GASA Report Highlights $688 Billion in Scam Losses Across Asia

The Global Anti-Scam Alliance (GASA) has published the 2024 Asia Scam Report, revealing significant insights into scamming activities across Asia. Based on responses from 24,731 consumers, the report estimates a total loss of $688.42 billion in the region over the last year. This accounts for a considerable portion of the global scam losses estimated at $1.026 trillion by GASA in 2023.

The report points out several key trends, including a rise in AI-generated scam messages and increased fraud via social media. However, Singapore and Japan have recorded substantial reductions in average scam losses per victim, down by 40% and 17%, respectively. Initiatives like co-locating police with banks in Singapore have proven effective in curbing scams.

The report also identifies main scam categories such as identity theft, investment scams, and shopping scams, with scammers using phone calls, social media, and text messages to target individuals. The upcoming GASS Asia Summit in Singapore will address scam prevention with contributions from industry leaders such as Mastercard and ScamAdviser.