With the development of technology, fraudsters are becoming increasingly sophisticated. They are tech-savvy, open to new software and tools, and have developed multiple advanced techniques so that fake accounts blend in with normal users.

The total estimated cost of global fraud is greater than US$ 50 billion per year and the global losses on credit, debit, prepaid general purpose, and private label payment cards reached US$ 16.31 billion last year, a recent report from fraud detection solution Data Visor points out.

Fraudsters are everywhere. The report details the countries hosting the highest number of fraudulent accounts that target online services based in North America and Europe. The US and China host the highest number of fraudulent accounts, but Southeast Asia and Eastern Europe are producing their fair share of malicious accounts as well.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.