- Singapore police received 631 reports of crypto scams in 2021.
- Amount of money lost has risen from S$4.5 million in 2019 to $24.9 million in 2021.
- The Singapore Police Force established a crypto squad in 2018 to operationalize crypto investigations.
According to Singapore police, crypto scams have increased more than fivefold since 2019, with the “vast majority” conducted by criminals abroad. Rising from S$4.5 million in 2019 to $24.9 million in 2021, the amount of money allegedly lost to various scams has increased dramatically over the same period.
Minister for Home Affairs and Law K. Shanmugam responded in writing to a parliamentary inquiry about crypto frauds in Singapore, and his response was released last week, stating
In 2019, the police received 125 reports related to cryptocurrency scams. This increased to 397 in 2020, and 631 in 2021
Furthermore, he added, “Our ability to solve these cases will depend on the level of cooperation from overseas law enforcement agencies, as well as their ability to track down these scammers. Nonetheless, we have stepped up our investigation efforts.”
Mr. Melvin Yong, Member of Parliament for Radin Mas, Single Member Constituency, inquired whether there is a rising trend in scams and what is being done to address the crime.
In response to this, Shanmugam stated that the Singapore Police Force set up a crypto taskforce in 2018 “to monitor the cryptocurrency landscape, develop and improve operational procedures in investigations and seizure of cryptocurrencies, and establish working relationships with overseas law enforcement agencies, industry professionals, and academic experts.”
The task force collaborates closely with Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees firms that trade in or facilitate crypto exchange.
Finally, Minister Shanmugam emphasized:
The best defense, however, is a discerning public. To that end, we have stepped up public education efforts to educate the public on cryptocurrency-related scams
Since July 2022, the government has also been conducting a social media campaign on scam prevention aimed at migrant workers. The police also are collaborating closely with non-governmental organizations to perform awareness activities and to distribute the most recent scam tactics within the appropriate anti-scam guidelines.
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