Global fraud has continued to reach new highs in 2024. Scams, in particular, continue to grow rapidly with the increase of real-time payments and the use of cryptocurrency, with Singapore being no stranger to this – it has been reported that scam numbers hit record highs in the first half of 2024, with more than S$385.6 million lost in 26,587 reported cases. However, the majority of the fraudsters behind such scams are based outside of Singapore, and in some cases, in locations that are completely unknown – limiting what local law enforcement can do and making the recovery of assets an uphill task. In the face of such an unprecedented and evolving threat of fraud, Singapore, as with other jurisdictions, has had to respond rapidly on multiple fronts to strengthen enforcement against the perpetrators. Apart from enhancing Singapore’s legislative framework to increase regulatory oversight of the cryptocurrency industry, the Singapore Courts have also responded with ground-breaking decisions introducing novel tools to assist victims of fraud in their efforts to urgently locate, freeze and recover assets from fraudsters.
Link to article: https://www.wongpartnership.com/frontend/web/upload/2025/04/03/CDR-EI-FATR25_Chapter-17_Singapore1743673611.pdf