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In 2023, Singapore saw a significant increase in online scam cases, with 46,563 reported incidents, marking the highest number since tracking began in 2016. This figure represents a 46.8 per cent increase from the previous year. In total, scam victims in Singapore lost US$651.8 million in 2023, a slight dip from the US$660.7 million lost to scammers in 2022.

Notably, malware scams emerged as a new concern, with 1,899 cases reported and SG$34.1 (US$25.1) million lost, highlighting the evolving tactics used by scammers. These figures underscore the ongoing challenge of combating scams in Singapore, with over SG$2.3 (US$1.7) billion lost to scams since 2019.

Why do people believe scammers?

There are five reasons people fall victim to scams:

Financial desperation

Financial desperation often becomes a significant factor because individuals are facing economic hardship or seeking quick financial solutions. Scammers capitalise on this desperation by presenting schemes that seem like a lifeline out of financial difficulty.

In Singapore, job scams topped the list of scam types, with 9,914 reported cases and losses totalling at least SG$135.7 ( US$100.1) million. E-commerce scams followed closely, experiencing a more than twofold increase in 2023 with 9,783 cases and losses amounting to at least SG$13.9 (US$10.3) million. Investment scams also featured prominently, with 4,030 cases and losses totalling SG$204 (US$151.5) million.

Trust in technology

The other reason individuals fall for scams is an implicit trust in technology. As we become increasingly reliant on digital platforms for communication, transactions, and information, scammers exploit this trust to their advantage. The belief that technology is inherently secure can lead individuals to overlook warning signs and engage in risky online behaviours.

The ubiquity of social media and online platforms creates an environment where individuals may be more willing to click on links, download files, or share personal information, inadvertently opening the door for scammers to exploit their trust.

Psychological manipulation

Scammers are adept at psychological manipulation, preying on basic human emotions such as fear, greed, and urgency. Whether through enticing offers, alarming messages, or fabricated scenarios, scammers create a sense of urgency that clouds individuals’ judgement. The desire for financial gain or fear of missing out often overrides rational thinking, making individuals more susceptible to falling for scams.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

In the digital world, social engineering tactics play a pivotal role as scammers exploit personal relationships and glean information from social media to establish a false sense of trust. This tactic makes it challenging for even the most vigilant individuals to discern between genuine and fraudulent communications.

Lack of digital literacy

A significant contributor to falling victim to scams is the lack of digital literacy among users. As technology evolves, scammers continually develop sophisticated methods to deceive individuals. Those who are not well-versed in recognising online threats may inadvertently expose themselves to scams.

Educational initiatives on digital literacy are crucial to empowering individuals with the knowledge to identify red flags, distinguish authentic communications from scams, and protect their personal information online.

Sophistication of scams

Scams have evolved from simple phishing emails to highly sophisticated operations, including malware attacks and social engineering techniques. The increasing complexity of scams makes it challenging for individuals to stay ahead of the threat landscape. Scammers exploit vulnerabilities in software, manipulate trusted platforms, and adapt their tactics to stay one step ahead of security measures.

Why are scams bad for business?

Scams are detrimental to businesses for several reasons: 

Reputation damage

Involvement in or victimisation by scams can tarnish a company’s reputation. Scams erode trust and confidence in the business, damaging its reputation and credibility. When customers fall victim to scams associated with a particular business, they are likely to lose trust in its integrity and may avoid engaging with the business altogether in the future. This loss of trust can lead to a significant decline in customer loyalty and ultimately impact the business’s bottom line.

Financial loss

Scams often result in direct financial losses for businesses. Additionally, dealing with the aftermath of scams, such as addressing customer complaints, providing refunds, and implementing security measures, incurs financial costs and consumes valuable time and resources that could otherwise be allocated to growth and innovation. 

Legal consequences

Scams expose businesses to legal consequences, particularly when customer data is compromised. In such instances, businesses may encounter legal actions, regulatory fines, or other penalties. The association with fraudulent activities can result in legal repercussions and regulatory scrutiny, further damaging the company’s image and potentially leading to fines or legal actions. Consequently, scams pose a serious threat to businesses by undermining their reputation, financial stability, and legal standing.

How to avoid being scammed online?

Insufficient cybersecurity invites identity theft and financial losses as scams target both money and personal information. Vigilance is key – understanding their tactics and knowing how to respond is crucial for individual consumers, not just large corporations. Take proactive steps to protect yourself.

Stay informed and educated

Keep yourself updated on the latest scams and tactics employed by fraudsters. Stay informed through news articles, official announcements, and cybersecurity resources.

Verify information

Be cautious of unsolicited emails, messages, or phone calls. Verify the legitimacy of the communication by contacting the organisation directly using official contact information rather than using the contact details provided in the suspicious message.

