GASA and ScamAdviser Reveal Potential $688 billion loss to scams in Asia

The 2024 Asia Scam Report surveyed nearly 25,000 participants across 13 Asia markets 

Upcoming Global Anti-Scam Summit – Asia is taken place in Singapore Oct 21-22

SINGAPORE  , Oct. 16, 2024 /PRNewswire/ -- As scams continue to escalate across Asia, the Global Anti-Scam Alliance (GASA) and ScamAdviser jointly announce the release of the Asia Scam Report before the Global Anti-Scam Summit – Asia in Singapore on October 21-22. This comprehensive report provides critical insights into the evolving landscape of digital scams across the region, offering actionable data for governments, businesses, and individuals.

"As scammers become more sophisticated, leveraging AI to scale their attacks, our defense strategies must advance rapidly." said Jorij Abraham, Managing Director of GASA. "The Asia Scam Report sheds light on the alarming rise of scams across the region. We are honored to collaborate with industry partners to strengthen our collective efforts in protecting citizens and businesses throughout Asia."

The 2024 Asia Scam Report, conducted by the Global Anti-Scam Alliance (GASA) and ScamAdviser surveyed nearly 25,000 participants across 13 areas including China, Hong Kong, India, Indonesia, Japan, Malaysian, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. The findings provide an in-depth look at scam threats, the methods employed by scammers, and the responses from citizens across the region.

The Asia Scam Report reveals key findings, including:

Scam-related losses are estimated to reach US$688.42 billion across 13 Asian markets, underscoring the urgent need for stronger scam prevention strategies. The most prominent channels used for scams in Asia are, in order: Text/SMS, Phone calls, Chat Apps, Social Media, and Email. Nearly half of Asians believe online platforms should be held accountable for their losses, while Singaporeans tend to place the most blame on banks and payment providers. 1 in 4 scams are completed in just minutes, and only 8% of scam cases span over a year, reflecting the efficiency and speed of these operations. Identity theft is the most common scam in China, Japan, Singapore, Taiwan, Thailand, and Vietnam. In Malaysia, Indonesia, and Pakistan, investment scams dominate, while shopping scams are most prevalent in India and the Philippines. In most markets, expectation is that online platforms and website providers should be responsible for refund the loss of scams.

Join the Global Anti-Scam Asia Summit – Asia

The findings of the Asia Scam Report will be further discussed at the upcoming Global Anti-Scam Summit －Asia, where experts from across the globe will share their insights on combating the growing scam. Besides ScamAdviser, attendees will have the opportunity to engage with thought leaders, including representatives from Amazon, Mastercard, Gogolook, Google, and Meta, as well as officials from law enforcement, financial authorities, and non-profit organizations.

For more information on Global Anti-Scam Summit – Asia, please visit the official website: https://www.gasa.org/gass-2024-asia

To download the 2024 Asia Scam Report, please visit: https://www.gasa.org/research

About GASA

The Global Anti Scam Alliance's (GASA) mission is to protect consumers worldwide from scams by raising awareness, enabling hands-on tools, facilitating knowledge sharing, organizing research, and offering training and education.

For more information, please refer to: https://www.gasa.org/

About ScamAdviser

ScamAdviser, a leading brand in global enterprise scam prevention solutions, based in Amsterdam, Netherlands. Leveraging AI and a comprehensive database network, ScamAdviser has developed its own website risk rating technology. Its Anti-Scam Intelligence is built on the world's most comprehensive digital anti-scam database.

ScamAdviser excels in implementing customized anti-scam technologies into corporate operations, helping clients protect consumers and stay ahead of global compliance trends. As a founding member of the Global Anti-Scam Alliance, ScamAdviser's partners and clients span Europe, the Americas, and Asia, covering both public and private sectors. With the world's largest scam database, we share insights with 400+ partners, collectively protecting more than 1 billion consumers worldwide.

For more information, please refer to: https://www.scamadviser.com