Scam losses worldwide this year are $1 trillion. How to protect yourself.

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Corrections & Clarifications: A previous version of this story included data provided to Paste BN that misstated the amount lost to scams globally last year. It was $1.026 billion.

Scammers have bilked victims worldwide out of a staggering $1.03 trillion in the past 12 months, a new report shows.

That number is up from $1.026 trillion last year, according to the 2024 Global State of Scams report by the Global Anti-Scam Alliance in partnership with Feedzai, a company that helps financial institutions manage their fraud.

The latest annual report drew insights from more than 58,000 respondents worldwide.

The hardest-hit victims were in the U.S., where the average loss per scam victim was $3,520, followed by victims in Demark and Switzerland, who lost $3,067 and $2,980 respectively.

Some silver linings in the report

Though $1 trillion in losses is a stunning number – and could be underreported because often people are too ashamed or embarrassed to report they are a victim of a scam – there are some silver linings in the report, said Jas Anand, a Feedzai senior fraud executive who leads the North American fraud team.

"I think the biggest improvement was really in education and the ability for people to confidently spot scams," Anand told Paste BN.

Sixty-seven percent of survey respondents said they know what a scam looks like. 

"Now, what's not very helpful there is that even though people are educated, the rate of attack of scams is irrespective of how well educated they think they are or whether they can spot scams, so that's not very encouraging," Anand said.

Scams on the rise

Here's some other highlights from the global scam report:

• Almost half of the world encounters a scam at least once a week.  

• 1 in 2 survey respondents said they were exposed to more scams in the past 12 months. 

• Shopping scams are the most frequently encountered around the world. 

• Nearly half of scams are over within 24 hours of contact. 

• Globally, only 4% of victims got their money back.

• 36% of victims reported a severe emotional impact after a scam.

• 70% did not report the scam to law enforcement. 

Rise in AI used in scams

There has been a significant increase in the use of artificial intelligence in scams, Anand said. That can include the grandparent scam, in which scammers take a photo off social media and send fake mug shots to grandparents or make a fake voice recording using the grandchild's voice to ask for help.

"The capability to convince people of the scam using AI has increased significantly," he said.

AI was also used to call a fake meeting in which deepfakes of a company CEO and CFO in the video meeting persuaded an employee to send $20 million to scammers, Anand said.

Scam victims are impacted greatly

Losses for fraud victims hitting more than $1 trillion globally is surprising but not unexpected, said Eva Velasquez, president and CEO of the Identity Theft Resource Center. Velasquez is a featured speaker at a Global Anti-Scam Alliance conference next week and was familiar with the study.

"The scammers are getting much better at not only social engineering, not only talking people out of large dollar amounts in one fell swoop, but being able to build relationships with people in a way that they can continue to get them to self-compromise not only their data but their dollars, which can start reaching six figures," Velasquez told Paste BN.

A report released recently by Velasquez's organization also provides some insights into the specific effect on scam victims, and in particular identity theft victims.

Among some of the findings from a survey of general consumers and victims who reported their crimes to the organization:

• Fifty-two percent of general consumers surveyed said their personal information was stolen or misused, up from 30% the year before.
• The rate of victims who are contemplating suicide is down to 12% of respondents from 16% last year, which was an all-time high. "Twelve percent is still far too high," Velasquez said. "A lot of times, a person isn't only grieving the loss of their money and their data but grieving the loss of a relationship they thought was real."
• There are changing habits among victims and general consumers alike, namely that passkey (or digital credentials, like face ID or fingerprints) use is up 30% among general consumers. That is good news, Velasquez said, because more consumers are adopting stronger protections.
• Victims are being revictimized: 49% of general consumers reported being a victim more than once, and 47% of victims reported the same. Identity theft can be a vicious cycle, Velasquez said, and she worries that consumers might be fatigued from protecting themselves.
• More victims are reporting losses at the extremes: 31% of general consumers said they lost less than $500; 23% of Identity Theft Resource Center victims reported the same, and 12% of general consumers and 23% of the Identity Theft Resource Center victims said they lost more than $10,000. Velasquez said that while the larger numbers are always stunning, many fraud victims lose smaller amounts, but it is equally devastating to their financial well-being.

Romance scam: A widow opened herself up to new love. Instead, she was catfished for a million dollars.

Tips to protect against scams

Here are some tips from Anand and some other tips from the resource center:

• Be wary of a sense of secrecy and urgency: In nearly every scam, the scammer will emphasize that something has to be done quickly and quietly, without telling anyone else, Anand said. "Those should generally be a major warning sign or a red flag," he said.
• Use multifactor authentication: Two-factor authentication or multifactor authentication adds an extra layer of protection to your account through another verification method, like a text code, phone call or through an app.
• Use unique passphrases for every account: Use a 12-plus-character passphrase, or phrase unique to you, instead of an eight-character password. Also, do not reuse passphrases for multiple websites or accounts.
• Use secure payment methods online: Shop only trusted websites and use trusted payment methods. If you shop at an unfamiliar site, use a payment method that has a dispute resolution process, like a credit card or PayPal.
• Never open a link from an unknown source: Don't click on links or download attachments via email or text unless you are expecting something from a person or business you know.
• Sign out of accounts when you are done. Always sign out of accounts online or on your cellphone so no one can gain access if they get your device.

This story has been updated to fix an incorrect statistic.

Betty Lin-Fisher is a consumer reporter for Paste BN. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.