Online gambling fraud on the rise in Singapore
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In Singapore, victims have lost over $11.6 billion to online gambling scammers. Most online gaming is illegal in the former British outpost. Some punters have been signing up for applications promising a range of games including baccarat and mahjong.
Singapore Police Force warns online gamblers that they are a scam. Punters are required to deposit more cash before they can cash out any supposed winnings.
There were 299 cases of online gambling fraud in Singapore in the last two years worth at least $11.6 billion. Fake gambling accounts for 83% of the total number of such scams. The rest are investment-type frauds where organized crime syndicates open dodgy bank accounts to snare money from the public.
Victims of fake online gambling in Singapore are reluctant to come forward. Under the Remote Gambling Act, anyone who is found guilty of using an illicit iGaming domain could be fined up to $3,750 and get six months in prison.
