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broadbandbreakfast.com
Older adults' losses to fraud and scams have increased significantly, from $1 billion in 2021 to approximately $1.8 billion in reported losses in 2023, with the FTC estimating actual losses may reach as high as $48 billion when accounting for unreported cases. Older adults are particularly vulnerable to business impersonation scams (especially Amazon impersonation), romance scams, tech support scams, and investment scams involving fake cryptocurrency opportunities. Government agencies, tech companies, and nonprofit organizations are working to combat fraud through education, awareness tools, and new coalitions like Tech Against Scams, while also recognizing the significant mental and emotional health impact on scam
freep.com
Two emerging scams exploit people's willingness to help others: the "borrow your phone" scam, where strangers ask to use your phone and secretly transfer money from payment apps to their accounts (stealing $150-$200 or more), and the "accidental deposit" scam, where scammers claim they mistakenly sent you money via Venmo and request you send it back, potentially involving fraudulent transactions. Experts recommend never handing phones to strangers and verifying overpayment claims directly with payment app customer support rather than trusting unsolicited requests.
justice.gov
In January 2023, a Massachusetts workers union was defrauded of $6.4 million through a business email compromise (BEC) scheme in which scammers spoofed an investment consulting firm's email address (changing one letter) to request a payment information change. The U.S. Department of Justice filed a civil forfeiture action to recover approximately $5.3 million in traced proceeds that were transferred through multiple intermediary accounts in Hong Kong, China, Singapore, and Nigeria before being seized from seven domestic bank accounts.
infosecurity-magazine.com
The FBI issued a public service announcement warning of a surge in fraudulent work-from-home scams that pose as legitimate job opportunities, luring victims with promises of easy tasks and using tactics like impersonating reputable companies, requesting cryptocurrency payments, and displaying fake earnings on phony interfaces. Red flags include unsolicited job offers with simplistic descriptions, demands for upfront cryptocurrency payments, and no reference checks, while the FBI advises people to avoid sending money to unfamiliar entities and protect personal financial information. Experts emphasize trusting one's instincts about suspicious job offers and recognizing warning signs like confusing payment structures, particularly as remote work becomes more normalized.
employeebenefits.co.uk
Research from WEALTH at work found that over one-third (34%) of people who lost money to scams in the past year fell victim to multiple scam types. The most common scams involved purchase fraud (27%), investment schemes (19%), impersonation of friends or family (18%), fake bank account compromise claims (18%), and tech support fraud (15%), with other prevalent schemes including romance scams, pension fraud, tax refund scams, and lottery scams.
usatoday.com
Elder fraud complaints are rising significantly, with the FBI reporting 101,000 victims who lost $3.4 billion in 2023, though AARP estimates actual losses exceed $28 billion annually due to underreporting driven by victim shame and embarrassment. Common scams targeting seniors include AI voice cloning, romance scams, tech support fraud, impersonations of banks and government agencies, and investment schemes. Key protective measures include establishing code words with family to verify identity, never sending money to unknown contacts, ignoring unsolicited pop-up and email messages, hanging up and calling back known numbers to verify callers, and remembering that legitimate government agencies contact by mail rather than
ktbs.com
Colin Evans of Evans Financial discussed four major scams to watch for in 2024: cryptocurrency scams, phishing scams, investment scams, and tech support scams. The segment aired as part of a regular "Your Money" educational series on KPXJ Channel 21, which airs every Tuesday at 3 p.m.
justice.gov
The U.S. Attorney's Office, along with Age-Friendly Mecklenburg and AARP-Charlotte, hosted a Walk for Awareness event on June 15, 2024, to highlight World Elder Abuse Awareness Day and increase community recognition of elder exploitation, neglect, and abuse. According to the FBI's 2023 Internet Crimes Report, individuals 60 and older filed 101,068 complaints and sustained $3.4 billion in losses from online fraud, with tech support scams, government impersonation, phishing, and romance scams being particularly prevalent threats to older adults.
