GASA’s Study Reveals $55.3 Billion Lost in Scams Worldwide
Business Wire India
According to the Global State of Scams 2022 Report by the Global Anti Scam Alliance (GASA) and ScamAdviser amongst 48 countries, the scams reported increased by 10.2%, from 266 in 2020 to 293 million reports in 2021. The money lost in scams grew by 15,7%, from $47.8 billion in 2020 to $55.3 billion in 2021.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221006005571/en/
Figure 1: Money Lost and Number of Scams Reported Worldwide (Photo: Business Wire)
No Longer a Western Disease
GASA states that scams are no longer a “Western” disease. 53% of Filipinos stated fraudsters targeted them in 3 months. 11% of the respondents said they ended up as victims. Other developing countries like Brazil, Ghana, Nigeria, Kenya, and Saudi Arabia are reporting huge increases in online scams, primarily via mobile phones.
Investment Scams Continue to Rise
Countries like Australia and Singapore report that investment/cryptocurrency scams continue to grow. The Turkish government suspended a cryptocurrency exchange, freezing $2 billion in assets. Canada reports $164 million loss in investment scams, and US citizens lost $575 million.
Scams remain one of the most underreported types of crime
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%.
Social Media Steppingstone for Scammers
Pakistani authorities state 23% of the reported online crimes started on Facebook. Indonesia states that 51% of the scams begin on social media. More than one in four people reporting money loss in the United States said it started on social media.
Get Them While They are Young
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%). The Dutch University of Twente confirms that young people are more likely to be scammed.
The Cure for Scams?
According to World Economic Forum study, only 0.05% of all cybercrimes are prosecuted. As scammers professionalize, raising awareness is not enough. More preventive action is needed, and a faster takedown of scams is essential.
- Paytm Payments Services Ltd to Resubmit Application for Authorization to provide Payment Aggregator Services November 26, 2022
- MoS Rajeev Chandrasekhar Inaugurates Digital India Startup Hub at STPI, Davanagere in Karnataka November 26, 2022
- How to Choose the Right Slot Games for Maximum Fun November 26, 2022
- Amazon Shutting Down Its Edtech Offering in India Operations from Aug 2023 November 26, 2022
- Black Friday Headphone Deals: Up to 63% Off Sennheiser Headphones and Earbuds November 26, 2022