US$55.3 Billion Lost in Scams Worldwide: study | #datingscams | #lovescams | #facebookscams

Scams reported worldwide increased by 10.2%, from 266 in 2020 to 293 million reports in 2021, with the latest study by the Global Anti Scam Alliance revealing the money lost in scams grew by 15,7%, from $47.8 billion in 2020 to $55.3 billion in 2021.

According to the Global State of Scams 2022 Report by the Global Anti Scam Alliance (GASA) and ScamAdviser amongst 48 countries, scams are no longer a “Western” disease.

In fact GASA says 53% of Filipinos stated fraudsters targeted them in 3 months, 11% of the respondents said they ended up as victims and other developing countries like Brazil, Ghana, Nigeria, Kenya, and Saudi Arabia are reporting huge increases in online scams, primarily via mobile phones.

As investment scams continue to rise, GASA says countries like Australia and Singapore report that investment/cryptocurrency scams continue to grow – and the Turkish government suspended a cryptocurrency exchange, freezing $2 billion in assets, while Canada reports $164 million loss in investment scams, and US citizens lost $575 million.

With GASA noting that scams remain one of the most underreported types of crime, it says that in Australia, an estimated 13% of all scams are reported, Canada estimated that only 5% of the cases reach law enforcement, Israel estimated this number to be 9%, and the Dutch and French estimates range between 12% and 17%.

According to GASA, social media is a steppingstone for scammers and Pakistani authorities state 23% of the reported online crimes started on Facebook, Indonesia states that 51% of the scams begin on social media – while more than one in four people reporting money loss in the United States said it started on social media.

GASA also reports that young people are targeted more and lose money more frequently than elderly.

In Finland, the worst-hit age group was individuals between 18 and 30 (23.3%) and the Dutch University of Twente confirms that young  people are more likely to be scammed.

GASA notes that according to a World Economic Forum study, only 0.05% of all cybercrimes are prosecuted and as scammers professionalise, raising awareness is not enough – More preventive action is needed, and a faster takedown of scams is essential.

GASA is organising the Global Anti Scam Summit to define concrete actions to combat online fraud. The Global State of Scams Report can be downloaded here.


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