The article discusses how older Singapore consumers are less likely to fall victim to scams compared with younger groups, but when they are deceived, the financial losses are often significantly higher. Data from a 2025 consumer report shows that while scam awareness is relatively strong in Singapore, older adults tend to lose more money because they often have greater accumulated assets and are targeted by more sophisticated scams.

Prof. Jungpil Hahn from the National University of Singapore explains that older consumers generally have stronger scam prevention awareness compared with many other countries in the Asia-Pacific region. However, scammers increasingly use targeted approaches, such as impersonating government officials or trusted organizations, making older individuals more vulnerable to larger financial losses.

The article highlights that businesses must strengthen cybersecurity beyond preventing technical attacks by also protecting customers from impersonation scams. Prof. Hahn emphasizes that companies should monitor fake websites and social media accounts, clearly communicate official channels, and cooperate with platforms and authorities to remove fraudulent sources quickly. Consumers are also encouraged to verify payment channels, avoid suspicious links, and regularly monitor their accounts.