Singapore – More than four in five, or 84%, of Singaporeans said banks and financial institutions are liable to scam losses to a great extent, data from YouGov showed.
The data from YouGov’s survey revealed that nearly half of Singaporeans claim they receive scam texts, calls, or messages on a weekly basis (48%). Meanwhile, one in seven receives such communication daily (14%), and the rest receive it monthly (19%), every few months (10%), or longer than that (3%).
Interestingly enough, men (52%) are more likely to receive scam texts, calls, or messages than women (44%) on a weekly basis. And among generations, GenX feels the most targeted, with more than half of them (52%) saying they receive such communication on a weekly basis.
The data also revealed that among the different types of scams, online shopping or classified scams have been the most common at 15%. This type of scam is where people receive fake items or do not receive items at all. This is closely followed by job scams at 14%.
Not far from the previous numbers, 13%, or at least one in ten Singaporeans, have also been victims of investment scams, which is the same percentage as the victims of bank or card phishing scams. Aside from these, 9% have been victims of loan scams and social media phishing scams, and 53%, or more than half, have never been victims of any scams.
Among these various types of scams, a worrying number half of Gen Z have already been victims of a scam, with bank or card phishing scams being the most common type (15%). This is followed by investment scams and social media phishing scams (14% and 13%, respectively).
Meanwhile, job and employment scams top the list for millennials (16%), followed by online shopping scams (15%) and investment scams (14%). And for GenX, online shopping scams have been the most common (19%), followed by job scams (15%) and investment scams (14%).
Looking at the victims, one in seven (14%) admitted to losing money, and three in ten (30%) haven’t experienced it but personally know someone who lost money due to a scam. On the other hand, half (50%) have neither been victims themselves nor know anyone who has been scammed for money.
With the concerning issue of scamming and loss of money due to a certain scam, the data from YouGov revealed that Singaporeans hold banks and financial institutions most accountable for bearing scam losses, with 84%, or more than four in five respondents, saying they are liable to some or to a great extent.
After banks, 77%, or three-quarters, believe that bearing losses lies with the consumer, while 76% each for telcos and the government.
To protect themselves from scams, three-quarters of Singapore residents ignore or block unknown emails and phone numbers (75%). Other than this, 69% do not share personal details or financial information with anyone, 64% avoid downloading software and mobile apps from unknown sources, 61% won’t transfer money to anyone they haven’t met, and 61% verify numbers and emails before taking any action to prevent any financial fraud.
It is also worth noting that older generations, such as Gen X and Baby Boomers, are more likely to take countermeasures against scams than Gen Z and millennials.
YouGov’s survey comes after the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) proposed a Shared Responsibility Framework (SRF) for phishing scams in Singapore. This newly proposed framework requires financial institutions and telecommunication companies to share the responsibility for scam losses should they fail to discharge prescribed duties.
The survey data showed that most Singaporeans view the framework positively and believe it will be effective in strengthening the accountability of all the parties involved in mitigating scams, especially banks and financial institutions (78%). Meanwhile, seven in ten expect telcos to become more responsible due to this development (70%), and nearly two-thirds think it will make consumers more accountable (64%).