gobankingrates.com
This educational article outlines 11 common scams expected in 2025 and protective measures for consumers. Key scams include AI-powered fraud (voice cloning, deepfakes, phishing, and fake job postings), check fraud through digital alteration, debt relief scams, and fake package delivery schemes, with seniors particularly targeted through "grandparent scams." The article advises consumers to verify identities before sharing information, use secure payment methods instead of checks, contact legitimate financial institutions directly, and remain vigilant as scammers use advancing technology to make frauds harder to detect.
wbiw.com
Elder fraud incidents rose 14% in 2023, with seniors over 60 losing over $724 million to scams in 2022—more than all other age groups combined. The article identifies five prevalent fraud types targeting seniors: impersonation scams (using AI voice technology), robocalls and phishing, the grandparent scam, sweepstakes scams (costing victims nearly $70 million in 2022), and investment/charity scams (causing $1.2 billion in losses in 2023). Key protective measures include verifying caller identity through alternative channels, hanging up on suspicious calls, confirming situations with family members, and researching
the-sun.com
Taylor Trost, a business owner from Scottsdale, Arizona, lost $25,000 in April to a sophisticated social engineering scam in which a caller impersonated her bank and convinced her to provide account access by claiming an impostor was using her identity. After weeks of calling her bank and receiving conflicting information, she received only a $128 refund and her case was closed without explanation. Trost shared her story on TikTok and discovered other victims, while cybersecurity experts advise consumers to verify company contact information directly rather than using provided numbers and to avoid wire transfers, cash apps, and gift cards when conducting sensitive transactions.
timesofindia.indiatimes.com
A 75-year-old Midwestern professional lost $716,212 in a "pig butchering" romance scam that began with a LinkedIn message from a scammer posing as a wealthy Chinese woman named Violaine Chen. The scammer built trust over months of intimate conversations before convincing him to invest in a fake trading platform (Fuex), where his account was frozen when he attempted withdrawal, leading him to take out loans to pay fraudulent fees. The man, who reported the crime to the FBI, was left with no recovered funds and hopes his experience will warn others about this sophisticated fraud scheme.
finance.yahoo.com
In 2022, Oklahoma's elderly population lost over $19.4 million to fraud, affecting 790 victims aged 60 and older with an average loss of $24,627 per victim. Investment scams were the costliest fraud type nationally ($404 million), followed by business and romance scams, with online platforms being the most common fraud method for seniors compared to text-based scams.
en.cryptonomist.ch
"Crypto Boy," a Netflix film released in October 2023, dramatizes the true-to-life story of Amir, a boy who lost his life savings and recruited friends and relatives into a cryptocurrency Ponzi scheme after being promised easy returns by a fraudulent investment platform. The film illustrates a widespread problem in the crypto sector, where analysis of 1,450 Initial Coin Offerings (ICOs) in 2018 identified 271 as suspicious with approximately $1 billion in fraudulent investments. The scam exemplifies how cryptocurrency schemes use promises of quick earnings and pyramid structures to lure vulnerable victims before operators disappear and funds become inaccessible.
the-sun.com
A 75-year-old professional lost over $700,000 in less than two months after being approached on LinkedIn in May 2023 by a woman claiming to be a 37-year-old named Violaine Chen who lived in San Francisco. Through thousands of WhatsApp messages combining romance and investment advice, the scammer convinced him to download a fraudulent investment app called Fuex and deposit money into accounts in Hong Kong, initially requesting $1,500 and escalating from there. The "pig butchering" romance scam damaged his 40-year marriage and nearly cost him his life before he became aware of the fraud.
which.co.uk
This Which? article provides consumer awareness about common scams rather than reporting a specific fraud incident. The piece highlights three prevalent scam types: hotel booking fraud where hackers gain access to hotel systems to send phishing messages requesting card details (with 40 reported Booking.com scams in early 2024); phone/broadband provider impersonation calls offering refunds or upgrades while tricking victims into sharing remote access or making unauthorized payments; and hidden subscription scams where victims are charged recurring fees (up to £50/month) through misleading ads and fake QR codes. The article emphasizes that all consumers are vulnerable to sophisticated fraud and recommends awareness and protective measures.
