Investment scams, particularly those involving cryptocurrencies, continue to be a significant threat to seniors. These scams often entice victims with promises of high returns on crypto investments. The rise of malware-enabled scams and the exploitation of social media platforms like Facebook and WhatsApp for fraudulent activities have exacerbated the issue.
Cyber scams are becoming increasingly sophisticated, making it more difficult for individuals to discern legitimate online interactions from fraudulent ones. Despite heightened media coverage and warnings from authorities, Singapore witnessed a staggering 49.6% increase in scam cases in 2023, totalling 50,376 cases compared to 33,669 in 2022.
Notably, young seniors and seniors comprised 27% of these victims, with 23.9% falling prey to investment scams.
