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Search across 19,276 articles about elder fraud. Filter by fraud type, payment mechanism, or keywords.
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in Robocall / Phone Scam
spokanejournal.com
· 2025-12-08
Washington Trust Bank employees launched a Senior Fraud Awareness workshop series in April 2023 to combat rising scams targeting older adults, after branch staff witnessed seniors being pressured to withdraw cash while on phone calls with scammers. The trio of bank managers has conducted five workshops in Spokane senior living communities and plans to expand regionally, providing FTC data, practical fraud prevention tips, and resources for reporting elder fraud. According to federal data, older adults lost over $1.9 billion to fraud in 2023 alone, with estimates suggesting actual losses could reach $61.5 billion.
prnewswire.com
· 2025-12-08
**Summary:**
Medical identity theft occurs when scammers use a senior's personal health information, such as their name or Medicare number, to fraudulently bill for medical services or supplies never received, potentially affecting both their finances and health through inaccurate medical records. Warning signs include unexpected bills for services not received, insurance coverage denials due to non-existent conditions, and debt collection agency contacts about unrecognized medical expenses. Seniors can protect themselves by safeguarding their Medicare numbers, avoiding unsolicited medical offers, purchasing supplies only from verified sources, and regularly reviewing their Medicare Summary Notices and Explanation of Benefits statements.
chestnuthilllocal.com
· 2025-12-08
Elder fraud targeting adults 60 and older has become increasingly sophisticated in the digital age, with government impersonation scams alone costing Americans over $394 million in 2023—a 63% increase from the previous year. Common schemes include government agency impersonation (using caller ID spoofing to demand payment via gift cards or cryptocurrency), tech support scams (fraudsters claiming to fix nonexistent device problems to gain remote access), and foreign lottery scams (requiring victims to pay escalating fees). Protection requires understanding that legitimate government agencies typically contact via official mail, not phone calls or emails, and being aware of scammers' use of fear and urgency to bypass victim verification
gulfcoastnewsnow.com
· 2025-12-08
Scammers are impersonating legitimate bail bond companies on the Gulf Coast, calling residents late at night claiming a loved one is in jail and demanding hundreds of dollars for bail payment. Over 1,400 victims have been reported with more than $500,000 lost, with fraudsters targeting customers of companies like Rapid Bail Bonds and All Out Bail Bonds by requesting payments over the phone or through apps like Zelle and Cash App that offer no fraud protection. Residents are advised to verify bail bondsmen licenses through the Florida Department of Financial Services, remember that legitimate companies conduct business in-person only, and be aware that bail bondsmen cannot legally solicit between 9 p.
aarp.org
· 2025-12-08
US Postal Inspector Cory McManus led an investigation into an elaborate romance scam network operated by Wisdom Onyobeno from Atlanta, which stole millions of dollars from dozens of victims. After arresting two money mules who recruited victims and managed bank accounts ("strikers"), investigators traced the operation back to Onyobeno, who posed as a romantic interest to manipulate victims into sending money and even selling their homes. Onyobeno pleaded guilty and was sentenced to 10 years in federal prison.
wbay.com
· 2025-12-08
Scammers are increasingly using artificial intelligence to personalize fraud schemes, moving beyond generic text and email scams to create convincing deepfake audio and video impersonations. Experts warn that AI allows fraudsters to manipulate personal information from social media and celebrity audio to create fake calls from grandchildren asking for money or fabricated celebrity investment pitches that appear authentic. Consumers are advised to pause and independently verify any urgent requests for money before responding.
forbes.com
· 2025-12-08
Tax fraud schemes in 2025 have become far more sophisticated, leveraging generative AI, deepfake audio, and social engineering to create nearly authentic-looking IRS communications—with nearly half of Americans reporting receipt of fake IRS messages and 55% believing these scams are more convincing than ever. Scammers now use AI-generated personalized emails and voice messages, along with deceptive delivery methods like QR codes and malicious PDFs, to steal credentials and distribute malware, exploiting victims' fear and urgency to pressure quick decisions. Cybersecurity experts recommend layering defenses including multi-factor authentication, credit freezes, IRS Identity Protection PINs,
ky3.com
· 2025-12-08
A woman in Battlefield, Missouri received threatening text messages from a scammer demanding $500 and including graphic images of dismembered bodies, prompting a 911 call to police. Police warn that scammers use emotionally manipulative messages—including threats, explicit content, and impersonations—targeting people of all ages, though seniors are particularly vulnerable. Victims should immediately call 911 and report scams to the Better Business Bureau to prevent others from being targeted.
