New GASA Report Estimates $688 Billion in Scam Losses Across Asia Amid Rising Cyberthreat Worldwide

SINGAPORE, October 15, 2024 (Ecnetnews.com)
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The Global Anti-Scam Alliance (GASA) has released the highly anticipated 2024 Asia Scam Report. Based on survey responses from 24,731 consumers across Asia, this annual report offers insights into the growing threat posed by scammers and their increasingly sophisticated tactics.

Individual survey responses were extrapolated to report an estimated total loss of $688.42 billion over the last 12 months, a figure that represents a significant portion of the estimated  $1.026 trillion global scam losses reported in GASA’s 2023 data. This year’s report highlights key trends such as the rise of AI-generated scam messages and the surge in social media-related fraud.

Key Findings from the 2024 Asia Scam Report:

• Rapid Revictimization: Scam victims across Asia tend to be scammed repeatedly after they have been successfully targeted once.
• Singapore (-40%) and Japan (-17%) have reported a noteworthy reduction in average scam loss per victim, indicating the effectiveness of preventive measures while other countries have seen increases. In Singapore, initiatives such as the co-location of police and banks has contributed to an efficient crackdown on scams.
• Dominance of Social Media Scams: Some leading platforms have seen an increase in scam activity, with many users looking for social platforms to address fraudulent ads and fake accounts. 
• Top Scams by Category: Identity theft, investment scams, and shopping scams remain the leading threats across the region, with scammers targeting individuals through a range of channels, including phone calls, social media, and text messages.

Scam Prevention and Cross-Sector Collaboration in Focus at GASS Asia Summit
As Foundation Partners of GASA, Mastercard and ScamAdviser sponsored this report and will engage deeply in scam prevention discussions and partnerships at the Global Anti-Scam Summit (GASS) Asia Summit on October 20–21. The event, in Singapore, is a key gathering for stakeholders across sectors to joint actions against perpetrators of scams. With Amazon, Google, and other global organizations participating, the event will focus on best practices and new strategies in financial fraud, AI misuse, and consumer protection strategies.

For more information and to download the full 2024 Asia Scam Report, visit GASA’s official website.

Source: Global Anti-Scam Alliance (GASA)