Trend analysis of gold and gold-related investment scams from 2022 to date and breakdown of victims by age group, and scam prevention measures

Question:

Ms Valerie Lee: To ask the Coordinating Minister for National Security and Minister for Home Affairs (a) what is the annual number of scam cases involving gold or gold-related investments from 2022 to-date; (b) whether any trends have been observed; (c) what is the breakdo wn of victims by age group; (d) what key lessons have been identified; and (e) what further measures are being taken to prevent such scams.

Answer:

Mr K Shanmugam, Coordinating Minister for National Security and Minister for Home Affairs:

1. The Police do not specifically track which scam cases involved gold or gold-related investments. However, in 2025, they observed at least 130 cases involving the handover of physical gold assets to move scam proceeds. Close to two in three victims were aged 65 and above.

2. The scammers would typically pose as Government officials and instruct the victims to hand over gold as part of their purported investigations into criminal activities. Another modus operandi involved the scammers instructing the victims to surrender gold to resolve fraudulent insurance policies alleged ly purchased under the victims’ names, or for fake investment opportunities. The victims would then pass the gold to unknown individuals claiming to be officials or agents, or leave it at designated location s for collection.

3. The Police, the Monetary Authority of Singapore and the Ministry of Law (MinLaw) are working with banks and precious stones and precious metals dealers (PSMDs) to put in place measures to better protect potential scam victims. For example, the Association of Banks in Singapore has carried out public outreach to raise scam awareness, including those involving gold handovers. MinLaw has been engaging PSMDs to increase awareness of such scams, and has published a Code of Practice to provide them with practica l guidance on measures that they should adopt to mitigate scam-related risks and strengthen early intervention.