Cybercriminals steal more than $1 trillion a year globally

In the past year, cybercrime has caused more than $1.03 trillion in losses, a figure large enough to buy out many multinational companies. This amount far exceeds the gross domestic product (GDP) of many developed countries such as Switzerland, Poland and even Taiwan. On average, each American has lost about $3,520 due to fraud. This shows that cybercrime is not only a personal problem but also a major challenge for the global economy.

These alarming findings are based on a large-scale survey of 58,329 consumers worldwide. The survey was conducted by the Global Anti-Fraud Alliance (GASA) with the expert support of Feedzai, one of the leading companies in consumer behavior analytics.

GASA’s 2024 Global State of Phishing Report paints an alarming picture of the state of global cybersecurity, with nearly half of the world’s population being targeted by phishing attacks at least once a week. The situation is particularly dire in countries like Brazil, Hong Kong and South Korea, where people are exposed to scams almost daily, making online life a constant battle.

An alarming fact is that more than 70% of scam victims choose to remain silent and do not report the incident to the authorities. This figure shows that the actual scale of cybercrime is much larger than what we know.

The report also found that cybercrime has caused serious economic losses globally, especially in developing countries. In countries such as Pakistan, Kenya and South Africa, losses caused by fraud are estimated to be between 3-4% of GDP, an alarming figure that shows the extent of the problem. In contrast, developed countries such as Italy, the Netherlands and France appear to be less affected, with losses of only about 0.2% of GDP.

Consumers in the US, Denmark and Switzerland are suffering the most from fraud, with the average loss per American reaching $3,520. This figure shows that not only the number of scams but also the level of financial loss suffered by each victim is alarming. Sadly, only 4% of the victims are lucky enough to get their money back.

The rapid development of artificial intelligence (AI) and the popularity of social media have inadvertently become powerful tools for scammers. In just a few seconds, they can create fake images, videos, scripts and even voices that are difficult to distinguish between real and fake. This has opened a new era of cybercrime, where the line between real and fake is more blurred than ever.

Despite the advancement of technology, traditional communication methods such as phone calls and text messages are still the "doors" that many scammers choose to reach their victims. At the same time, popular messaging apps such as Zalo, Messenger, Instagram and even Gmail have become powerful tools for them to carry out scams. This diversification shows the sophistication and high adaptability of cybercriminals.

The GASA report also pointed out that fraud not only causes financial losses but also leaves deep emotional scars. Feelings of betrayal, fear, loss of trust in others and even depression are common psychological consequences for victims. Being scammed not only affects their wallets but also negatively impacts their mental health and quality of life.

Despite suffering significant losses from scams, a surprising 67% of people still expressed confidence in their ability to recognize and avoid scams. This shows a large gap between self-assessment and reality, as scams become increasingly sophisticated and unpredictable.

“We are witnessing a significant shift in consumer awareness of scams,” said Nuno Sebastião, Co-founder, Chairman and CEO of Feedzai. “The growing confidence in people’s ability to spot the signs of anomalies shows that the education efforts of banks and financial institutions are paying off. Through training programs and media campaigns, consumers are equipped with the knowledge they need to protect themselves from increasingly sophisticated scams.”