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Don't get hooked: Phishing emails and other online cons costing over $1 trillion a year

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ORO VALLEY, Ariz. (KGUN) — Online scams are becoming more sophisticated. They target unsuspecting victims and cost individuals and businesses north of a trillion dollars annually.

Experts say awareness and caution are key in protecting against these cyber threats.

Chuck Corriere, a retired radio host who spends much of his day trading stocks online, has firsthand experience with these scams.

“They are sending me stock tips! So all I have to do is click this link… I thought it was a real stock tip!” Corriere said.

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However, the tip was nothing more than a phishing email, a common type of online scam designed to steal personal information or install malicious software.

Marc Enzor, founder and president of Geeks 2 You, a Tucson-based computer repair and IT services company, warns that scams often disguise themselves as legitimate communications.

“You might get an email that looks like it’s from your boss, but it’s not,” Enzor said. “And it says, ‘Hey, I need you to buy some gift cards.’ But ultimately, they’re trying to get you a PDF with a link in it. And you click that link — and boom — you get hit with this ransomware.”

Cybercriminals frequently target specific demographics, particularly those less familiar with modern technology.

“Generally speaking, I’d say it’s a lot of senior citizens, that’s a big portion of it,” Enzor said. “It’s really anyone that didn’t grow up with technology.”

According to the Global Anti-Scam Alliance, financial losses due to online scams surpassed $1 trillion in 2024. These scams are not the work of lone hackers but highly organized operations.

“They’re not run by like a Dorito-eating guy in a hoodie, you know, in their mom’s basement,” Enzor said. “These guys are like organized, they have HR departments.”

Enzor emphasizes the importance of proactive security measures. Installing scam and phishing filters on computers is a simple yet effective step in reducing risk.

For Southern Arizonans and beyond, staying vigilant and questioning suspicious emails, messages, or links can help prevent becoming the next victim in this multi-trillion-dollar industry of cybercrime.

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Eddie Celaya is a multimedia journalist at KGUN 9. Born in Tucson and raised in the Phoenix area, Eddie is a life-long Arizonan and graduate of the University of Arizona who loves the desert and mountains and hates the cold. Previously, Eddie worked in print media at the Arizona Daily Star. Share your story ideas with Eddie at edward.celaya@kgun9.com, or by connecting on Facebook or Instagram.