From The Conversation.
Scams are big business. From the letters claiming you’ve won millions in a lottery that you don’t recall entering, to phone calls from people claiming to be your bank, it is becoming increasingly difficult to keep up with the range of scenarios being used to con people out of money.
Victims can suffer substantial financial losses that cannot be recuperated and psychological distress.
Collectively, people across the globe are losing billions each year to mass-market scams, with US$12.7 billion lost globally in 2013 to 419 advance fee fraud scams alone. Precise figures are difficult to come by due to the substantial under-reporting of this crime. Recent reports suggest only 15% of victims in the US report the crime to law enforcement.
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