Statistics on Business E-mail Compromise Scams and Measures to Educate Potential Victims
- Over the last five years, the number of business e-mail compromise scams in Singapore increased from 98 cases in 2014 to 378 cases in 2018, with financial losses rising from about $11 million to about $57 million.
- The Police do not track the total amount of money recovered from these scams, and recovery is challenging as they are often conducted by overseas criminal syndicates, though recovered funds are returned to owners via court applications.
- The Police are working with business organizations to educate potential victims through email advisories, pamphlets, web postings, and outreach events, and have also set up an Anti-Scam Helpline and the scamalert.sg website.