Fewer Mega-Thefts, More Retail-Scale Attacks
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While total phishing losses fell, the structure of attacks also changed. Only 11 incidents exceeded $1 million in 2025, down from 30 in 2024, indicating a decline in large-scale heists. Instead, attackers shifted toward lower-value, higher-volume campaigns aimed at retail users.
This strategy pushed the average loss per victim down to $790, but kept the drainer ecosystem alive. As Scam Sniffer noted, “as old drainers exit, new ones emerge,” suggesting that while defenses are improving, phishing remains a persistent risk—especially during periods of heightened market activity.