within 24 hours of first contact. 68% of scam victims do not report their experience to law enforcement. Only 8% of scam victims were able to recover their money. Investment, identity theft, and e-commerce scams remain the top threats. WhatsApp, Gmail, and Telegram are the most exploited platforms. AI-powered scams are surging, with 38% of victims encountering scams using AI-generated text, chat, or voice cloning.
Despite this, there are positive developments: The average scam loss per victim has dropped from over $4,000 to $2,500. $182 million in stolen funds have been recovered. 62% of Singaporeans remain confident in identifying scams, though this is down 6% from last year. New enforcement measures, such as the Protection from Scams Bill, are empowering authorities.
Despite strong public-private collaboration, scams continue to thrive, making further cooperation between regulators, financial institutions, and technology companies essential. Initiatives such as the ScamShield app, increased enforcement powers, and closer collaboration between banks and law enforcement are playing a crucial role in disrupting fraud. However, declining trust in digital platforms (55%) underscores the need for continued vigilance and action. |
One Month to Go – Join Us at the World’s Biggest Anti-Scam Summit!In just one month, the Global Anti-Scam Summit (GASS) London 2025 will bring together over 450 participants, 50+ expert speakers, and 16 in-depth workshops at the Queen Elizabeth II Conference Centre on March 26–27, 2025. This is the biggest anti-scam summit in the world, uniting leaders from government, finance, law enforcement, and tech to address the $1.03 trillion global scam crisis. With the event fast approaching, spaces are filling up quickly – now is the time to secure your place. Don't miss out – register today. |
One Month to Go – Join Us at the World’s Biggest Anti-Scam Summit!In just one month, the Global Anti-Scam Summit (GASS) London 2025 will bring together over 450 participants, 50+ expert speakers, and 16 in-depth workshops at the Queen Elizabeth II Conference Centre on March 26–27, 2025. This is the biggest anti-scam summit in the world, uniting leaders from government, finance, law enforcement, and tech to address the $1.03 trillion global scam crisis. With the event fast approaching, spaces are filling up quickly – now is the time to secure your place. Don't miss out – register today. |
Interested in Speaking or Sponsoring?Are you ready to share your expertise or sponsor this event? Contact us today to explore speaking opportunities and available sponsorship packages. |
Interested in Speaking or Sponsoring?Are you ready to share your expertise or sponsor this event? Contact us today to explore speaking opportunities and available sponsorship packages. |
A Big Thank You to our SponsorsHostsCifas Euroconsumers UK Home Office
Thought LeadersAmazon F-Secure Corporation Feedzai Google Mastercard Meta ScamAdviser Trend Micro
Anti-Scam AdvocateAllyDNS Research Federation Nasdaq Verafin Netcraft Visa
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A Big Thank You to our SponsorsHostsCifas Euroconsumers UK Home Office
Thought LeadersAmazon F-Secure Corporation Feedzai Google Mastercard Meta ScamAdviser Trend Micro
Anti-Scam AdvocateAllyDNS Research Federation Nasdaq Verafin Netcraft Visa
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New Chainalysis Report Reveals Key Trends in Crypto CrimeThe Chainalysis Crypto Crime Report 2025 provides in-depth insights into the evolving landscape of cryptocurrency-related crime, highlighting new trends in fraud, money laundering, and illicit transactions. This year’s findings reveal: $40.9 billion in crypto funds received by illicit addresses in 2024. $10.8 billion linked to cybercrime, including hacking, extortion, and scams. Stablecoins dominate illicit transactions, reflecting broader adoption trends. Stolen funds increased by 21% YoY, reaching $2.2 billion. High-yield investment scams and pig butchering scams leading fraud types in 2024.
