Crypto scams in Singapore and how to report one

What the latest police figures show

The Singapore Police Force’s figures for 2025, published in February 2026, were better than the year before, and still sobering. Scam and cybercrime cases fell by about a quarter to 41,974, and losses fell from about S$1.1 billion in 2024 to S$913.1 million. Crypto’s share stayed stubbornly high.

The coin that stands out is Tether. ScamShield puts USDT losses at about S$117.7 million, against roughly S$26.1 million in Ether and S$23.2 million in Bitcoin. That is not because USDT is unsafe in itself. Scammers prefer it because it holds a steady dollar value and moves cheaply and quickly across networks. Investment scams accounted for 38.4% of crypto losses, more than any other type.

The police recovered more than S$22 million in crypto scam proceeds in 2025, helped by a dedicated Crypto Tracing Team set up in March 2025. That is real progress, but set against S$182.2 million lost, the lesson is that prevention works far better than recovery. Adults aged 30 to 49 made up about 36% of victims, and seniors lost the most per person, at an average of about S$37,000.

How crypto scams work in Singapore

Almost every crypto scam ends the same way: you send coins, or give someone control of an account, and the coins go to a wallet you cannot reverse. What differs is the story that gets you there. These are the patterns that come up again and again in Singapore.

Investment scams on WhatsApp and Telegram

It often starts with a message from a stranger, an invitation to a “trading tips” group or an ad featuring a fake celebrity endorsement. The group shows screenshots of big profits. You are asked to open an account on a platform you have never heard of, or told to buy USDT on a real exchange and send it to the “trading platform”. Early small withdrawals work, to build trust. When you deposit more, withdrawals stop, and you are asked for a “tax” or “unlocking fee” first. The platform was never real.

Romance and “pig butchering” scams

A slower version of the same thing. Someone you meet on a dating app, social media or through a “wrong number” message builds a relationship over weeks. Eventually they mention how much they earn from crypto and offer to help you. The term “pig butchering” comes from the idea of fattening the victim up with trust before taking everything. If an online contact you have never met in person brings up crypto investing, stop.

Government and MAS impersonation

A caller claims to be from the police, MAS, a bank or another agency and says your account is linked to money laundering. To “clear your name” or “safeguard your funds”, you are told to buy crypto and move it to a designated wallet. The police say plainly that government officials will never ask you to transfer money or reveal your banking details over the phone. MAS does not hold anyone’s crypto.

Job scams paid in USDT

Ads on Facebook, TikTok and Instagram offer easy money for “liking” videos, rating products or “boosting” orders. Early tasks pay small amounts, sometimes in USDT. Then you are asked to buy crypto with your own money to unlock bigger tasks and commissions that never arrive.

Fake apps, phishing sites and wallet drainers

Look-alike exchange sites, fake wallet apps and ads that lead to cloned login pages are designed to capture your password, two-factor code or seed phrase. In DeFi, a fake “claim your airdrop” page can ask you to approve a token permission that lets a drainer empty your wallet. Type exchange addresses yourself, install apps only from official stores and never enter a seed phrase into any website. Our wallet guide covers safe set-up and buying hardware wallets from trustworthy sellers.

Recovery scams

After a loss, a second wave arrives: “asset recovery” firms, fake lawyers and fake police officers offering to trace and return your crypto for a fee. More on this below, because it catches people at their most vulnerable.

Red flags

• Someone you have never met in person brings up crypto, or contacts you first.
• You are promised guaranteed, fixed or unusually high returns.
• You are asked to open an account on a platform you cannot find in the MAS directory.
• You are asked to move funds to a “safe” wallet, pay a fee to withdraw, or pay “tax” on profits before you can access them.
• Anyone asks for your seed phrase, private key, password, two-factor code or to share your screen.
• A job requires you to buy crypto with your own money.
• You are asked to receive money into your bank account and pass it on in crypto.

