Chinese State-Sponsored Hackers Target 10% of QR Codes, Causing $75 Billion in Annual Losses Amid 26.7% Increase in Fraud

Fraud investigators report that at least 10% of QR codes linked to online orders, restaurant tabletops, and public posters are scams, with a notable increase in such fraudulent activities attributed to Chinese state-sponsored hackers targeting financial information on smartphones. Since 2022, these fake codes have led to annual consumer losses of approximately $75 billion, as highlighted by LexisNexis Risk Solutions’ Government Group, which collaborates with federal agencies to combat these schemes. Additionally, in China, online fraud cases have surged, with a reported 26.7% increase from the previous year, resulting in the prosecution of 78,000 internet fraud offenders, marking a 53.9% rise in such prosecutions compared to the prior year.