Be the first to access exclusive data on the state of crypto crime—get your copy today. |
New Chainalysis Report Reveals Key Trends in Crypto CrimeThe Chainalysis Crypto Crime Report 2025 provides in-depth insights into the evolving landscape of cryptocurrency-related crime, highlighting new trends in fraud, money laundering, and illicit transactions. This year’s findings reveal: $40.9 billion in crypto funds received by illicit addresses in 2024. $10.8 billion linked to cybercrime, including hacking, extortion, and scams. Stablecoins dominate illicit transactions, reflecting broader adoption trends. Stolen funds increased by 21% YoY, reaching $2.2 billion. High-yield investment scams and pig butchering scams leading fraud types in 2024.
Be the first to access exclusive data on the state of crypto crime—get your copy today. |
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Malvertising’s Evolution: AI, Deepfakes, and Data Harvesting at ScaleMalicious advertising, or malvertising, has become a pervasive threat across social media platforms, online marketplaces, and search engines. Recent findings from Bitdefender Labs reveal the alarming scale of this issue, with 800,000 malicious ads detected in 2024 alone. Cybercriminals hijack social media profiles and impersonate trusted brands to push fraudulent ads that steal financial data, install malware, or lure users into scams. AI-driven deepfake endorsements, fake celebrity promotions, and phishing links disguised as shopping deals are just some of the tactics used to deceive victims. With 40,000+ scam domains identified, no platform or audience is immune to this evolving scam landscape. Businesses and individuals alike must remain vigilant to avoid falling prey to these deceptive tactics. Read more from Razvan Costache, Director of Innovation - B2C at Bitdefender, on how malvertising is reshaping online fraud and what can be done to counter it. |
Malvertising’s Evolution: AI, Deepfakes, and Data Harvesting at ScaleMalicious advertising, or malvertising, has become a pervasive threat across social media platforms, online marketplaces, and search engines. Recent findings from Bitdefender Labs reveal the alarming scale of this issue, with 800,000 malicious ads detected in 2024 alone. Cybercriminals hijack social media profiles and impersonate trusted brands to push fraudulent ads that steal financial data, install malware, or lure users into scams. AI-driven deepfake endorsements, fake celebrity promotions, and phishing links disguised as shopping deals are just some of the tactics used to deceive victims. With 40,000+ scam domains identified, no platform or audience is immune to this evolving scam landscape. Businesses and individuals alike must remain vigilant to avoid falling prey to these deceptive tactics. Read more from Razvan Costache, Director of Innovation - B2C at Bitdefender, on how malvertising is reshaping online fraud and what can be done to counter it. |
Standardizing Scam Classification – A Game Changer for Fraud PreventionAt the Global Anti-Scam Summit Americas 2024, experts from the Federal Reserve, Ally, Capital One, and Datos Insights explored how standardizing scam definitions can improve fraud detection, prevention, and industry-wide collaboration. The discussion highlighted the Federal Reserve’s ScamClassifier Model, its role in unifying scam categorization, and how financial institutions can enhance reporting, streamline internal communication, and strengthen consumer protections. With fraud prevention strategies increasingly under regulatory scrutiny, aligning on consistent scam definitions is more crucial than ever. Watch the full session to see how industry leaders are shaping the future of scam detection. |
Standardizing Scam Classification – A Game Changer for Fraud PreventionAt the Global Anti-Scam Summit Americas 2024, experts from the Federal Reserve, Ally, Capital One, and Datos Insights explored how standardizing scam definitions can improve fraud detection, prevention, and industry-wide collaboration. The discussion highlighted the Federal Reserve’s ScamClassifier Model, its role in unifying scam categorization, and how financial institutions can enhance reporting, streamline internal communication, and strengthen consumer protections. With fraud prevention strategies increasingly under regulatory scrutiny, aligning on consistent scam definitions is more crucial than ever. Watch the full session to see how industry leaders are shaping the future of scam detection. |
