AI-Driven Scams Cause $12.4 Billion in Global Losses: Deepfakes, Voice Clones, and Fake Crypto Platforms on the Rise
According to Australian Technology News, the global cybercrime landscape has been dramatically reshaped by the rapid adoption of artificial intelligence (AI) by scammers. AI technologies, including generative AI, are now being used to create highly convincing fake content, such as deepfakes, voice clones, phishing emails, and fraudulent websites. These tools enable criminals to target both individuals and businesses with unprecedented precision and scale.
Microsoft’s latest Cyber Signals report highlights the magnitude of the threat, revealing that the company blocked $6.28 billion in fraud attempts and 1.6 million fake bot account creations every hour between April 2024 and April 2025. The Anti-Fraud Team at Microsoft has observed a significant increase in activity originating from China and Germany, with a surge in fake AI websites and tech support scams affecting global networks.
Google’s Mandiant team has also uncovered a large-scale campaign involving malicious AI-themed websites operated by threat actors in Vietnam. These sites are designed to steal personal data and distribute malware, often masquerading as popular AI tools. Meanwhile, blockchain analytics firm Chainalysis reported a record-breaking $12.4 billion in cryptocurrency scam revenues in 2024. Notably, AI-powered “pig butchering” scams—long-term schemes that lure victims into fake crypto investments—accounted for 33% of this total.
“The game has changed,” said Professor Matthew Warren, Director of RMIT’s Centre for Cyber Security Research and Innovation. “The scams aren’t new — but AI has made them faster, cheaper, and terrifyingly convincing.”
AI has enabled fraudsters to scale their operations with minimal effort, allowing them to bypass Know Your Customer (KYC) protections and launch real-time scam calls using cloned voices of victims’ family members or company executives. Illicit marketplaces such as Huione Guarantee have processed $70 billion in cryptocurrency since 2021 and experienced a staggering 1,900% growth in AI scam software sales in 2024 alone.
Authorities worldwide, including the U.S. Treasury, are responding to the threat by sanctioning companies like Funnull Technology Inc. in the Philippines for facilitating AI-driven fraud infrastructure. Experts warn that scammers are now operating with the efficiency and innovation of tech startups, ushering in a new era of deception where any voice, face, or website could be fabricated by AI in seconds.
| Key Figures | Value |
|---|---|
| Global losses to AI-driven scams (2024) | $12.4 billion |
| Microsoft fraud attempts blocked (Apr 2024–Apr 2025) | $6.28 billion |
| Fake bot account creations blocked per hour | 1.6 million |
| Share of “pig butchering” scams in crypto fraud | 33% |
| Crypto processed by Huione Guarantee since 2021 | $70 billion |
| Growth in AI scam software sales (2024) | 1,900% |
- AI enables rapid, large-scale creation of fake content for scams.
- Major tech companies are blocking billions in fraud attempts.
- Cryptocurrency scams are increasingly powered by AI, with “pig butchering” schemes on the rise.
- Authorities are beginning to sanction companies involved in AI-driven fraud infrastructure.
Infobox: The global surge in AI-driven scams has resulted in $12.4 billion in losses in 2024, with deepfakes, voice clones, and fake crypto platforms fueling the trend. Major tech firms and authorities are intensifying efforts to combat this new wave of cybercrime, but experts warn that the sophistication and scale of AI-powered fraud continue to grow. (Source: Australian Technology News)
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