Also Read: Navigating cybersecurity: Antivirus vs endpoint protection

Use strong passwords

Create strong, unique passwords for your online accounts, and avoid using the same password across multiple platforms. Consider using a reputable password manager to generate and store complex passwords securely.

Enable two-factor authentication (2FA)

Implement 2FA whenever possible. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your mobile device, in addition to your password.

Be sceptical of unsolicited requests

Be cautious when receiving unexpected requests for personal or financial information. Scammers often pose as reputable organisations seeking sensitive details. Verify the legitimacy of such requests independently.

Monitor bank and credit card statements

Regularly review your bank and credit card statements for any unauthorised transactions. Report any discrepancies to your financial institution promptly.

Use reputable antivirus software

Install and regularly update reputable antivirus and anti-malware software on your devices. This helps protect against malicious software that scammers may use to compromise your system.

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This article was first published on March 12, 2024

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The beginning of a new year brings a different of energy. There is hope, new resolutions, and the desire for things to be happier and better. There is a sense of willingness to change and improve – for the new year to be THE YEAR!

And for leaders, it’s also a crucial time to refocus and re-energise the team. Running FuturByte for the last few years has taught me that kicking off the year with the right mindset can make a big difference. Less conversations around what sucks and more around what is in the pipeline.

But, before setting new goals, take a moment to acknowledge what is already accomplished and it doesn’t have to be big wins. Too often, we race ahead without celebrating the milestones we have hit.

Pause to reflect on everything that went right, despite the challenges. All the stuff your people achieved even when things weren’t always Sunday-like. It is important to make people feel seen, which encourages them to continue their efforts.

And please set meaningful goals that add value to their personal and professional growth – not just to your business. Empty metrics or vague aspirations can leave people feeling uninspired. Instead, align your goals with a vision that excites your team.

Encourage your team to set their own professional goals too. When people understand how their contributions contribute to a larger vision, they feel more motivated and engaged.

Also Read: Will machines start taking over our lives? Here are digital technologies that will change our world by 2025

Create a culture of open and honest communication. Regular one-on-one meetings, team huddles, and informal catchups are essential for building trust and ensuring everyone feels heard.

Also, professional development is one of the best morale boosters out there. When people know that they are learning and growing, they are naturally more engaged. This year, we are thinking introducing new learning opportunities at FuturByte.

We want to help our team up-skill in areas they are passionate about. Growth is a two-way street, after all.

Burnout is a real challenge, especially as teams strive to meet ambitious goals. As leaders, it’s our job to ensure that well-being is never overlooked. Let’s encourage our teams to take breaks, unplug after work hours, and maintain a healthy work-life balance.

Work can get stressful. Find ways to inject fun into the workplace. Celebrate birthdays, project milestones, and even the end of a challenging week. These small moments of joy contribute significantly to a positive and supportive team culture.

As a leader, your energy is contagious. Approach the new year with optimism and enthusiasm. Be transparent about challenges but focus on the opportunities ahead.

Let’s make this year one to remember – a year filled with growth, collaboration, and countless reasons to celebrate!

Cheers to 2025!

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Lever VC, a global alternative protein venture capital fund based in Hong Kong, has announced the first close of its Fund II, securing an initial US$50 million.

Fund II will invest in early-stage companies within the global food and agritech sector.

This news comes with the announcement of the fund’s first five investments into innovative tech startups across North America, Europe, and Asia. The fund remains open to new investors until its final closing later in the year.

Building on the success of its US$80 million Fund I, Lever VC’s Fund II has attracted a diverse group of limited partners (LPs), including institutional investors, funds of funds, family offices, and leading food and agriculture companies from five continents.

Also Read: Lever VC makes first close of its Fund 1 at US$23M; targets final close at US$50M

Lever VC was founded by Nick Cooney and Lawrence Chu (Partner), who have been investing in the alternative protein sector since 2015. They were also investors in Beyond Meat, Impossible Foods, Memphis Meats, JUST, Aleph Farms, and Kite Hill.

Lever invests in early-stage plant-based and cell-cultivated meat and dairy companies. Its average ticket size for initial investments in portfolio companies is around US$500,000.

The firm is an investor in Singapore-based TurtleTree Labs and Hong Kong-based Avant.

“With their massive category sizes, compelling CAGR, and consistently strong exit environments, food and agritech represent areas of significant opportunity for those with the right expertise,” stated Cooney. “We look forward to working to continue driving outsized returns for our investors, as well as to bringing direct deals, insights, and business development opportunities to LPs with strategic goals in the sector.”

The Fund II has already made its first five investments, supporting companies like novel fats producer Gavan, novel sugar replacement developer Oobli, agritech software/digitisation players Flox AI and HerdDogg, and meat replacement ingredient producer Mush Foods.

