Singaporean consumers are underestimating the growing sophistication of online scams, despite record scam losses totalling S$1.1 billion in 2024, according to cybersecurity firm Trend Micro. The figure marks a surge of over 70% from the previous year, even as many continue to rely on outdated cues like spelling errors to identify threats.
Trend Micro’s recent survey, part of its Global State of Scams Report 2024, reveals that 50% of Singaporeans believe they can spot scams simply by checking for grammatical mistakes. A larger 70% assume they are safe from text message scams as long as they avoid clicking on suspicious links. However, the report cautions that scammers are increasingly using AI, deepfakes, and advanced social engineering tactics—making digital deception far more difficult to detect.
Despite widespread data breaches, more than two in five respondents believe they are only vulnerable if they overshare online, while 77% think extortion is only possible if explicit content is shared. Trend Micro warns that this false sense of security leaves individuals exposed to a broader range of threats such as identity theft, impersonation, and fraud—without having disclosed sensitive data publicly.
The study also found a gap between scam awareness and preparedness. Only 15% of respondents use a verification word or phrase with friends or family for emergencies, and nearly a quarter still believe that scams primarily target older, less tech-savvy individuals, even though younger adults are equally at risk.
In response, Trend Micro has ramped up efforts to tackle digital fraud through innovation, education, and collaboration. Its ScamCheck tool aims to help users detect scams, while a new webinar series will launch in March 2025 to address scam prevention. The company also continues its partnership with the Global Anti-Scam Alliance (GASA), acting as a thought leadership sponsor for its global summits next year.
Trend’s findings, based on a survey of over 1,000 consumers in Singapore conducted between January and February 2025, underscore the urgent need for increased digital literacy and proactive defences amid a shifting scam landscape.
