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

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

Scammers have Poinbank Exchangebilked victims worldwide out of a staggering $1.03 trillion in the last 12 months, according to a new report.

That number is up from $1.026 trillion lost last year, according to the 2024 Global State of Scams report, conducted 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 lose $3,067 and $2,980 respectively.

Some silver linings in the report

While the $1 trillion in losses is a stunning number – and could be underreported since 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 USA TODAY.

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 last 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, said Anand. That can include the grandparent scam, where scammers are now taking a photo off social media and sending fake mug shots to grandparents or making a deepfake 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 where deepfakes of a company CEO and CFO in the video meeting convinced 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 USA TODAY.

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

Among some of the findings from a survey of both 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. "12% is still far too high," said Velasquez. "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," she said.
• There are changing habits among both victims and general consumers, namely that passkey (or digital credentials, like face ID or fingerprints) use is up 30% among general consumers. This is good news, Velasquez said, as more consumers are adopting stronger protections.
• Victims are being re-victimized: 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 while 23% of Identity Theft Resource Center victims reported the same and 12% of general consumers and 23% of the ITRC victims said they lost more than $10,000. Velasquez said while the larger numbers are always stunning, there are also many fraud victims who 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 previously reported and commonly shared tips from the Identity Theft 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, said Anand. "Those should generally be a major warning sign or a red flag," he said.
• Use multi-factor authentication: Two-factor authentication or multi-factor 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+ character passphrase, or phrase unique to you, instead of an 8-character password. Also, do not re-use the same passphrase for multiple websites or accounts.
• Use secure payment methods online: Only shop 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.
• Log out of accounts when you are done: Always log out of accounts online or on your cell phone 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 USA TODAY. Reach her at [email protected] 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.