Scammers amass $1

Posted By: Pawan George Posted On: Oct 20, 2023
The figure has surpassed the previous losses of $55.3 billion in 2021 and $47.8 billion in 2020, the report added.(Representative image)

Scammers made off with an estimate amount of $1.02 trillion between August 2022 and August 2023 globally with victims in Singapore faced the highest average losses, according to a study by the Global Anti-Scam Alliance (GASA) and ScamAdviser, reported The Straits Times.

The figure has surpassed the previous losses of $55.3 billion in 2021 and $47.8 billion in 2020, the report added.

GASA managing director Jorij Abraham revealed the data during the opening speech on Wednesday at the fourth annual Global Anti-Scam Summit in Portugal's Lisbon. Abraham warned that scammers utilize more sophisticated traps and the most prevalent scams globally are those involving online shopping, identity theft and investments.

He stressed the necessity of infrastructural measures, such as blocking scam sites, to provide more comprehensive consumer protection.

Abraham also said that increased losses were attributed to the limitations of calculating losses based on figures from law enforcement agencies, which typically account for only about 7% of all scams.

The study surveyed 49,459 individuals from 43 countries in which they were asked about the types of frauds they fall into and the amount they lost to fraudsters. The data was then extrapolated based on each country's population, the report added.

The study emphasised that the average scam victim in Singapore lost $4,031, the highest globally, followed by Switzerland at $3,767 and Austria at $3,484, pointing to the appeal of these affluent nations as targets for scammers.

Meanwhile, the data released by the Singapore Police Force (SPF) in February 2023 showed that victims in lost a total of $660.7 million in 2022, up from $632 million in 2021.

Dr Ng Li Sa, Director of Policy Development and Security at the Ministry of Home Affairs in Singapore, emphasised the pressing nature of the issue and the active measures being employed to combat it.

She underscored that the perpetrators targeting Singapore are primarily operating from abroad, emphasizing that the effective implementation of the law and the recovery of funds rely heavily on international collaboration.

GASA is an organisation that facilitates collaboration between policymakers, law enforcement agencies, and cybersecurity bodies. It collaborates with ScamAdviser, a service that aids in identifying scam websites.

Source: Hindustan Times
Related Posts:

Comment on Post

Leave a comment

If you have a News HTS user account, your address will be used to display your profile picture.

