SOCIAL CATFISH - In 2022, Americans lost a record $10.3B to online scams, a 277% increase from five years ago, with the average loss per victim rising to $12,859. Social Catfish's "State of Internet Scams 2023" study, based on FBI and FTC data, reveals alarming trends:
- 81% of romance scam victims didn't report their experiences, often due to shame.
- Only 4.2% of stolen funds were recovered, mainly due to jurisdictional issues, as most scams originate outside the U.S.
- Young people (under 20) showed a 2,500% increase in money lost over five years, though seniors remain the most victimized group.
- Most online scams occur on social media platforms like Facebook, Google Hangouts, WhatsApp, Instagram, and Plenty of Fish.
- The emergence of AI technologies like voice cloning and deepfake videos raises new challenges in online scams.
- The United States leads in the number of online scam victims.
by Osaji Obi
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