SINGAPORE – Around US$55.3 billion ($77.2 billion) was lost to scams worldwide in 2021, according to a study done by non-profit organisation Global Anti Scam Alliance (Gasa) and data service provider ScamAdviser.
The figure was revealed by Gasa general manager Jorij Abraham during his opening speech on Wednesday at the Global Anti Scam Summit. The conference, held in the Netherlands, runs for two days.
The study – based on data collected from 48 countries including Singapore – found that the global amount lost in 2021 had risen by 15.7 per cent, from US$47.8 billion in 2020.
Victims in Singapore lost at least $633.3 million to scams in 2021, the police said in February.
Gasa brings together stakeholders such as policymakers, law enforcement agencies and cyber-security agencies to share knowledge on scams. ScamAdviser offers a service of helping people check if a website is a scam.
Speaking to a hybrid audience of over 300 attendees at the summit’s third iteration, Mr Abraham said online scams are among the most reported crimes in many countries including the United Kingdom, Russia and Singapore.
“Scams are growing, even in developing countries, because the Covid-19 pandemic has pushed people to go online, including those not experienced with using the Internet,” he said.
Investment scams, especially those involving cryptocurrency, are growing rapidly worldwide. In Singapore, investment scams accounted for the most amount of money stolen, with victims…
