ANTI-SCAMS

Scams – when consumers are manipulated into authorising financial transactions or revealing sensitive financial information – increasingly spread on web-based platforms and cause significant economic, psychological and emotional harm. In 2023, the monetary value of scams was estimated at $1 trillion, equivalent to 1% of global GDP. In the US alone, consumer losses to scams in 2023 increased by 14% compared to the previous year, reaching nearly $1 billion monthly.

The scams threat environment that consumers are exposed to is becoming more complex. Criminals use a multitude of platforms and techniques, while the advent of generative Artificial Intelligence (AI) makes deception easier and more scalable. 

This complexity means that consumer education alone is not enough to protect people from scams. To add to the problem, scams operate across borders, which makes it difficult for authorities to coordinate legislation, conduct joint investigations and take enforcement actions. An international, cross-sector, multistakeholder approach to protecting consumers is needed.

Our Vision

Consumers must have confidence in the digital economy. A secure and resilient digital marketplace where people are protected from scams is part of this. 

We need collaborative and consumer-centric approaches to scam prevention, detection and victim support: 

  • Prevention must be improved through the implementation of advanced security protocols and collaborative intelligence sharing to stop scammers from accessing platforms and services.  

  • Detection and disruption mechanisms must be driven by cutting-edge technologies and real-time monitoring. This approach swiftly identifies and addresses fraudulent activities, maintaining a high standard of safety.  

  • Additionally, a robust support system for victims must feature prompt redressal and emotional support to ensure that every consumer is protected and supported. This reinforces overall trust and security in the digital landscape. 

Consumer Coalition to Stop Scams 

Consumers International founded the Consumer Coalition to Stop Scams in 2023 to drive progress towards these outcomes. 

Comprising 31 consumer associations from every region, the Coalition is the only truly global group addressing this challenge. It ensures the consumer experience of the problem is appropriately reflected and that solutions can be implemented worldwide. 

The Coalition actively involves and is supported by key regulatory and enforcement authorities. This includes the International Consumer Protection and Enforcement Network (ICPEN), as well as global businesses that are committed to reducing the pathways for criminals to scam consumers. For example, telecommunications companies, e-commerce platforms, card services and payment providers, and banks and other financial services institutions. 

This multistakeholder group works to action a set of Scam Policy Resilience Initiatives (SPRIs) to stop scams and develop a reporting mechanism for their implementation.  

 

What to Expect from the Coalition

Through 2024 and 2025, the Coalition is scaling and implementing Scam Policy Resilience Initiatives (SPRIs). These represent a set of actions that all stakeholders can take to reduce the impact of scams on consumers.

The Coalition meets each quarter to align on goals and share updates. Individual working groups also meet monthly to progress the SPRIs.

Join us

We invite you to join us in making a meaningful impact on the fight against scams, ensuring a safer environment for consumers worldwide. If you are a business looking to engage in this work and explore the benefits of our Change Network please reach out to partnerships@consint.org.