Lost Over $1

Alibi
Scammers have defrauded individuals globally of an astonishing $1.03 trillion over the last year. This figure has increased from $1.026 trillion the previous year, as detailed in the 2024 Global State of Scams report by the Global Anti-Scam Alliance (GASA), in collaboration with Feedzai, a company specializing in fraud management for financial institutions.
 

According to the report, globally, just 4% of individuals who fall victim to scams manage to reclaim their losses. The U.S. and U.K. had the highest rates of recovery but the report states these figures are still low on a worldwide scale, leaving most scam victims without a solution.

This situation underscores the pressing need for enhanced consumer protection strategies and more efficient financial recovery systems, the report notes. Additionally, 70 percent of victims choose not to report the scam.

Even with persistent efforts to fight scam activities through awareness initiatives, scams continue to pose a major and increasing threat, with almost half of consumers worldwide encountering a scam attempt at least once a week.



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