According to the study, the losses stem from several things, including cryptocurrency scams, which cause losses of about 18 billion USD, and indirect revenue earned by social media platforms from fraudulent content, estimated at around 16 billion USD. Misinformation also reduces consumer spending by sowing social division and making consumers less trusting.

Of all the activities related to fake news, fake reviews on e-commerce platforms are probably the largest source of economic damage, causing an estimated 227 billion USD in losses each year, more than half of the total costs associated with fake news. Fake news also triggers significant volatility in stock markets.

The researchers note that artificial intelligence (AI) is amplifying the scale of misinformation. AI reduces the cost of producing fake content while making it more convincing. It’s estimated that AI is increasing the economic impact of fake news an additional 15-30%.