Scam calls, phishing emails and malicious links in fake text messages have become a fact of life for many over the last few years – some people have stopped answering unknown numbers altogether.
That hasn’t saved the global economy from suffering more than US$1 trillion in stolen money, with nearly half of more than 58,000 respondents being targeted by scams at least once a week.
A report from the Global Anti-Scam Alliance (GASA), in partnership with Feedzai, has revealed the extent of the damage, with scammers targeting people regardless of sex, education level or nationality.
Cybersecurity has a long way to go
"Very little has changed in the last 12 months, as the world's consumers bear the weight of another US $1.03 trillion stolen by scammers," GASA managing director Jorij Abraham said.
"We must do more to combat these crimes, as they continue to erode trust in our systems and cause immense harm to individuals and economies."
Interestingly, scammers are not targeting rich countries alone – while those with higher GDP like Denmark, Switzerland and the US are among the hardest hit, developing nations like Pakistan, Kenya and South Africa have lost the equivalent of 3.5% to 4.2% of their GDP through scams alone.
The report also found that individuals are not losing trust in the internet itself, despite the heightened vulnerability associated with using it.
Only about 4% of victims recover their losses, and a staggering 70% of victims don’t report being scammed at all.
The GASA highlights the “urgent need for global cooperation, enhanced public awareness, and stronger financial recovery processes to combat the growing threat of scams”.