The London Stock Exchange Group (LSEG) has revealed that Singaporean consumers are among the most financially vulnerable to scams in the Asia Pacific (APAC) region, with a significant portion unaware of protections against such fraud. The findings come from LSEG’s latest report, “Scammed and Changed: How Fraud is Rewriting Trust in APAC,” which surveyed 7,000 consumers across five APAC markets.
Singapore ranks second in susceptibility to financial loss from scams, with 49% of those targeted losing money, trailing only China at 56%. The report highlights that 23% of Singaporeans have been targeted by scams in the past two years, and 11% have suffered financial losses. Younger adults, particularly those aged 25-34, are the most at risk, with an 18% personal loss rate.
Despite the high exposure to scams, only 26% of Singaporeans feel well-educated in protecting themselves against financial fraud. Males are more likely to feel confident in their scam-spotting abilities than females, with 29% versus 21% respectively. Interestingly, confidence decreases among those who have already fallen victim to scams.
The emotional impact of scams is significant, with 44% of victims reporting feelings of anger or frustration. Gender differences are evident, as males predominantly feel anger, whilst females experience higher levels of anxiety and fear.
The sophistication of scams, often appearing professional and reliable, is a major factor in their success. Females are particularly susceptible to urgency tactics, with 32% driven by time pressure compared to 21% of males. As scams become more sophisticated, the need for increased awareness and education is critical to protect consumers in Singapore.
