Global losses from scams grew 15.7% in 2021

Global losses from scams grew 15.7% in 2021, according to a new report from the Global Anti Scam Alliance (GASA) and ScamAdviser.

The report, evaluating scam activity across 48 countries, found that total losses grew to US$55.3 billion ($87.45 billion) during the year. Total scam activity meanwhile increased by 10.2% across the 48 countries to 293 million reports.

Australians lost well over $2 billion to scams in 2021, the report states, citing data from the ACCC. This represents a loss of nearly US$50 per head of population. Research commissioned by the regulator last year found that 96% of people have been exposed to a scam in the last five years, with half of these contacted weekly or daily by scammers.

Scams remain one of the most underreported types of crime, the report suggests. In Australia, only an estimated 13% of all scams are reported to police, and one-third of victims do not report scams at all.

Scams are also no longer just a concern for western nations, the report found, with 53% of Filipinos reporting being targeted by fraudsters in the past three months. Scam activity is also increasing in other developing countries including Brazil, Ghana, Nigeria and Kenya.

Meanwhile in Australia and a number of other markets, investment and cryptocurrency scams continue to increase in prevalence.

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