Fraud Landscape - 73% of US adults have experienced some kind of online scam or attack [1] - Reported losses from fraud hit $125 billion in 2024, showing a significant increase [1] - Scammers exploit human desires and vulnerabilities for illicit gain, targeting areas like romance, travel, and relief efforts [6] - Scammers are leveraging AI and deepfakes to create more sophisticated scams [10][18] - Democratization of access to AI capabilities allows scammers to target anyone and everyone, including small business owners [17][18][19] Common Scam Tactics - Dating scams involve fake verification services that subscribe victims to recurring billing services [3][4][5] - Travel scams involve mimicking airline or hotel websites to steal payment information [7] - Scammers use phishing, smishing (SMS phishing), and data from the dark web to obtain personal and financial information [7][8] - Scammers scrape social media profiles to create synthetic identities to target family or co-workers [16] Prevention and Mitigation - Consumers should be wary of deals that are too good to be true or situations where they are pressured to make a quick decision [9] - Consumers should check their account statements regularly and sign up for transaction alerts [5][13][14] - Consumers should be careful about the data they share, especially on social media [15][16] - Visa has identified over $1 billion in scams across its network and is working with law enforcement to dismantle them [9] - The industry needs to invest in good applications of AI to combat the bad applications of AI used by scammers [11]

Industry Trend & Risk Awareness - The industry faces a growing threat from love scams and deep fakes, impacting individuals and families [3] - Scammers use stolen identities to build relationships and defraud victims of money [3][4] - Cybercriminals are evolving their methods, including using QR codes for phishing [16][17] - The Philippines ranks seventh globally in connection to love scams [15] Individual & Corporate Security Measures - The industry emphasizes the importance of regularly changing passwords and setting social media profiles to private to mitigate risks [18][19] - It is crucial to be vigilant about dubious links and requests for money in messaging apps [17] - Encourages individuals to report suspicious activity and break the stigma surrounding scams [21][22] Data & Statistics - In 2023, Filipinos may have lost around 10 linked to romance scams, increasing to 45 in 2024 [15] - Globally, approximately 1,000 people are linked to romance scams [15] - One victim lost $2,000, equivalent to approximately 9 to 11 million Philippine pesos [8]