More than $41 million lost to scams in first three months of 2020

This article is more than 12 months old

Increase of 28 per cent from last year, with e-commerce scams top of the list

May 05, 2020 06:00 am

At least $41.3 million was lost to scammers in the first three months of this year, the police said in a press release yesterday.

This is about $9m, or about 28 per cent, more compared with the same period last year. Overseas scammers were the masterminds in most of the cases.

E-commerce scams topped the list, followed by social media impersonations and loan scams.

The police said that in March, there were 692 scams involving at least $3.9 million, and 202 men and 131 women, aged between 16 and 70, were investigated for their involvement in these cases, which were mainly e-commerce or loan scams.

The police said: "These suspects were largely fraudulent online sellers in e-commerce scams, or money mules who helped transfer money... fraudulently obtained from scams."

E-COMMERCE

Compared with the same period last year, the number of e-commerce scams increased by about 116 per cent to 1,159 in the first three months of this year.

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At least $1.3 million was lost to e-commerce scams, compared with $469,000 last year, and the largest amount lost in a single case was $175,000.

The number of scams on Carousell fell compared with the same period last year, but other digital platforms, such as Facebook, Instagram, Shopee and Lazada, saw an increase.

Merchandise involved in the scams included Covid-19-related products such as face masks, and electronic products such as game consoles and phones.

The police highlighted concerns about e-commerce scams involving electronic products.

There were more than 530 reports of such scams, with total losses amounting to at least $380,000.

It was a near 130 per cent increase in the number of reported cases and an almost 44 per cent increase in the total amount lost, compared with the same period last year.

The police said: "Organisations and individuals are advised to stay vigilant when making purchases for such products online, particularly during the circuit breaker period, when more scammers may be taking advantage of the increased demand for such products."

Anyone convicted of cheating can face up to 10 years in jail and a fine. Anyone convicted of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act can also face up to 10 years in jail and/or a fine of up to $500,000.