How to check before you send

Two official tools do most of the work. The MAS Investor Alert List names unregulated entities that may have been wrongly perceived as licensed; search both the company name and the web address. The MAS Financial Institutions Directory lists every firm licensed to provide crypto services; our licensed exchange list explains how to read it and lists all 38 DPT licensees.

Neither tool is a guarantee. Scammers clone the names and logos of licensed firms, so check that the website address matches what MAS lists. And the most important test is not about the platform at all: if the idea to use it came from someone you met online, that alone is enough reason to stop.

If you are not sure, call the ScamShield Helpline on 1799, available 24 hours a day, or use the ScamShield app to check a suspicious message, number or link. Talk to a family member before you send anything. Scammers rely on urgency and secrecy, and a second opinion breaks both. Helping older relatives is one of the most useful things you can do; our guide for older first-time buyers is written with them in mind.

If you have been scammed

Act within minutes if you can. Crypto moves fast, but exchanges can sometimes freeze funds that land on their platform if they are told quickly.

1. Contact your exchange or wallet provider

   Use the official app or website to report the scam and ask them to freeze your account or halt pending withdrawals. Give them the transaction hash and the receiving address.

2. Call your bank if money left by bank transfer

   If you paid by PayNow, FAST or card, call your bank’s 24-hour fraud line straight away and ask it to stop or recall the transfer.

3. Secure what is left

   Change passwords, reset two-factor authentication and revoke any suspicious token approvals in your wallet. If your seed phrase was exposed, move remaining funds to a new wallet immediately.

4. Lodge a police report

   File online through the SPF e-services page using Singpass, or at any Neighbourhood Police Centre, which are open 24 hours. Call 999 if it is urgent.

5. Report through ScamShield

   Use the ScamShield app or go.gov.sg/scamreport. Report phishing websites to SingCERT at the Cyber Security Agency as well.

6. Keep every piece of evidence

   Screenshots of chats, wallet addresses, transaction hashes, bank records and the scam website’s address. Do not delete the conversation, even if it is embarrassing.

Beware recovery scams

People who have just lost money are prime targets for a second scam. “Recovery agents” find victims through social media comments, online reviews and even direct messages, and promise to trace and return stolen crypto for an upfront fee, a “blockchain audit” or a “release tax”. ScamShield has warned about AI-generated Facebook ads impersonating Singapore Police Force officers to promote fake “scam recovery services”.

The rule is simple. The police do not charge to investigate. Legitimate lawyers do not cold-call victims promising guaranteed recovery. Nobody can reverse a blockchain transaction for a fee. If someone offers, it is a scam, and you should report it too.

Money mules and the law

Scams need people to move the money, and increasingly those people are ordinary Singapore residents, often students or job seekers, who are paid a small fee to let others use their bank account, PayNow, Singpass or crypto exchange account. Singapore has tightened the law on this sharply.

Since 8 February 2024, amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Computer Misuse Act have made it an offence to deal with money rashly or negligently when it may be criminal proceeds, and to hand over or obtain Singpass credentials to facilitate an offence. For the Singpass offence, a first conviction can bring a fine of up to S$10,000, up to three years in prison, or both. Police reported that at least 74 people were charged under these new offences within two months in late 2024.

Since 30 December 2025, under the Criminal Law (Miscellaneous Amendments) Act 2025, scammers and scam syndicate members and recruiters face mandatory caning of 6 to 24 strokes. Money mules who launder scam proceeds or supply SIM cards or Singpass credentials face discretionary caning of up to 12 strokes. People linked to mule activity can also have their banking services and mobile lines restricted. Separately, the Protection from Scams Act, in force since 1 July 2025, lets the police order banks to restrict the accounts of people they believe are about to send money to a scammer, as a last resort.

For crypto users this matters most in peer-to-peer trading. If you sell USDT to a stranger and receive PayNow from a third party’s account, you may be receiving scam money, and your account can be frozen while police investigate. Running a regular buy-and-sell service for others can also be an unlicensed DPT business under the Payment Services Act. Read our P2P guide and cashing-out guide before you trade with anyone directly, and see the legal guide for the wider rules.