asiaone.com
Senior Minister Lee Hsien Loong warned Singaporeans about deepfake scam videos falsely depicting him promoting investment products with guaranteed returns. Scammers used AI technology to synchronize his voice and mouth movements with footage of his 2023 National Day message, creating convincing fake videos designed to deceive viewers into signing up for fraudulent schemes. He urged the public to remain vigilant, report such scams via the Government's ScamShield Bot, and remember that investment offers sounding too good to be true warrant caution.
straitstimes.com
Senior Minister Lee Hsien Loong warned the public in June that a deepfake video circulating on social media falsely depicted him promoting an investment product offering guaranteed returns. The scammers used AI technology to synchronize his mouth movements with fabricated audio layered over actual footage of his 2023 National Day address, demonstrating the increasing sophistication of deepfake scams. SM Lee urged Singaporeans to remain vigilant, remember that legitimate offers do not come from public officials promoting investments, and report suspected scam advertisements through the government's ScamShield Bot.
thestar.com.my
**Summary:**
Senior Minister Lee Hsien Loong warned Singaporeans about a deepfake video in which his likeness and voice were used to promote an investment product with guaranteed returns. The scammers used AI technology to synchronize his mouth movements with fabricated audio layered over actual footage from his 2023 National Day message, demonstrating the sophistication of deepfake fraud. SM Lee advised the public to be cautious of investment scams involving public figures and to report suspected scams using the Government's ScamShield Bot.
theage.com.au
This opinion piece provides guidance for victims of scams on steps to take after falling victim to fraud. The article outlines three key actions: immediately report the scam to your bank and contact IDCARE (1800 595 160) to limit recovery losses; remain vigilant against follow-up scams targeting victims with stolen personal information; and develop a financial recovery plan through budgeting adjustments, investment strategy changes, or seeking professional financial advice. The piece emphasizes that scam victims often experience profound emotional and psychological impacts, with one in three victims being scammed multiple times.
myjoyonline.com
Two Ghanaian nationals, Wigbert Bandie and Khadijah Adam, were arrested in the United States and face charges of wire fraud, mail fraud, and money laundering for operating romance and advance-fee scams between June 2019 and December 2019. The defendants targeted victims through social media impersonation, with one victim, Richard Coleman from Knoxville, defrauded of $73,550 after being convinced to pay shipping fees for non-existent gold shipments; a third defendant, Mubarak Braimah, remains at large with an FBI warrant issued for his arrest. Pretrial proceedings were scheduled for June
dailyforex.com
Telegram has become a popular platform for Forex scammers to target traders by impersonating legitimate traders or brokers and convincing victims to deposit funds with fake platforms or wallets under their control. Common scam types include copycat channels, phishing schemes, pump-and-dump schemes, romance scams, fake broker impersonation, and fake education programs, with scammers typically using fake account screenshots, grammatical errors, and time-pressure tactics to manipulate victims. Traders can protect themselves by verifying legitimacy through official channels, avoiding unsolicited contacts, never sharing personal details, and being cautious of pressure tactics and guaranteed returns.
cjonline.com
Shan Hanes, former CEO of Heartland Tri-State Bank in Kansas, pleaded guilty to embezzling $47 million in bank funds through a "pig butchering" cryptocurrency scam, where he was lured by an unidentified scammer via WhatsApp into making fraudulent cryptocurrency investments with false promises of returns. Hanes made 11 wire transfers to cryptocurrency accounts while lying to bank employees and investors, resulting in shareholder losses of $9-13 million and leading to the bank's insolvency in July 2023. He faces up to 30 years in prison, a $1 million fine, and $60.5 million in restit
mynation.com
A Noida businessman lost ₹9.09 crore over one month after joining a WhatsApp group promising stock market profits, only to have his trading account closed after he invested the full amount. Police froze ₹1.62 crore of the fraudulent funds and initiated investigations into multiple bank accounts across India involved in the scheme. Authorities urge the public to remain vigilant against online trading scams and report suspicious activities to cyber crime units.
fox13news.com
Florida enacted a new law allowing banks to delay large withdrawals for up to 15 days if employees suspect seniors or vulnerable adults are being financially exploited, with legal immunity for good-faith delays. Florida seniors lost $294 million to scams in 2023 through various methods including social media, phone calls, and door-to-door fraud, though only 20% of cases are reported. The law, effective January 2024, requires banks to notify account holders and "trusted contacts" and contact law enforcement during the delay period to investigate potential fraud.
