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Singapore authorities are warning travelers and residents about a fast-growing wave of gold bar scams, as syndicates pivot from bank transfers to physical bullion in government impersonation, investment and insurance fraud schemes.
New Data Reveals Shift From Cash Transfers to Gold
Fresh figures released by the Singapore Police Force show that while overall scam losses dipped from a record high of about $1.1 billion in 2024 to $913.1 million in 2025, criminals are rapidly shifting tactics toward hard-to-trace gold bars. Police highlighted at least 131 cases in 2025 where victims were convinced to buy gold bars and hand them to syndicates, often believing they were cooperating with investigations or securing high-yield investments.
Authorities say scammers are turning to physical gold to sidestep tighter controls in the banking system, including enhanced verification checks and improved monitoring of mule accounts. Once gold is purchased and handed over, it can be quickly melted down, resold or moved across borders, making recovery far more challenging than reversing a bank transfer.
Officials have singled out government official impersonation, investment schemes and bogus insurance services as three of the fastest-growing scam categories where gold is increasingly used as payment. Older victims, particularly those 65 and above, have been disproportionately affected, suffering some of the highest average losses across all age groups.
Despite the fall in headline losses, police stress that the evolving methods demonstrate how sophisticated and adaptive scam syndicates have become. They are urging the public not to interpret the lower overall figures as a sign that scams are under control, but rather as a critical moment to stay ahead of new threats.
Government Impersonation Scams Now Involve Bullion Purchases
A key driver of the trend is the sharp rise in government official impersonation scams, which more than doubled in 2025 and now account for hundreds of millions of dollars in reported losses. In a growing number of these cases, victims are instructed by supposed law enforcement or regulatory officers to purchase gold bars as part of a fabricated investigation into money laundering or tax evasion.
According to advisories issued to the precious metals and jewellery trade, at least 80 government impersonation scams since mid-2025 involved victims or money mules being sent to buy gold bars or jewellery on the scammers’ instructions. Some were told the bullion would be held as “evidence” until investigations were complete; others were reassured they would earn a commission or see their funds safely returned once their names were cleared.
The Ministry of Law’s Anti-Money Laundering and Countering the Financing of Terrorism division has urged regulated gold and jewellery dealers to treat unusually large or urgent purchases, especially by nervous or confused customers on mobile phones, as potential red flags. In one widely publicised case, staff at a pawn and jewellery chain refused to complete a suspicious gold purchase and alerted police, preventing a victim from losing nearly $21,000.
Authorities emphasise that no legitimate government agency in Singapore will ever direct individuals to purchase gold bars, withdraw large sums of cash or move assets into “safe accounts” for investigative purposes. Any such instruction, whether by phone, text or messaging app, should be treated as a strong indicator of a scam.
Parcel and Gold Bar Hoaxes Target Online Shoppers and Expats
Alongside phone-based impersonation scams, Singapore Customs has warned of new parcel scam variants involving supposed shipments of gold bars. In cases detected in recent months, victims received emails or WhatsApp messages claiming that parcels containing gold bullion registered in their name had been detained for compliance checks or unpaid duties.
Victims were typically sent inspection notices using outdated logos or forged letterheads, along with photographs of gleaming gold bars said to be awaiting clearance. They were then pressured to pay “release fees” or risk the seizure of the gold, legal proceedings for customs evasion, and blacklisting from future shipments. Some messages purported to come from senior Customs officials or included threats of immediate arrest.
Singapore Customs has reiterated that it does not request payment to release parcels via personal email accounts or messaging apps, and that official correspondence uses only government domains. The agency has also stressed that its officers do not communicate enforcement decisions via private social media accounts or free webmail services, nor do they demand bank details or card numbers over text.
Travelers and expatriates are considered particularly vulnerable to such ploys, as they may be expecting packages from overseas or be less familiar with local procedures. Officials advise anyone receiving unexpected messages about detained parcels or gold shipments to contact Customs or the police through official channels, rather than replying to the message or clicking on attached documents.
Investment and Insurance Pitches Exploit Gold’s Safe-Haven Image
Police say investment scams remain one of the costliest fraud types in Singapore, with tens of millions of dollars lost since early 2025 alone. Increasingly, these schemes blend online trading pitches with offers involving physical gold, marketed as a safe way to preserve wealth amid market volatility and geopolitical uncertainty.
In one recent bulletin, police highlighted cases where older victims were approached by supposed financial advisers or insurance agents who promised exclusive gold-linked products. Some were nearly persuaded to hand over large sums of cash or existing insurance savings to buy gold bars or invest in purported gold-backed plans with guaranteed returns.
Others were lured through social media advertisements for investment courses using the names or photos of well-known philanthropists and business figures without their consent. After making contact via messaging apps, victims were steered into buying gold or transferring funds to “secure vaults” or overseas investment platforms, where the money or bullion promptly disappeared.
Authorities and financial regulators are urging the public to independently verify any investment or insurance product, especially those that involve gold or other precious metals. They recommend checking the credentials of companies and representatives against official registers, consulting licensed financial advisers, and treating any pressure to move quickly or keep deals secret as a warning sign.
Travelers at Changi Urged Not to Carry Gold for Strangers
The rise in gold-related scams is intersecting with longer-standing concerns about gold smuggling and informal courier networks operating through major travel hubs such as Changi Airport. Security teams and airport managers have previously reported instances of individuals approaching passengers in departure halls, asking them to carry gold chains or other valuables to third countries in exchange for small payments.
Although not all such incidents are directly linked to scam syndicates, law enforcement officials warn that travelers who agree to carry gold or other items for strangers may unwittingly be drawn into criminal activity. They could be implicated in money laundering, customs violations or even cross-border smuggling, with serious legal consequences in multiple jurisdictions.
Airport authorities encourage passengers to decline any unsolicited requests to transport items, regardless of how innocent or lucrative the offer may appear. They also advise travelers to report persistent or aggressive approaches to airport staff or police immediately, particularly in areas near check-in counters and departure gates where such solicitations have been observed.
For tourists transiting through Singapore, the growing use of gold in scams is an additional reason to stay cautious when approached by strangers or when receiving unexpected phone calls and messages. Officials stress that genuine airlines, airport staff and government agencies will not ask travelers to carry valuables for unknown parties or to pay fees related to mysterious gold shipments.
Authorities Call for Community Vigilance Against Gold Bar Scams
Singapore’s police, customs, tax and financial regulators are intensifying joint efforts to curb gold-related fraud, from syndicates abusing investment precious metals for tax evasion to scammers targeting individuals with fake investigations and investment pitches. Recent advisories have focused on improving front-line detection at jewellery shops, pawnshops and bullion dealers, where staff may be the last line of defence before a victim parts with their savings.
Dealers are being encouraged to look out for customers making unusually large, hurried purchases of gold while appearing distressed or constantly on the phone. In such cases, staff are urged to gently question whether the buyer might be under pressure from a third party, and to contact the authorities if they suspect a scam in progress.
Authorities are also promoting public education campaigns, urging residents and travelers to slow down and seek independent advice before responding to any demand involving gold bars or large transfers of money. They emphasise that scams often succeed by creating a powerful sense of urgency and fear, leaving victims feeling they have no choice but to comply.
As syndicates continue to refine their methods, officials say community awareness and early intervention remain crucial. They are calling on the public to speak openly about scam experiences, report suspicious approaches promptly and help protect more vulnerable family members and visitors from falling victim to the latest wave of gold bar fraud.