Singaporeans lost more than $500,000 to cybercrime last year: security report

The report found that 80 per cent of Singaporeans worry that they will be a victim of online crime.
The report found that 80 per cent of Singaporeans worry that they will be a victim of online crime. PHOTO: THE NEW PAPER

SINGAPORE – Singaporeans lost over half a million dollars to cybercrime in the past year, with one in five revealing that they were victims of cybercrime.

The findings, from the Norton Cybersecurity Insights Report released on Tuesday, also found that 80 per cent of Singaporeans worry that they will be a victim of online crime and think that using public Wi-Fi is riskier than, say, a visit to the public restroom.

The average amount of time consumers lost dealing with the impact of online crime over the past year was 20 hours per person. And only 11 per cent feel completely in control over their online security.

Singaporeans, it was found, also believe that dealing with the consequences of a stolen identity is more stressful than preparing for a work presentation.

Crimes involving e-commerce have risen sharply over the past three years – from 238 reported cases in 2012 to 510 cases in 2013, and 1,659 cases last year. This is in line with the growth of online shopping transactions and greater awareness and reporting of such crimes.