mdjonline.com
Georgia ranks among the top ten states targeted by organized scam operators who extract millions of dollars annually from senior citizens through romance scams, jury duty scams, grandparent scams, and identity theft. As law enforcement catches up to scammers' money laundering methods—which have evolved from cash deposits to gift cards to cryptocurrency ATMs—sophisticated criminals continue adapting by using new untraceable methods like gold bullion to hide stolen funds and avoid detection.
12news.com
Taylor Trost, a Scottsdale small business owner, lost $25,000 in April to a social engineering scam in which fraudsters impersonated her bank via text and phone call, claiming someone had fraudulently accessed her account and convincing her to provide account information. After weeks of pursuing the matter and sharing her story on TikTok where she discovered other victims, her bank offered only a $128 refund and closed the case without explanation. Trost is now advocating to raise awareness about the scam and urging others to verify bank contacts directly through official websites rather than calling numbers provided by unsolicited callers.
chroniclelive.co.uk
This educational article outlines eight common WhatsApp scams and prevention strategies. The scams include impersonation schemes (where fraudsters pose as family members or romantic interests), verification code theft, cryptocurrency and investment fraud, and malware distribution, with each targeting different types of personal information or money from victims. The key advice emphasizes verifying sender identity through independent channels, never sharing sensitive codes or personal data, researching investment opportunities thoroughly, and reporting suspicious activity to WhatsApp and authorities.
smh.com.au
A Melbourne couple lost approximately $300,000 to a sophisticated investment scam involving fraudulent HSBC representatives in March, recovering only $100,000 months later. The article explores the psychological aftermath of scams, highlighting that victims often experience prolonged shame, guilt, and self-blame despite being targets of crime, with societal attitudes and bank responses frequently exacerbating these emotional impacts. The piece emphasizes that scams cause lasting psychological trauma beyond financial loss and that victim-blaming culture discourages people from speaking about their experiences.
ad-hoc-news.de
Globe Telecom in the Philippines implemented Mavenir's SpamShield messaging fraud prevention technology, which achieved a 67% year-on-year reduction in blocked spam and scam SMS messages (from 1.1 billion in Q1 2023 to 362.8 million in Q1 2024) and a 74% decline in bank-related scam messages. Customer-reported scam SMS incidents also fell 44% during the same period, demonstrating the technology's effectiveness in deterring fraudsters by raising technical barriers and reducing profit incentives for scammers.
therogersvillereview.com
Seniors are frequent targets of investment scams, including Ponzi schemes, fake bonds and certificates of deposit, charitable gift annuities, and prime bank scams, which typically promise unrealistic high returns with minimal risk. Red flags include pressure to invest quickly, unclear or unavailable information, and unsolicited offers via cold calls or email. To protect yourself, verify credentials with regulatory authorities, research opportunities thoroughly, diversify investments, consult a licensed financial advisor, and stay informed about common fraud tactics.
murrayledger.com
In 2023, Americans older than 60 reported over $3.4 billion in fraud losses across more than 100,000 complaints to the FBI's Internet Crime Complaint Center, with losses increasing 11% from 2022. The most common scams targeting seniors include tech support and call center fraud ($1.3 billion in losses), phony investment schemes ($1.2 billion), and fake romance scams, with the particularly devastating "Phantom Hacker" scam draining victims of their life savings through multiple fraudulent personas. In Kentucky specifically, seniors reported $12.8 million in losses across 908 complaints, and the FBI notes that some victims have rem
abnnewswire.net
Refundaroo, a financial recovery organization founded in 2020, helps scam victims worldwide retrieve stolen funds using a team of lawyers, forensic accountants, and ex-military personnel. The company has recovered over $5 million in 2023 alone and reports that Australian scam losses reached $2.74 billion in 2023, with investment scams causing the most harm at $1.3 billion. Refundaroo offers an online case-tracking portal and maintains a database to help individuals verify company legitimacy and avoid fraudulent schemes.