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Reliable IT infrastructure is an indispensable part of a modern business. However, what’s sufficient today may not be tomorrow, and far too many startups fail to plan appropriately for that scenario. As you start to piece together your company, you must ensure your IT infrastructure is scalable.

Why your startup needs scalable IT

It’s important to foster scalability from the beginning because scaling up without prior planning is often harder than leaders expect. Tech quickly becomes outdated in today’s environment, but IT hardware and software licenses are expensive. As a result, 50 per cent of thought leaders in Southeast Asia say high infrastructure costs and legacy technology are a digital future’s most significant obstacles.

Your business must be able to capitalise on the latest technological solutions. Failing to keep up with fast-moving developments like artificial intelligence (AI) will limit your ability to remain competitive. Competition aside, you’ll need higher capacity as your company and its customer base grow.

Modernisation is essential, but replacing legacy systems every few years without extensive planning isn’t financially or operationally viable. The only way to manage these seemingly competing interests is to build a scalable solution from the start.

How to build a scalable IT infrastructure

Scalable IT can be challenging, but it’s easier when you implement some best practices while your business is still young. Here are five steps to follow to ensure long-term scalability.

• Embrace the cloud

The most crucial aspect of scalable IT infrastructure is moving to the cloud. On-premise hardware — especially servers and storage — is too expensive and time-consuming to install and maintain to be scalable. Cloud-native services, by contrast, naturally grow with you, and their costs typically reflect what you actually use.

Bear in mind that not all clouds are created equal. All vendors must have a strong record of upkeep and robust security. Look for the option to choose where your data centres are located, too, for regulatory purposes. Remember to use cloud-native software solutions once you switch to such environments.

Also Read: The future of education is AI: Here’s how it will look

Organisations with data of varying sensitivity or disparate use cases may consider a hybrid cloud. These setups offer a balance between on-premise privacy and cloud scalability, and data breach costs are significantly lower in hybrid clouds.

• Capitalise on modularity

The cloud provides the baseline for scalable IT, but your business must be able to take advantage of its flexible nature. Modularity is the key here. Breaking things down into smaller pieces you can work on independently without disrupting the whole will make it easier to expand as necessary in the future. 

Containerisation and micro-services architecture are helpful ways to make any in-house software modular. Splitting departments into smaller, focused groups — while maintaining communication between separate teams — will bring similar characteristics to your workflow itself. Across all IT considerations, look to remove dependencies so you can expand in one area without needing changes in another.

• Automate routine tasks

Scalable IT infrastructure requires quick reactions to necessary changes. While modular technology is part of this, your workforce must also be able to adapt. IT professionals will also need to take on additional work as your company grows, and new hires aren’t always an option. Automation is the solution.

Automating routine tasks increases uptime and reliability by minimising human error while freeing workers to focus on other work. Anything particularly monotonous or data-heavy is a good candidate for automation. Common use cases include data entry, reporting, backup management and network monitoring.

Modern AI can even streamline basic coding and manage load balancing to prevent service interruptions as you grow. You must keep an eye on such technologies to ensure they work properly and you can fix any errors, but ignoring them entirely will limit your scalability.

• Maximise visibility

As you adjust and expand your IT infrastructure, keep thorough records of everything. Future growth will be difficult if you don’t have the whole picture of your current IT environment. By contrast, vendor lock-in, incompatibility and similar challenges are less likely with full visibility.

Far too many IT setups lack transparency. A worrying 47 per cent of cloud adopters say poor visibility over where their data is presents a key management challenge. You can avoid similar situations by keeping a running inventory of all data locations, assets and devices. Use automated discovery and network mapping tools to maintain real-time transparency in your environment.

Also Read: 5 essential organisational steps for your startup’s tech infrastructure

• Ensure scalable security

Scalability must not come at the expense of cybersecurity, either. Cybercrime is rising, and fast-growing systems are prime targets. Consequently, 47 per cent of tech executives expect cloud-based pathways to pose their biggest risks, and 46 per cent say the same about web-based applications.

The key to a secure cloud is cloud-native security. When your cybersecurity solution is designed specifically for cloud environments, it will do a better job of scaling up as your IT infrastructure does.

Access restrictions and workflow considerations also demand attention. Implement the principle of least privilege and regularly re-train employees in best security practices as new threats emerge to keep your systems hardened against cybercrime.

Scalable IT enables better long-term growth

A scalable IT setup is indispensable in today’s business environment. You cannot grow and compete alongside the rest of the industry without rapid, safe and cost-effective expansion of your technology infrastructure.

While this need may seem challenging, it’s more than achievable if you begin now. Follow these steps today to ensure scalability and success tomorrow.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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