Scams News & Analysis
2 articles
Market Mood
Global Fraud Losses Reach Half a Trillion Dollars Annually
In 2024, global fraud losses exceeded $500 billion, according to the Global Anti-Scam Alliance. Reports of romance scams rose by 20% from Q1 2024 to 2025, with the City of London police reporting £106 million lost to scams in the UK alone in 2024. One victim transferred £80,000 to scammers, highlighting the rise in sophisticated tactics used to deceive individuals. This surge in scams post-Covid has prompted governments and companies to seek international cooperation to combat fraud effectively. Official accounts show that scammers often operate internationally, utilizing advanced techniques to evade capture.
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Tinder (MATCH) and Zoom adopt eye-scanning for user verification
Tinder (MATCH) will implement advanced eye-scanning technology to help users verify their identities amid concerns over AI-generated fake accounts. Users can submit iris scans through an app or a device to earn a 'proof of humanity' badge. This initiative follows reports that up to 30% of Tinder profiles could be bots aimed at scamming users. Tinder's partnership with World ID, co-founded by Sam Altman of OpenAI, could enhance user trust as scams accounted for over $1 billion in losses in the US last year, per the FTC.
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