Global Scam Losses Surpass $1 Trillion, New Report Reveals

The Global Anti-Scam Alliance (GASA) and Feedzai's latest report uncovers a staggering $1.03 trillion loss to scams globally over the past year. The report, gathered from 58,329 respondents, highlights growing regional disparities among scam victims.

Despite ongoing awareness campaigns, scams persist. Nearly half of global consumers encounter scams weekly. Regions like Brazil, Hong Kong, and South Korea face frequent scams, while nations such as Vietnam and China see reduced activity.

The report underscores that while developed countries like the U.S. endure significant per capita losses, developing nations like Pakistan experience more severe GDP impacts, with scams accounting for 4.2% of economic output.

Emotional effects of scams are noted, especially in Kenya and South Africa. Yet, trust in the internet remains relatively stable globally. The urgent need for global cooperation and improved recovery processes is evident, with only 4% of victims reclaiming losses.