POPULAR News

icon
Bussiness She moved to the US from India at a tender age of 11. She was just 15 when she launched her technology startup. She now employs 10 people in her firm, valued at a whopping ₹100 crore. This is the life story of Pranjali Awasthi, the 16-year-old Indian protégé who has proved age is merely a number when it comes to entrepreneurship.
icon
Bussiness The Goods and Services Tax (GST) Council has chosen to delegate the taxation of Extra Neutral Alcohol (ENA), which is used for the manufacture of portable alcohol, to the states. Furthermore, it has reduced the levy rates on millet flour and molasses.
icon
Latest News Ed Sheeran noted that he's hosted friends' weddings in the area. Ed Sheeran noted that he's hosted friends' weddings in the area. Ed Sheeran noted that he's hosted friends' weddings in the area. Ed Sheeran noted that he's hosted friends' weddings in the area.
icon
Bussiness Bengaluru: As part of its pre-Series B funding round, elder care platform Age Care Labs has raised $11 million in fresh capital from fintech unicorn Zerodha's investment arm Rainmatter Capital and proptech investment firm Gruhas. Bengaluru: As part of its pre-Series B funding round, elder care platform Age Care Labs has raised $11 million in fresh capital from fintech unicorn Zerodha's investment arm Rainmatter Capital and proptech investment firm Gruhas.
icon
Sports Asian Games, Javelin Throw Highlights: Neeraj Chopra Claims Gold With 88.88m Throw, Kishore Jena Bags Silver
icon
Technology Elon Musk-owned social media platform X (formerly known as Twitter) has distributed nearly $20 million in payments to content creators on the app, said Chief Executive Linda Yaccarino in a post on Friday. Elon Musk-owned social media platform X (formerly known as Twitter) has distributed nearly $20 million in payments to content creators on the app, said Chief Executive Linda Yaccarino in a post on Friday.
icon
Technology Instagram is not working on a dedicated app for iPad users and they shouldn't expect one anytime soon. That's the message directly from Adam Mosseri, who claims the company has other priorities before launching the app for iPad. Instagram is not working on a dedicated app for iPad users and they shouldn't expect one anytime soon. That's the message directly from Adam Mosseri, who claims the company has other priorities before launching the app for iPad.
icon
Science Pollen grains analysis helps understand how the first humans migrated from Africa across Europe and Asia, research in Science Advances says. Pollen grains analysis helps understand how the first humans migrated from Africa across Europe and Asia, research in Science Advances says.
icon
World Noelia Voigt, hailing from Utah, bagged the title of Miss USA during the 2023 pageant's grand finale at Reno, Nevada's Grand Sierra Resort. The thrilling event unfolded on a Friday night and was televised live on the CW Network. Savannah Gankiewicz, representing Hawaii, secured the position of first-runner-up.
icon
Politics Hitting out at the Telangana government over parivaarwad, corruption and farmers, Prime Minister Narendra Modi on Sunday promised the poll-bound state a National Turmeric Board and a Central Tribal University in Mulugu, as he unveiled projects worth Rs 13,500 crore.
icon
World The United States warned against any "escalation" in the Middle East in the wake of Israel's war with Hamas, Defense Secretary Lloyd Austin said Sunday, hours after the Pentagon moved to step up military readiness in the region. The United States warned against any "escalation" in the Middle East in the wake of Israel's war with Hamas, Defense Secretary Lloyd Austin said Sunday, hours after the Pentagon moved to step up military readiness in the region.
icon
Latest News As excitement brews for Amazon's highly anticipated Prime Big Deal Days, this piece of advice by the company's founder and executive chairman, Jeff Bezos, is something every consumer should keep in mind amid economic uncertainties. In an interview with CNN, Bezos expressed concerns about the current economic landscape, stating, "Things are slowing down. You're seeing layoffs in many sectors of the economy."
icon
Technology Dell, the Texas-based technology giant, may be planning fresh investment in its cutting-edge Research and Development (R&D) centre located in Bengaluru. The company already operates a prominent R&D centre in the city. At the global level, Dell operates around 25 manufacturing facilities, with 14 of these dedicated to R&D.
icon
Technology Google Pixel Launch Event 2023 Live Updates: Can Google Pixel 8 Take On iPhone 15? Updated 9 minutes ago
icon
Latest News Vijay Dashmi is a major cultural festival in India. Vijay Dashmi is a major cultural festival in India. Vijay Dashmi is a major cultural festival in India. Vijay Dashmi is a major cultural festival in India. Vijay Dashmi is a major cultural festival in India.
icon
Latest News
icon
Life Style Discover an array of captivating restaurants and exciting events that beckon you to indulge in unforgettable experiences. From culinary gems offering delectable dishes to cultural exhibitions celebrating artistry and heritage, these venues promise to satisfy your senses. Whether you're a food enthusiast seeking gourmet delights or an art aficionado craving inspiration, there's something for everyone to savor. Embark on a journey of taste, culture, and entertainment at these must-visit destinations.
icon
Horoscope A post shared by Mariana Louis (@persephonessister) A post shared by Mariana Louis (@persephonessister) A post shared by Mariana Louis (@persephonessister) A post shared by Mariana Louis (@persephonessister) A post shared by Mariana Louis (@persephonessister)
icon
Technology Grand Theft Auto fans are mercilessly mocking a GTA VI (GTA 6) leaker for their inaccurate predictions of the announcement date. Grand Theft Auto fans are mercilessly mocking a GTA VI (GTA 6) leaker for their inaccurate predictions of the announcement date.
icon
Technology YouTube on Monday said it did not detect materials related to child sexual abuse on its platform despite multiple probes and also has not received evidence of such content on the video streaming platform from regulators. YouTube on Monday said it did not detect materials related to child sexual abuse on its platform despite multiple probes and also has not received evidence of such content on the video streaming platform from regulators.
icon
Latest News The luxurious home has also been featured as the location for other TV projects. The luxurious home has also been featured as the location for other TV projects. The luxurious home has also been featured as the location for other TV projects. The luxurious home has also been featured as the location for other TV projects.
icon
Technology Alphabet Inc.'s Google will begin to make its Chromebook laptops in India through a partnership forged with HP Inc. Alphabet Inc.'s Google will begin to make its Chromebook laptops in India through a partnership forged with HP Inc. Alphabet Inc.'s Google will begin to make its Chromebook laptops in India through a partnership forged with HP Inc.
icon
Latest News Pietro, a German Shepherd in the Carmel Police Department, is receiving tons of love on social media. The dog lent a paw to his human partner for a very important mission. He helped round up 30 goats running loose in a street in New York. A video of the dog on duty was also captured and later shared online.
icon
World Prime Minister Benjamin Netanyahu on Thursday alleged babies were murdered and burned by Hamas terrorists during their onslaught against Israel. Prime Minister Benjamin Netanyahu on Thursday alleged babies were murdered and burned by Hamas terrorists during their onslaught against Israel.
icon
Latest News A video capturing impatient passengers rushing to enter a train through a narrow opening of the door, each vying for a coveted spot inside, was shared online. The video was posted on Reddit with a caption that reads, “Automatic door in Mumbai trains.” The clip shows how the passengers hurled themselves through the half-open doors.