The latest Global State of Scams Report by Global Anti Scam Alliance and ScamAdviser reveals that scams caused over $55 billion in damages in 2021, which is 15.7% more than a year earlier. Despite being one of the most common forms of cybercrime, scams are under-reported which can lead consumers and businesses alike to underestimate them.

When scammers imitate a brand, fooling consumers into making fake purchases, it has a double impact. Firstly, money that could have been spent on a legitimate product or service goes to the scammer instead of the organization they are pretending to be. Secondly, the organization’s brand reputation is damaged, causing a reduction in brand value and future earnings.

Staying up to date with the latest trends in scams can help your organization mitigate the damage that this type of cybercrime causes. The Global State of Scams report contains global insights, as well as detailed insights from 48 countries.

Download the Global State of Scams Report

Defacing the actual nature of current online scams - an underreported and adverse impact of the global pandemic.

Key insights from the Global State of Scams Report

  1. The number of scams reported worldwide increased by 10.2% last year, from 266 million in 2020 to 293 million reports in 2021.
  2. Depending on the country only 3% to 17% of all scams are reported. And according to the World Economic Forum, only 0.05% of scams are prosecuted.
  3. Increasingly, young people are being targeted and lose money more frequently than the elderly. In Italy, the most targeted age group were individuals between 18 and 30 years old (23.3%). They were scammed 8% more compared to 2020.
  4. A growing number of global syndicates are developing scam scripts and distributing them to local scam organizations. The Singapore Police Force reported that at least 90% of scams in Singapore originate from outside the country.
  5. Phishing attacks often reuse infrastructure. In Vietnam a single massive campaign targeted 27 financial institutions, and at least 7,800 potential victims were involved.

Take a proactive approach to scam prevention

With more interactions happening online, scammers have taken the opportunity to spread their campaigns further and wider than ever before. In the following years, the number of online scams will presumably grow alongside the damage they cause.

As a founding member of the Global Anti Scam Alliance, Group-IB is committed to preventing scams. But simply raising awareness is not enough – organizations across the globe need to take proactive measures and employ advanced solutions to prevent scammers’ attacks.

Group-IB’s Digital Risk Protection is an AI-powered cybersecurity solution that detects brand infringements and eliminates violations. It continuously monitors millions of online resources where your brand may be present to identify scams and cybercriminal infrastructure. Speak to an expert to get a demonstration of how the Digital Risk Protection solution can protect your brand.