GASA’s Study Reveals $55.3 Billion Lost in Scams Worldwide

AMSTERDAM–(BUSINESS WIRE)–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.

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.

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