Singapore scam losses surge 70% with $1.1b in 2024 fraud

69% of banking executives in Asia Pacific now consider scams and mule accounts to be the dominant fraud concern.

Scam-related losses in Singapore surged to $1.1b (US$860m) in 2024, a 70% increase over the previous year, according to an industry poll.

According to FICO’s latest Asia Pacific fraud survey, which drew insights from more than 40 fraud and risk leaders across the region, 69% of banking executives in Asia Pacific now consider scams and mule accounts to be the dominant fraud concern—surpassing traditional forms of unauthorized transactions.

The survey also flagged social media as the top external threat channel, cited by 52% of respondents, followed by messaging apps at 35%.

These platforms—widely used in Singapore—are frequently exploited by syndicates impersonating officials, advertising fake jobs, or promoting fraudulent investment schemes. Many users are also unknowingly recruited to “rent out” their accounts, aiding criminal networks in laundering stolen funds.

Operationally, banks face internal hurdles in their fraud response capabilities. Siloed data (46%), lack of integration across products and channels (28%), and limited third-party system connectivity (13%) were the most common barriers cited by survey respondents.

Views on consumer reimbursement for scams remain split. Only 14% of executives support full reimbursement in all scam cases, while 50% believe compensation should only apply when the bank is at fault.

Another 36% support a shared liability model, reflecting ongoing debate across the region about how to fairly distribute responsibility between institutions and customers.