Contribute to Our Best Practices Database Your expertise can make a world of difference in the fight against online fraud. We’re calling on professionals like you to contribute to our Best Practices Database, a comprehensive resource dedicated to empowering the global community in the battle against scams and cybercrime. This database will serve as an invaluable tool for anti-scam advocates, cybersecurity experts, and organizations worldwide. By sharing your strategies, insights, and case studies, you will directly help others safeguard individuals and businesses from ever-evolving online threats. Whether you’re a seasoned expert in scam baiting, cybersecurity, or digital fraud prevention, your knowledge can drive change. Join us in building a stronger, more resilient community committed to protecting the digital ecosystem. Together, we can turn the tide against cybercrime. Get in touch today to contribute your expertise and shape the future of online fraud prevention. |
Contribute to Our Best Practices Database Your expertise can make a world of difference in the fight against online fraud. We’re calling on professionals like you to contribute to our Best Practices Database, a comprehensive resource dedicated to empowering the global community in the battle against scams and cybercrime. This database will serve as an invaluable tool for anti-scam advocates, cybersecurity experts, and organizations worldwide. By sharing your strategies, insights, and case studies, you will directly help others safeguard individuals and businesses from ever-evolving online threats. Whether you’re a seasoned expert in scam baiting, cybersecurity, or digital fraud prevention, your knowledge can drive change. Join us in building a stronger, more resilient community committed to protecting the digital ecosystem. Together, we can turn the tide against cybercrime. Get in touch today to contribute your expertise and shape the future of online fraud prevention. |
Top Alert from ScamAdviser Job Scams Are Evolving – Fake Listings Are Now Data Harvesting TrapsScammers are turning online job platforms into data goldmines, using fake listings to harvest personal details at scale. A single fraudulent job ad can collect hundreds of CVs, exposing names, addresses, phone numbers, and even passport details – all valuable for identity theft, phishing, and financial fraud. A recent investigation revealed real examples of fraudsters boasting about the sheer volume of data they’ve stolen from unsuspecting job seekers. With job platforms failing to filter out scammers, it’s up to job seekers to verify employers, avoid sharing excessive personal details, and watch for red flags like upfront fees. Read ScamAdviser’s latest report on how scammers are exploiting job seekers – and what needs to change. |
Top Alert from ScamAdviser Job Scams Are Evolving – Fake Listings Are Now Data Harvesting TrapsScammers are turning online job platforms into data goldmines, using fake listings to harvest personal details at scale. A single fraudulent job ad can collect hundreds of CVs, exposing names, addresses, phone numbers, and even passport details – all valuable for identity theft, phishing, and financial fraud. A recent investigation revealed real examples of fraudsters boasting about the sheer volume of data they’ve stolen from unsuspecting job seekers. With job platforms failing to filter out scammers, it’s up to job seekers to verify employers, avoid sharing excessive personal details, and watch for red flags like upfront fees. Read ScamAdviser’s latest report on how scammers are exploiting job seekers – and what needs to change. |
Bybit Suffers Record-Breaking $1.5 Billion Crypto Heist in Cold Wallet AttackCryptocurrency exchange Bybit has confirmed the largest crypto heist in history, with over $1.5 billion in Ethereum stolen from its cold wallet in a sophisticated attack. The breach, which manipulated smart contract logic and transaction signing, has been linked to North Korea’s Lazarus Group, one of the most prolific cybercriminal organizations targeting crypto platforms. Blockchain analysts report that the stolen funds were quickly laundered through multiple wallets and converted into Bitcoin, with over $75 million processed through crypto exchange eXch. The attack underscores the growing sophistication of crypto heists, raising concerns over the security of multisig cold wallets and smart contract integrity. |
