According to the Singapore Police Force (SPF), the first half of 2025 saw the number of reported scams decline 26% to 19,665. Losses from scams also fell to about $456 million, a 12.6% dip from last year.
Most scam cases involved victims losing sums of less than $5,000, showing that scammers are targeting a larger number of victims, perhaps over big-ticket fraud.
While the statistics show progress, the creativity of fraudsters means Singaporeans must remain extremely vigilant, as new variations of scams continue to emerge. Here are 5 new types of scams Singaporeans should be aware of.
Read Also: Most Common Scams in Singapore In 2024 – How Singaporeans Can Protect Themselves
#1 Handing Over Cash, Gold Bars And Valuable Possessions
A worrying development in government official impersonation scams involve pressuring victims to make cash withdrawals, purchase gold bars, or declare valuables such as jewellery and luxury watches.
The scammer will claim the victim’s details have been misused or there is some violation or pending regulatory / legal issue. When victims deny wrongdoing, a “senior or government official” may demand the victim “cooperate” with investigations.
In many instances, they are asked to withdraw cash, purchase gold bars, or declare valuables, and these items are physically collected by scam “mules”. In June 2025 alone, police reported around 80 such cases, with losses amounting to at least $6.7 million.
In one widely reported case, a retiree bought and handed over gold bars worth over $52,000 to a woman posing as an officer from the Monetary Authority of Singapore (MAS), convinced that it was part of an official probe.
#2 Fund Transfers Into Credit Cards
A related government official impersonation scam variation involves tricking victims into transferring funds into credit card accounts controlled by the syndicate.
This is believed to increase the credit limit of the scammer’s card, to make large purchases of jewellery and gold bars – effectively converting stolen funds into assets that are harder to trace.
Victims are often told the transfers are necessary to “verify” accounts or to clear up alleged irregularities. Others have been coerced into setting up cryptocurrency wallets for the same purpose.
#3 Fake Insurance Services
The SPF highlighted Insurance Services Scam as a new category of scams in Singapore.
Victims are contacted by callers claiming to be from insurance companies, warning that policy fees will soon be automatically deducted unless they cancel. To process the cancellation, victims are persuaded to provide personal details, share bank account information, or even transfer money into third-party accounts.
These transfers are framed as temporary verification steps, with reassurances that the money will be refunded, but no refunds ever materialise.
Like government impersonation scams, this method preys on the authority and legitimacy of trusted institutions, such as the insurance companies in this case, to induce compliance.
#4 Start Your Own Business Job Scam
Scammers have also tapped into the entrepreneurial spirit with a job scam variant that markets itself as a chance to “start your own business.”
Victims are guided to register on what looks like an e-commerce platform and are encouraged to run an online store. Orders begin to appear on the site or platform, and victims are asked to use their own money to fulfil them. At first, commissions are credited promptly, and account balances grow, creating the illusion of success. But over time, the orders become larger, requiring ever higher sums of capital.
When victims attempt to withdraw their supposed earnings, they are met with excuses about technical issues, pending verification, or demands for further deposits. By the time the platform collapses, victims often lose tens of thousands of dollars, realising too late that the entire “business” was a front designed to drain their savings.
#5 Fake Bulk Order Scams
Companies are not spared either. Recent fake bulk order scams have hit F&B outlets. Fraudsters pose as government-related or corporate clients to place large orders through WhatsApp or social media.
One derivative in such scams is that victims are told to buy supplies from specific “suppliers,” who are in fact members of the same syndicate. Once the money has been spent on materials, the scammers disappear.
Since April 2024, at least 60 businesses have fallen prey to such scams, losing about $831,000 collectively, and arrests have already been made in connection with recent cases targeting bakeries and food stalls.
Staying One Step Ahead of Scammers
Although the numbers show that Singapore is making progress, the ingenuity of scammers is plain to see. By exploiting trust in official institutions, the promise of easy money, and even the vulnerabilities of small businesses, fraud syndicates are constantly finding new ways to stay one step ahead.
Awareness remains the strongest defence. For individuals and businesses, it is best to treat unsolicited offers with caution, verify independently through official channels, and remember that if an opportunity seems unusually urgent or unusually rewarding, it might be a scam.
The persistence of scammers has prompted stronger government measures. The Protection from Scams Act 2025, effective from July, now allows police to issue Restriction Orders on banks, preventing transfers when individuals are suspected of being in the midst of a scam. By August, two such orders had already been issued.
Most recently, authorities have also stepped up efforts against scam mules. A joint press release by SPF, MAS, IMDA, and GovTech recently announced plans to cut off their access to bank accounts, telecommunications services, and even digital identity platforms like SingPass and CorpPass, which are commonly abused in fraud schemes.
