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LISBON Scammers stole an estimated US$1.02 trillion (S$1.4 trillion) globally between August 2022 and August 2023, with victims in Singapore losing the most money on average.

This was way higher than the US$55.3 billion lost for the whole of 2021 and the US$47.8 billion lost in 2020, according to a joint study by non-profit organisation Global Anti-Scam Alliance (Gasa) and data service provider ScamAdviser.

The latest figure was revealed by Gasa managing director Jorij Abraham during his opening speech on Wednesday at the Global Anti-Scam Summit in Lisbon, Portugal.

The annual conference, which is in its fourth year, runs over two days.

The global sum lost to scams was estimated by surveying 49,459 individuals from 43 countries, including Singapore.

Participants were asked about the types of scams they encountered and the amount of money they lost to fraudsters, among other questions. The data was then extrapolated based on the country’s population.

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