AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Scammers stole over US$1 trillion globally in 2024, affecting both developed and developing nations.
- A staggering 70% of scam victims do not report their losses.
- Cybersecurity must improve, as trust in online systems continues to erode.
Scams are an increasingly prevalent threat to individuals and economies worldwide, with the Global Anti-Scam Alliance (GASA) reporting a massive US$1.03 trillion lost to scammers in 2024 alone. This staggering figure was revealed in a report produced in partnership with Feedzai, a global leader in artificial intelligence-powered financial crime management. Despite increasing awareness and improved cybersecurity measures, the financial damage continues to grow year after year.
The survey, which covered over 58,000 respondents globally, showed that scams are targeting individuals across all demographics, irrespective of sex, nationality, or education level. People have become accustomed to scam calls, phishing emails, and fraudulent links in text messages, yet the threat remains ever-present. Interestingly, while developed countries such as the United States, Denmark, and Switzerland are heavily impacted, developing nations like Pakistan, Kenya, and South Africa are also suffering significant losses, with scams accounting for 3.5% to 4.2% of their GDP.
Despite these losses, the report highlights an important shift in consumer behavior—while scams have become a major concern, individuals still have faith in the internet and online systems. However, the damage caused by these scams is immense. Not only are people losing their money, but the erosion of trust in financial systems continues to rise. According to the report, only about 4% of scam victims recover their stolen funds, and most victims—around 70%—do not report the incident at all, making it harder to track and combat the threat effectively.
GASA managing director Jorij Abraham emphasized the urgent need for greater global cooperation to address this growing problem. The alliance called for enhanced public awareness campaigns, stronger cybersecurity practices, and more efficient financial recovery processes. Without such measures, the toll from scams is likely to continue to climb, further impacting economies and individual livelihoods worldwide.
The growing financial and emotional toll of scams highlights the need for systemic changes to combat these crimes, and companies like Feedzai are at the forefront of using technology to reduce fraud. However, it is clear that the ultimate solution requires collaboration between governments, businesses, and consumers to tackle the root causes of this issue.