Bybit Suffers Record-Breaking $1.5 Billion Crypto Heist in Cold Wallet AttackCryptocurrency exchange Bybit has confirmed the largest crypto heist in history, with over $1.5 billion in Ethereum stolen from its cold wallet in a sophisticated attack. The breach, which manipulated smart contract logic and transaction signing, has been linked to North Korea’s Lazarus Group, one of the most prolific cybercriminal organizations targeting crypto platforms. Blockchain analysts report that the stolen funds were quickly laundered through multiple wallets and converted into Bitcoin, with over $75 million processed through crypto exchange eXch. The attack underscores the growing sophistication of crypto heists, raising concerns over the security of multisig cold wallets and smart contract integrity. |
Chinese Nationals Arrested in Los Angeles for Laundering $13M in ‘Pig Butchering’ ScamThree individuals, including two Chinese nationals, have been arrested in Los Angeles for allegedly laundering more than $13 million through fraudulent investment scams known as “pig butchering.” The suspects, Mingzhi Li, Zeyue Jia, and Jun Shi, are accused of using shell companies to receive and transfer victim funds under the guise of legitimate trading businesses. According to prosecutors, the suspects set up unlicensed money service businesses that funneled millions from victims into overseas accounts or personal expenses. One victim, a 72-year-old man from Minnesota, lost $325,000 after transferring funds to a fraudulent platform called Enkuu. Li and Jia, who were in the U.S. on expired student visas, remain in custody, while Shi has been released on bail. |
Chinese Nationals Arrested in Los Angeles for Laundering $13M in ‘Pig Butchering’ ScamThree individuals, including two Chinese nationals, have been arrested in Los Angeles for allegedly laundering more than $13 million through fraudulent investment scams known as “pig butchering.” The suspects, Mingzhi Li, Zeyue Jia, and Jun Shi, are accused of using shell companies to receive and transfer victim funds under the guise of legitimate trading businesses. According to prosecutors, the suspects set up unlicensed money service businesses that funneled millions from victims into overseas accounts or personal expenses. One victim, a 72-year-old man from Minnesota, lost $325,000 after transferring funds to a fraudulent platform called Enkuu. Li and Jia, who were in the U.S. on expired student visas, remain in custody, while Shi has been released on bail. |
U.S. Senate Bill Proposes Limits on Crypto ATM Transactions to Curb ScamsA new U.S. Senate bill, the Crypto ATM Fraud Prevention Act, seeks to regulate the growing use of Bitcoin ATMs in scams, which led to $114 million in reported losses in 2023. Proposed by Sen. Dick Durbin, the bill would limit new user transactions to $2,000 per day and $10,000 over 14 days, require customer service verification for transactions over $500, and mandate refunds for scam victims who report within 30 days. Law enforcement warns that older adults are especially vulnerable, often coerced into depositing money under false threats of legal action. While some states have implemented similar regulations, this bill aims to introduce federal oversight to curb fraud in an industry with minimal consumer protections. |
U.S. Senate Bill Proposes Limits on Crypto ATM Transactions to Curb ScamsA new U.S. Senate bill, the Crypto ATM Fraud Prevention Act, seeks to regulate the growing use of Bitcoin ATMs in scams, which led to $114 million in reported losses in 2023. Proposed by Sen. Dick Durbin, the bill would limit new user transactions to $2,000 per day and $10,000 over 14 days, require customer service verification for transactions over $500, and mandate refunds for scam victims who report within 30 days. Law enforcement warns that older adults are especially vulnerable, often coerced into depositing money under false threats of legal action. While some states have implemented similar regulations, this bill aims to introduce federal oversight to curb fraud in an industry with minimal consumer protections. |
01 Apr: GASA Mexico Chapter Establishment MeetingThe Global Anti-Scam Alliance (GASA) is launching its Mexico Chapter to unite key stakeholders in the fight against online fraud. Join us on April 1, 2025, at 10:00 Mexico Time for a virtual event where industry leaders will discuss the scope of scams in Mexico and explore collaborative strategies to combat fraud effectively. Speakers Include:The meeting will provide a comprehensive overview of scams in Mexico, insights from global scam prevention initiatives, and a discussion on the formation of the GASA Mexico Chapter. |
01 Apr: GASA Mexico Chapter Establishment MeetingThe Global Anti-Scam Alliance (GASA) is launching its Mexico Chapter to unite key stakeholders in the fight against online fraud. Join us on April 1, 2025, at 10:00 Mexico Time for a virtual event where industry leaders will discuss the scope of scams in Mexico and explore collaborative strategies to combat fraud effectively. Speakers Include:The meeting will provide a comprehensive overview of scams in Mexico, insights from global scam prevention initiatives, and a discussion on the formation of the GASA Mexico Chapter. |
