Thursday, 18 July 2024
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CrimeWorld

Globally, scammers get $1.02 trillion, with Singapore suffering the greatest losses

  • GASA, and ScamAdviser, scammers stole an estimated $1.02 trillion globally between August 2022 and 2023.
  • The amount has exceeded the prior losses of $55.3 billion in 2021 and $47.8 billion in 2020.
  • Singapore has the highest average scam victim loss worldwide, at $4,031.

According to a survey by The Straits Times, the Global Anti-Scam Alliance (GASA), and ScamAdviser, scammers stole an estimated $1.02 trillion globally between August 2022 and August 2023, with victims in Singapore suffering the largest average losses.

Additionally, the report stated that the amount has exceeded the prior losses of $55.3 billion in 2021 and $47.8 billion in 2020.

Scammers

During the opening remarks of the fourth annual Global Anti-Scam Summit in Lisbon, Portugal, on Wednesday, GASA managing director Jorij Abraham disclosed the figures. Abraham emphasized that con artists are using increasingly complex traps and that internet shopping, identity theft, and investment scams are the most common scams worldwide.

A study that polled 49,459 people from 43 countries sought to determine the kinds of frauds people fall victim to as well as the total amount of money they lose to con artists.

Singapore has the highest average scam victim loss worldwide, at $4,031, followed by Austria at $3,484 and Switzerland at $3,767. According to the Singapore Police Force, victims lost $667.7 million in 2022 as opposed to $632 million in 2021.

The Ministry of Home Affairs in Singapore’s Director of Policy Development and Security, Dr. Ng Li Sa, emphasized the urgency of the issue and the aggressive steps being taken to address it.

She emphasized that the majority of criminals who target Singapore are foreign nationals and that international cooperation is essential to the successful enforcement of the law and the recovery of funds.

In addition to working with ScamAdviser to identify fraudulent websites, GASA allows politicians, law enforcement, and cybersecurity groups to communicate more easily.

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