The Stocklytics.com report says that despite increased awareness and cybersecurity measures, fraudsters continue to refine their techniques, using artificial intelligence, deepfake technology, and sophisticated social engineering tactics to deceive victims on an unprecedented scale.
According to the Council on Foreign Relations, criminal syndicates—primarily based in China—have set up cybercrime hubs across Southeast Asia, engaging in online gambling and financial fraud operations.
One of the most prevalent schemes, known as "pig butchering," combines romance and cryptocurrency fraud, preying on victims’ emotions via dating apps and WhatsApp. Alarmingly, blockchain analytics firm Chainalysis reports indicate that pig butchering has overtaken Ponzi schemes as the most common form of online fraud.
The latest Global Anti-Scam Alliance report reveals that cyber scams collectively cost victims around $1.03 trillion in 2024—greater than the gross domestic product of nations such as the Netherlands, Turkey, or Switzerland.
A survey of 58,000 people worldwide found that almost half had experienced cyber fraud weekly, with financial losses varying significantly by region.
Americans emerged as the biggest victims, losing an average of $3,500 per scam—more than twice the losses suffered in Europe and China.
Among European nations, Denmark ($3,067), Switzerland ($2,980), and Slovakia ($2,738) reported some of the highest losses per victim. Singapore also recorded substantial losses, averaging nearly $2,500 per incident.
Canada, the United Kingdom, France, and China reported lower average losses, ranging between $1,500 and $1,700 per scam. In contrast, India and Kenya experienced the lowest financial impacts, with average losses of $384 and $109, respectively.
Phone calls and text messages remained the most common attack vectors in 2024, with WhatsApp scams rising significantly in multiple regions.
The study found that shopping scams were the most prevalent form of cyber fraud, affecting 22 per cent of respondents. Investment fraud and identity theft followed closely, accounting for 18 per cent and 17 per cent of scams, respectively. Phishing scams, while still a concern, were reported by fewer than five per cent of respondents in 2024.