01-02 Apr: Fraud Fight Club 2025Fraud Fight Club 2025, hosted by About Fraud, will take place on April 1-2, 2025, in Charlotte, NC. This exclusive in-person event brings together over 400 fraud-fighting leaders from across the financial services and fintech sectors. Attendees will have the opportunity to engage in discussions about the most pressing fraud challenges, gain insights into cutting-edge technologies, and benefit from expert coaching. The event promises unparalleled networking opportunities for professionals committed to combating fraud. |
01-02 Apr: Fraud Fight Club 2025Fraud Fight Club 2025, hosted by About Fraud, will take place on April 1-2, 2025, in Charlotte, NC. This exclusive in-person event brings together over 400 fraud-fighting leaders from across the financial services and fintech sectors. Attendees will have the opportunity to engage in discussions about the most pressing fraud challenges, gain insights into cutting-edge technologies, and benefit from expert coaching. The event promises unparalleled networking opportunities for professionals committed to combating fraud. |
27-29 Apr: Nordic Domain Days 2025 – A Decade of Industry InnovationNordic Domain Days 2025 returns for its 10th anniversary, bringing together leading experts in domain security, fraud prevention, and online abuse mitigation. Taking place in Stockholm, Sweden from April 27–29, this event is a key platform for industry collaboration. With a strong focus on tackling malicious behavior online, Nordic Domain Days features expert panels, workshops, and networking opportunities aimed at strengthening digital trust. GASA members get exclusive access: 20 free attendee tickets (first come, first served): NDD25-GASA-ATTENDEE 20% discount on any ticket category: NDD25-GASA-20
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27-29 Apr: Nordic Domain Days 2025 – A Decade of Industry InnovationNordic Domain Days 2025 returns for its 10th anniversary, bringing together leading experts in domain security, fraud prevention, and online abuse mitigation. Taking place in Stockholm, Sweden from April 27–29, this event is a key platform for industry collaboration. With a strong focus on tackling malicious behavior online, Nordic Domain Days features expert panels, workshops, and networking opportunities aimed at strengthening digital trust. GASA members get exclusive access: 20 free attendee tickets (first come, first served): NDD25-GASA-ATTENDEE 20% discount on any ticket category: NDD25-GASA-20
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Busy schedule? No problem! Catch up on the meet-ups on the GASA Spotify Channel or GASA Youtube Channel. |
Busy schedule? No problem! Catch up on the meet-ups on the GASA Spotify Channel or GASA Youtube Channel. |
Lay the Foundation for a Scam-Free Future: Join GASA Today!Step up and become a key player in the global effort to eradicate scams and online fraud. By joining the Global Anti-Scam Alliance (GASA), you’ll gain access to cutting-edge intelligence, engage in meaningful collaboration, and contribute to building a safer digital ecosystem. As a Foundation Member, you’ll help shape the future of scam prevention, protect consumers, and disrupt global fraud networks. Don’t let scams thrive in an interconnected world—unite with leading organisations like Amazon, Google, Mastercard, ScamAdviser, and many more to tackle this growing threat. Together, we can make a lasting impact. Email us today at partner@gasa.org to learn about the exclusive benefits of GASA membership and how you can take action now. |
Lay the Foundation for a Scam-Free Future: Join GASA Today!Step up and become a key player in the global effort to eradicate scams and online fraud. By joining the Global Anti-Scam Alliance (GASA), you’ll gain access to cutting-edge intelligence, engage in meaningful collaboration, and contribute to building a safer digital ecosystem. As a Foundation Member, you’ll help shape the future of scam prevention, protect consumers, and disrupt global fraud networks. Don’t let scams thrive in an interconnected world—unite with leading organisations like Amazon, Google, Mastercard, ScamAdviser, and many more to tackle this growing threat. Together, we can make a lasting impact. Email us today at partner@gasa.org to learn about the exclusive benefits of GASA membership and how you can take action now. |
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