latfusa.com
California experienced over $624 million in losses to elderly fraud in 2022, affecting 11,517 victims aged 60 and over with an average loss of $54,225 per victim. Investment scams, business imposters, and romance scams were the most costly fraud types nationally, while seniors were particularly vulnerable to online fraud ($564 million in losses) and tech support scams (517% higher likelihood compared to the general population). Bank transfers and cryptocurrency were the primary payment methods exploited, accounting for $570 million and $288 million in losses respectively.
pennwatch.org
The Pennsylvania Department of Banking and Securities hosted multiple educational presentations throughout June to help seniors and the public recognize and prevent financial fraud and elder abuse. Programs covered topics including elder financial abuse recognition, cybersecurity, identity theft prevention, and investment fraud awareness, with sessions delivered through interactive formats like Fraud BINGO in partnership with organizations such as AARP Pennsylvania and local libraries across the state.
benzinga.com
**Summary:**
Canadian authorities warned of a surge in "pig butchering" romance scams operating on dating apps and websites, where scammers build relationships with victims before redirecting them to fraudulent cryptocurrency investment platforms. In 2023, Canadians lost $309.4 million to investment fraud, with $172 million stemming from social media-related scams, and globally, such schemes have caused an estimated $75 billion in losses since 2020. The Canadian Anti-Fraud Centre and Canadian Investment Regulatory Organization urge citizens to be wary of cryptocurrency investment discussions with online matches and to report suspected fraud to authorities.
wokv.com
In 2022, Florida's population aged 60 and over lost over $328 million to fraud, with 8,480 victims averaging $38,693 in losses per person—ranking the state ninth nationally. Investment scams were the most costly fraud type nationally ($400 million), followed by business impostor and romance scams, with online fraud and bank transfers being the primary methods used by scammers to target and steal from older adults.
oodaloop.com
Malachi Mullings, 31, was sentenced to 10 years in prison for laundering over $4.5 million through business email compromise and romance scams conducted between 2019 and June 2021. Mullings used 20 fraudulent bank accounts under the fake company name "The Mullings Group LLC" to process stolen funds from schemes targeting elderly individuals, healthcare benefit programs, and private companies.
wlos.com
This educational article addresses the rising trend of financial scams targeting elderly people and emphasizes that knowledge and community vigilance are key defenses. It recommends that seniors protect themselves by exercising caution with unsolicited communications, utilizing security software, maintaining strong passwords, monitoring financial statements regularly, and reporting suspected fraud to the FTC and local authorities. The article also encourages families and communities to stay informed about common scams through trusted resources like the FBI and National Elder Fraud Hotline (1-833-FRAUD-11).
kwbu.org
Teresa Gingles, a geriatric physical therapist, founded the nonprofit Better At Last to address elder fraud, which disproportionately affects older Americans who lost an average of $33,000 per victim to scams in 2023. The organization is hosting a free "Protect Yourself!" conference on June 7 at the Waco Convention Center featuring 20+ speakers including fraud experts and law enforcement to educate seniors on protecting themselves against tech support scams, romance scams, investment fraud, and other schemes. The conference emphasizes community connections and trusted relationships as key defenses against elder fraud.
menafn.com
A Dubai hotelier lost her entire life savings of nearly Dh66,000 to a fake task-completion job scam that operates via WhatsApp, promising easy money for rating restaurants and completing online shopping orders. The scam uses a "trust-building" model: victims complete initial low-value tasks that pay out, then are progressively asked to pay larger top-up fees to unlock higher commissions before finally being prevented from withdrawing their funds through invented tax demands or endless new task requirements. This particular scam has defrauded thousands globally of an estimated Dh400 million according to cybersecurity firms.
cgsentinel.com
Elder fraud complaints to the FBI's Internet Crime Complaint Center increased 14 percent in 2023, with victims aged 60 and over losing $3.4 billion total and an average of $33,915 per victim. Tech support scams were the most commonly reported type of elder fraud, while investment scams proved the costliest, exceeding $1.2 billion in losses, with over 12,000 victims also targeted through cryptocurrency schemes. Oregon specifically saw elderly residents lose $44 million in 2023, with scammers exploiting older Americans' relative lack of technological proficiency.
