Online scams: Europe sounds the alarm 

A study conducted for the European Commission in 2026 reveals the scale of online financial fraud. From fake investments and misleading advertisements to romance scams and fraudulent platforms, global losses could reach €900 billion annually. 

Up to €900 billion lost every year 

Online financial scams have become a global problem. According to a study commissioned by the European Commission and finalised in August 2026, the economic losses associated with these scams could reach €900 billion per year worldwide. 

This figure does not concern the European Union alone. Nevertheless, it illustrates the scale of a phenomenon that now affects online shopping, investments, personal relationships and gambling platforms. In 2024, more than half of adults worldwide reported having encountered at least one scam attempt. 

Fraudulent advertisements at the heart of the problem 

A reassuring advertisement, a well-known celebrity or an offer presented as exceptional can be enough to attract an internet user to a fraudulent website. The report highlights advertising systems as one of the main channels used by scammers to reach their victims. 

Research cited in the study indicates that nearly one in three advertisements examined on certain major platforms in the European Union and the United Kingdom led to fraudulent content, data theft attempts or malicious software. 

Fraudsters also exploit recommendation systems to increase the visibility of their content. Advertisements promising extraordinary profits or presenting urgent opportunities can therefore circulate before being detected. 

The study also highlights limitations in certain verification procedures. On many platforms, thorough identity checks on advertisers remain rare, with verification processes largely relying on information provided by the advertisers themselves. 

Fake investments: €4 billion in losses across Europe 

Investment scams are among the most widespread and rapidly growing forms of fraud in Europe. According to estimates cited in the report, they caused €4 billion in losses across Europe in 2024. 

The method often involves promises of high returns, sometimes presented as guaranteed. Victims encounter an advertisement, join a discussion group or are directed to a fake financial platform. 

Criminals may display fictitious profits to persuade victims to invest more money. Fake testimonials and endorsements falsely attributed to public figures reinforce the appearance of credibility. 

Cryptocurrencies also play a significant role in these practices. Worldwide, losses attributed to cryptocurrency-related scams were estimated at €15 billion in 2025, according to data cited in the study. 

Another difficulty is that victims attempting to recover their money may be targeted a second time by scammers claiming to offer fund recovery services. 

Fake casinos and betting platforms: when winnings become a trap 

The European study also identifies fake casinos and fraudulent betting platforms among scams that exploit the promise of unexpected winnings. 

The scheme may begin with a relatively small deposit. The platform then displays favourable results or supposedly accumulated winnings to encourage users to make further payments. However, these amounts may be entirely fabricated. 

Fraudsters manipulate game outcomes, display fictitious winnings or prevent players from withdrawing their money. Some use deceptive applications and advertisements featuring fake endorsements from well-known personalities. 

These practices should not be confused with the activities of legally authorised operators. The report examines criminal schemes designed to deceive users, not the general operation of regulated gambling services. 

More than 22,500 fake online stores 

Investment and gambling scams represent only part of the problem. Online shopping is also a major target. 

Scammers create fake stores offering attractive products, collect payments and never deliver the goods. 

The BogusBazaar criminal network illustrates the scale of these operations. According to figures cited in the European report, it operated more than 22,500 fraudulent online stores in Europe between 2021 and 2024. 

Other methods include counterfeit goods, fake rental listings, tickets for nonexistent events and subscriptions involving hidden charges. 

Romance scams are becoming more widespread 

Some scams do not rely on advertising but instead exploit personal relationships. Fraudsters gradually establish an emotional connection with their victims before asking for money or presenting a supposed investment opportunity. 

One variation combines romantic manipulation with cryptocurrency fraud. Criminals take time to gain their victims’ trust before directing them towards a fictitious financial platform. 

According to data cited in the study, reports of this type of scam increased by nearly 40% in 2024 compared with the previous year. 

Fraudulent proceeds associated with these practices were estimated at between €9.1 billion and €11.4 billion worldwide. 

Artificial intelligence makes scammers more sophisticated 

New technologies allow criminal networks to refine their techniques. 

The report notably describes the use of manipulated videos that make it appear as though a celebrity is endorsing an investment or service. 

Automated tools also allow fraudsters to conduct conversations with several victims simultaneously, while generating content in different languages makes it easier to spread scams across borders. 

The study also highlights the development of a genuine criminal economy: ready-to-use fraud tools, networks of automated accounts and website cloning services are offered to other criminals. 

This infrastructure reduces the technical expertise required to launch fraudulent operations. 

Victims also suffer serious psychological consequences 

Financial losses represent only part of the harm caused by scams. 

According to research cited in the report, 79% of scam victims say they have experienced emotional consequences, including stress, anger, irritation or embarrassment. 

After falling victim to fraud, 34% of those affected changed how they used the internet, while 28% reported a lasting loss of trust. 

The consequences also affect consumer habits. Among victims of online shopping scams, 53% changed their purchasing behaviour. 

Shame and fear of being judged can also discourage victims from reporting incidents, contributing to an underestimation of the true scale of the problem. 

The European Union faces the limitations of digital oversight 

The study examines several approaches to preventing the spread of scams: strengthening advertiser verification, improving the detection of criminal networks, enhancing reporting mechanisms and developing cooperation between platforms, financial institutions and authorities. 

It specifically cites results observed in Singapore and Taiwan, where stricter verification requirements were associated with reductions in fraudulent advertisements ranging from 29% to 96%. 

The report falls within the framework of the European Union’s Digital Services Act (DSA). Articles 34 and 35 notably require very large online platforms and very large online search engines to assess and mitigate certain systemic risks. 

However, the authors clarify that their work does not constitute an assessment of whether specific platforms comply with these obligations.