A recent study reveals that three out of four European adults have encountered an online scam in the past year, with losses reaching 50 billion euros. Despite the impact, only 39% reported the incident to authorities. Criminal networks in Southeast Asia, meanwhile, generate annual profits of up to 37 billion euros, reflecting the magnitude of the problem.
How technology facilitates fraud and the digital response 🔍
Scammers use tools like automated phishing, deepfakes, and bots to scale their attacks. Messaging platforms and social networks are the preferred channels, taking advantage of the lack of verification. On the technical side, implementing multi-factor authentication and AI systems to detect suspicious patterns has reduced some cases, but it is not enough. The low reporting rate (39%) worsens the problem, since without data, authorities cannot track money trails or dismantle networks.
The perfect scam: you pay, you learn, and you even feel guilty 😅
The curious thing is that the remaining 61% do not report, perhaps out of shame or because they assume it is useless. Meanwhile, Southeast Asian scammers bill 37 billion a year, more than many tech startups. If we at least reported, we could make their job a little more uncomfortable. But hey, at least we know that if we fall for it, we won't be alone: three out of four already have.