A joint study conducted by the Global Anti-Scam Alliance (Gasa) and ScamAdviser has revealed an astonishing statistic: scammers managed to abscond with an estimated $1.02 trillion globally between August 2022 and August 2023. This astronomical figure far surpasses the $55.3 billion lost to scams in the entirety of 2021 and the $47.8 billion lost in 2020.
Gasa’s Managing Director, Jorij Abraham, unveiled this staggering number during his address at the Global Anti-Scam Summit in Lisbon, Portugal, on October 18. The summit, now in its fourth year, spans two days and brings together key stakeholders, including policymakers, law enforcement agencies, and cybersecurity experts.
The study, which provided these eye-opening insights, encompassed responses from 49,459 individuals in 43 countries, with a focus on Singapore and its residents.
Participants were queried about the types of scams and scammers they had encountered and the financial losses they had incurred due to fraudulent activities. Subsequently, the gathered data was extrapolated based on each country’s population.
Jorij Abraham elaborated on the surge in reported losses over the past year, stating that only about 7% of all scams are reported to law enforcement agencies and governments, making the provided figures merely the “tip of the iceberg.” The study’s updated methodology aimed to provide a more comprehensive view by directly surveying consumers.
Singapore, as revealed by the study, bore the brunt of these scams, with victims losing an average of $4,031 each. Switzerland ranked second, with victims losing an average of $3,767, followed closely by Austria at $3,484.
Earlier data from the Singapore Police Force (SPF) in February disclosed that scam victims in Singapore collectively lost $660.7 million in 2022, representing an increase from the $632 million lost in 2021. This continued rise in losses highlights the pressing need for enhanced cybersecurity measures and public awareness to protect individuals from falling prey to scams.
The study’s findings underscore the urgency of addressing the ever-evolving landscape of scams and fraud, necessitating collective efforts from governments, law enforcement, and cybersecurity entities to combat this rampant issue on a global scale.