justice.gov
A 70-year-old Jackson resident agreed to a civil court order permanently prohibiting her from participating in romance scams after acting as a money transmitter for an international fraud ring. Holly Locke received packages of money from multiple victims and forwarded the funds to her online romantic partner, unknowingly facilitating fraud against people who believed they were helping their own romantic partners. This civil consent decree marks the first of its kind in the Eastern District of Michigan and is part of a broader Department of Justice effort to disrupt international romance scam operations targeting U.S. citizens.
prweb.com
According to an FBI report, Americans over 60 experienced elder fraud crimes at record levels, with victims losing an estimated $3.4 billion in reported losses. Common scams targeting seniors include the grandparent scam (impersonating grandchildren claiming arrest), sweepstakes fraud requiring upfront payment, gift card serial number schemes, and government imposter fraud. Elderwerks, a Palatine, Illinois nonprofit, is hosting free educational presentations on scam prevention and identity theft protection to help seniors and caregivers recognize and avoid these crimes.
freep.com
Based on 2023 FTC data, the five most-impersonated brands in scams are Best Buy's Geek Squad, Amazon, PayPal, Microsoft, and Publishers Clearing House, with Microsoft impersonation scams causing the highest financial losses at $60 million and Publishers Clearing House scams at $49 million. Common scams include fake tech support pop-ups claiming to be from Microsoft that trick victims into calling scammers, and fraudulent calls impersonating Publishers Clearing House claiming victims have won prizes and must pay upfront fees or taxes; some victims have lost hundreds of thousands of dollars to these schemes.
cointelegraph.com
Scammers are targeting Canadian dating app and website users with sophisticated crypto romance and investment scams, where fraudsters build fake relationships or pose as investment advisers to convince victims to invest in bogus crypto schemes on fraudulent platforms. Once victims deposit funds, they can only withdraw small amounts to create legitimacy, after which their money becomes locked and inaccessible after identity compromise. In 2023, Canadians lost $309.4 million to investment fraud, with $172 million stemming from social media-related schemes, prompting warnings from the Canadian Anti-Fraud Centre and Canadian Investment Regulatory Organization.
richmondmagazine.com
Teens are the fastest-growing victims of online scams, with losses to those 20 and younger increasing from $8.2 million in 2017 to $210 million by 2022, according to the FBI. Common scams targeting teens include phishing emails, deceptive pop-up ads, direct message offers, and catfishing schemes on social media platforms like Facebook, Instagram, and Snapchat. Parents and educators can reduce risk by teaching teens to verify sources, recognize red flags like poor grammar and suspicious links, adjust privacy settings, and maintain open communication about online dangers.
herald-review.com
A Mount Zion woman was charged with stealing over $100,000 in cash and property from an elderly female victim between May 2022 and July 2023. Ali L. Fisher, 31, faces two counts including financial exploitation of an elderly person and obtaining control of property through deception, with the alleged theft totaling more than $40,000 in additional cash. Fisher was arrested on May 14 and released on pretrial release pending a preliminary hearing scheduled for June 24 in Macon County Circuit Court.
khaleejtimes.com
A WhatsApp-based fake job scam has defrauded an estimated Dh400 million from thousands of victims globally, according to cybersecurity firm CloudSEK. The scheme lures victims with promises of easy money for simple tasks like rating restaurants on Google Maps, then requires increasingly larger upfront payments to complete higher-paying tasks, ultimately preventing withdrawals through additional fees or endless new tasks. A Dubai hotelier lost nearly her entire life savings of Dh66,000 to the scam after paying Dh46,000 in deposits and an additional Dh20,000 in fraudulent "taxes."
choice.com.au
A CHOICE survey of 280 scam victims in Australia found that four out of five victims reported their banks failed to flag suspicious transactions before money was transferred to scammers, and about half received inadequate support afterward. Australians lost $2.7 billion to scams last year, with over half of initial contact occurring on websites or social media platforms, yet banks and tech companies face minimal consequences while victims often suffer shame and financial loss with little recourse for recovery.