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Scams continue to plague consumers worldwide, with losses totaling over $1.03 trillion in the past year. This financial toll, detailed in the 2024 Global State of Scams report by the Global Anti-Scam Alliance (GASA) in collaboration with Feedzai, highlights the growing threat of fraud across the globe.
The report, based on a survey of 58,329 consumers, reveals that nearly half of people worldwide encounter scam attempts at least once a week. The hardest-hit regions include Brazil, Hong Kong, and South Korea, where citizens face scam attempts nearly every day. On average, American victims reported losses of $3,520 per person, with scammers often using phone calls, text messages, and popular social media platforms like WhatsApp, Instagram, and Gmail to make contact.
While the financial impact is staggering, emotional distress is another significant consequence for scam victims. GASA notes that beyond the monetary losses, many victims suffer feelings of vulnerability, fear, and loss of trust—mental burdens that can be just as damaging as the financial ones. Despite this, over 70% of scam victims do not report their losses to authorities, further complicating efforts to understand and combat the problem.
The rise of generative AI has made scams even more sophisticated, with fraudsters using the technology to create realistic images, videos, and voices, making it harder for victims to identify fraud. Social media platforms have become primary targets for these new forms of deception, further escalating the threat.
While the report shows that 67% of consumers feel confident in their ability to detect scams, the reality remains troubling. Only 4% of scam victims recover their losses, underscoring the need for ongoing education and vigilance. With losses from scams now accounting for up to 3-4% of GDP in some developing countries, and more modest figures in developed nations, the fight against fraud is becoming an increasingly urgent priority.
