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€41.3 ($47.8) Billion Lost in Scams, — News For Finance

€41.3 ($47.8) Billion Lost in Scams,

AMSTERDAM, Oct. 14, 2021 (GLOBE NEWSWIRE) — In ScamAdviser’s 3rd Global State of Scams Report, 42 countries were analyzed on the number of people scammed and the amount of money lost.

Number of Scams Boomed

The number of reported scams increased from 139 million in 2019 to 266 million in 2020. The amount lost grew from €36 ($41.7) to €41 ($47.8) billion.

While the definitions and reporting methods used by different countries for scams differ strongly, nearly all nations have reported large increases in the number of reported scams.

The number of scams and money lost is probably only a small fraction of the actual size of online fraud as less than 3% up to 15% of consumers report a scam.

Investment scams are on the rise

The money lost per victim differs strongly by country as well as the type of scam. From less than €10 for fake shops, counterfeiters, and subscription traps to several €100,000 for…

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