According to a report by SYNC Southeast Asia, online sales in Singapore will hit an estimated US$8 billion (S$10.9 billion) this year. And according to Facebook and management consultancy Bain & Company, e-commerce sales in Singapore are expected to grow to US$10 billion (S$13.4 billion) by the end of 2026.
In short, we are shopping online more than ever, particularly since the pandemic-induced digital shift is set to become the norm. But with a surge in online shopping opportunities also comes a surge in online shopping scam types, and the Singapore Police Force has reported that a staggering $764,000 was lost in September alone to non-banking-related phishing scams. Genevieve Noakes, Head of Compliance of the APAC arm at financial technology company Wise tells us about the four types of online shopping scams to watch out for right now.