Collaborate Disseminate
Scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method, according to the Federal Trade Commission. Social media gives scammers an edge in several ways. They can easily manufac… Continue reading $2.7 billion lost to social media scams since 2021
The Santa Clara County deputy district attorney has made it her mission to fight back against these scams and the people executing them.
The post California prosecutor Erin West on the massive wealth transfer to Southeast Asia from a crypto scam called ‘pig butchering’ appeared first on CyberScoop.
Fraudsters are taking advantage of the widening fraud knowledge gap, outlining the urgent need for banks to educate and protect their customers with technology, according to Feedzai. The report reveals that while 56% of respondents have been a victim o… Continue reading Scammers using social media to dupe people into becoming money mules
The Department of Justice (DoJ) declared the confiscation of digital currency valued at approximately $112 million connected to fraudulent cryptocurrency investments. Laundering money from cryptocurrency confidence scams According to court documents, t… Continue reading DoJ cracks down on cryptocurrency fraud, seizes $112 million in linked funds
Investigators found scammers involved in human trafficking.
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Continue reading INTERPOL raids hundreds of scammy call centers in sweep
Nearly half of the scams originated on social media.
The post Losses to cryptocurrency scams top $1B, FTC reports appeared first on CyberScoop.
Continue reading Losses to cryptocurrency scams top $1B, FTC reports
Business email compromise again proved costliest, at $2.4 billion, according to the bureau’s Internet Crime Complaint Center
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Continue reading FBI: Cybercrime reports saw ‘unprecedented’ rise last year, costing nearly $7B
Business email compromise/email account compromise scams still have the highest financial toll on victims, but investment fraud has also lead to massive losses last year, FBI’s 2021 Internet Crime Report has revealed. Tech support scammers have l… Continue reading Internet crime in 2021: Investment fraud losses soar
Reports of online romance scams continued to grow in 2021, according to the Federal Trade Commission, and cryptocurrency payments now represent a big chunk of the money lost. Complaints about these heartbreaking swindles added up to $547 million overall last year, the agency said Thursday, up about 80 percent from the $307 million reported to the FTC in 2020. Of that total, $139 million in reported losses came from cryptocurrency transactions. In those cases, the victims often are subjected to a fancier plea for money than what typically occurs in a romance scam. “People are led to believe their new online companion is a successful investor who, before long, casually offers investment advice,” the FTC said. “These so-called investment opportunities often involve foreign exchange (forex) trading or cryptocurrency.” The spike in cryptocurrency-oriented complaints is dramatic. The 2021 numbers “are nearly five times those reported in 2020, and more than 25 […]
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Continue reading Online romance scams expand, now with more cryptocurrency
Losses from fraud originating on social media skyrocketed in 2021, according to data the Federal Trade Commission released Thursday. More than 95,000 individuals reported losses totaling $770 million as a result of fraud initiated on social media. That number is up from $258 million in 2020 and just $42 million in 2017. Part of that growth has been driven by record losses to cryptocurrency scams. Investment scams made up 37% of all reported fraud losses originating on social media in 2021, according to Thursday’s report. Scammers have found a wide range of ways to dupe cryptocurrency investors, such as so-called “giveaway” scams where victims are told to send in money for a large investment return that never appears. Those scams have popped up quickly after surges in popularity of a new coin and even with focused efforts, social media platforms have struggled to stop them. The FTC in March 2021 […]
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Continue reading FTC says Americans are losing more money to social media fraud than ever before