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A Colossal $159 Billion Lost to Fraud and Scams, Finds New Research From Feedzai and the Global Anti-Scam Alliance

By: via Business Wire
  • GASA and Feedzai’s 2023 report reveals nearly a quarter of Americans (23%) fell victim to scammers over the course of the last 12 months, losing an average of $2,663 each
  • Three quarters (73%) encountered a scam at least once a month, with Gmail and Facebook posing the greatest threats

 

The rise of fraud in the United States continues apace, costing a huge $159 billion in one year alone, according to new research released today by Feedzai in partnership with the Global Anti-Scam Alliance (GASA).

The 2023 State of Scams report shows that nearly a quarter (23%) of US citizens parted with their money after falling victim to fraud despite an overwhelming majority (69%) saying they felt confident in their ability to spot a scam before reaching that stage.

This highlights the sophistication of tactics deployed by scammers and, with further data from the research showing the volume of such scams is also high, there is a great risk to consumers. Nearly three quarters (73%) of those surveyed encountered a scam at least once a month, with a shocking 15% saying they encountered one every single day.

Gmail and Facebook were by far the most prominent sources of threat, with 53% and 52% of respondents respectively identifying these platforms as the ones on which most scammers tried to contact them last year. With Instagram (22%), WhatsApp (16%) and Google (17%) following closely behind, it is clear that all related parties – big tech, banks, telcos regulators and consumers themselves – must work together to combat and overcome malicious actors.

With each victim losing an average of $2,663, amounting to 0.6% of total U.S. GDP, more must be done. Urgency and clarity on approach is key.

Nuno Sebastião, Co-founder and CEO at Feedzai, said:

“Scammers are relentlessly targeting consumers and, as much as we need and want all our online services from online banking to social media, they do present more opportunities for fraudsters. There are simply more areas of vulnerability for them to exploit. More should be done to both protect and reimburse victims of fraud, and it’s true that banks and financial institutions play a big role here, but this responsibility cannot solely fall on their shoulders.

“If we are going to stand a chance in the fight against scams we need a collaborative approach - big tech companies, regulators, software providers and consumers must all work together to put measures in place from all angles.

“It feels like a big job, but it needn’t be hard. Using technology that can continuously provide customer-centric risk-scoring as well as biometric and behavioral pattern analysis, we can learn each consumer’s unique approach and use it to more effectively identify suspicious activity – we can prevent scams before they even happen, and without the consumer even realizing. We’re proud to be partnered with GASA to highlight such an important issue, and to be at the forefront of the fight.”

Jorjj Abraham, Managing Director at GASA adds:

“The findings are an important reminder of the scale of the fraud problem facing us all, and this is not just a problem in the U.S. Consumers are savvy, but fraudsters are increasingly sophisticated in their approach, and that means we need an increasingly sophisticated solution to match. Technology is really the only way forward if we’re going to get ahead of the game. If we combine cutting edge tech that prevents scams before they happen with an approach in which we’re not afraid to work together to share insights and knowledge around scams, we can tackle the alarming statistics revealed in our research. We’re proud of the work we’re doing, and Feedzai is crucial in helping us lead the fight so we’re confident of a brighter future.”

To find out more, read the full report here.

Notes to editors

About the research

The survey was completed by 2,500 U.S. adults. Biases towards a specific age or educational level were statistically corrected based on the general distribution within a country. It was commissioned by Feedzai and GASA.

About Feedzai

Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About GASA

The Global Anti Scam Alliance (GASA) is a non-profit, bringing together policy makers, law enforcement, consumer authorities, NGOs, the financial sector, cybersecurity, and commercial organizations to share insights and knowledge surrounding scams. For more information, visit https://www.gasa.org/

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