March 19, 2025 , the Singapore police issued a statement saying that the Singapore and Malaysian police had launched a one-month joint operation. The police had arrested several suspects aged between 15 and 77 who were suspected of defrauding more than 850 victims, involving a total amount of US$ 8.1 million. The suspects are believed to be involved in more than 2,700 fraud cases, including identity impersonation, investment, leasing, online romance, job hunting and e-commerce fraud. The Singapore Police Anti-Fraud Command and the Malaysian National Anti-Fraud Center identified and froze more than 3,400 suspected fraud bank accounts and seized more than US$ 2 million in fraudulent funds. 2024 , victims of fraud in Singapore lost S$ 1.1 billion, a record annual loss. Nearly 25% of the cases involved cryptocurrencies, a surge of 6.8% year-on-year. The total economic losses caused by fraudulent activities in 2024 increased by about 70% from the US$ 651.8 million obtained by fraudsters in 2023 , the Singapore police said when announcing annual fraud data on February 25.