marketplace.org
· 2025-12-08
Hiring scams have tripled in reported incidents between 2020 and 2024 according to the Federal Trade Commission, representing a growing threat to job seekers who are increasingly targeted by fraudsters adapting scams to new technologies. The article highlights various fraud schemes including e-commerce fraud, cryptocurrency scams, and malicious AI-based deceptions, while noting that even people taking protective measures are frequently targeted. Reporting includes a case where a financial advice columnist lost $50,000 in an elaborate scam, along with recommendations for consumer protection strategies.
10news.com
· 2025-12-08
As the April 15 tax filing deadline approached, scammers increasingly used AI-generated phishing emails, texts, and fake IRS letters to target taxpayers, with these fraudulent communications now featuring proper grammar, real personal information, and authentic refund histories. Red flags include messages creating urgency and requests for immediate action via unsolicited phone calls or texts, while the IRS only contacts people by mail; taxpayers should verify any IRS correspondence through the official IRS website or a certified tax preparer. Security experts advise victims not to feel guilty and to take corrective action immediately if compromised.
bbc.com
· 2025-12-08
QR code scams ("quishing") reported to UK Action Fraud surged 14-fold from 100 cases in 2019 to 1,386 in 2024, with criminals placing fraudulent codes on parking meters, restaurant menus, parcels, and emails to direct victims to fake websites where they surrender banking details. Victims often lose small amounts initially (£2.99-£39) that go unreported, but scammers use this stolen data to launch secondary fraud attempts through impersonation of banks or authorities. Experts warn that underreporting and the difficulty distinguishing legitimate from fraudulent QR codes present significant challenges for law enforcement efforts globally.
states.aarp.org
· 2025-12-08
AARP identifies six major scams threatening consumers in 2025, with particular risks for older adults: AI-powered scams using deepfakes and convincing phishing, imposter scams impersonating trusted figures, employment scams targeting job seekers with fake offers, tech support scams (which cost Americans 60+ over $175 million in 2023), romance scams exploiting emotional connections, and cryptocurrency scams (resulting in $1.6 billion in losses for those 60+ in 2023). The article advises vigilance against sophisticated tactics, emphasizing that legitimate companies don't request Social Security numbers during hiring, tech support representatives shouldn't demand remote access, and legitimate
tribtoday.com
· 2025-12-08
Scammers are targeting E-ZPass users with text message phishing scams that impersonate toll authorities and threaten license suspension or vehicle seizure to trick victims into providing credit card numbers. Additionally, criminals use wireless skimmers to steal E-ZPass transponder codes from vehicles and sell cloned passes on the dark web, detectable when unauthorized toll charges appear on statements. The Ohio Turnpike never initiates contact via text or email about unpaid tolls—legitimate notices arrive by mail—and victims should delete suspicious messages, cancel compromised cards immediately, and store transponders in foil-lined bags to prevent code theft.
ca.finance.yahoo.com
· 2025-12-08
Medical Identity Theft occurs when fraudsters use seniors' personal health information, such as their name or Medicare number, to bill for medical services or supplies never received, potentially affecting both their finances and health through inaccurate medical records. Warning signs include unexpected bills for services never performed, insurance denials due to non-existing conditions, and debt collection contacts for unrecognized expenses. The New York StateWide Senior Action Council advises seniors to protect themselves by safeguarding Medicare cards, avoiding "free" offers from unknown sources, monitoring Medicare statements regularly, and reporting suspected fraud to the NYS Senior Medicare Patrol helpline at 800-333-4374.
b105country.com
· 2025-12-08
Scammers in Wisconsin are impersonating Central Wisconsin Electric Cooperative employees via phone calls, claiming either that meters need installation or that payment is due, then requesting personal information to "verify" identity or update accounts. The cooperative warns customers that they never initiate calls requesting personal information and advises residents to hang up and contact the company directly if they receive such calls.
nasdaq.com
· 2025-12-08
While Apple devices offer stronger security than many competitors, Apple users remain vulnerable to social engineering scams targeting their money. Common scams include E-ZPass text message phishing (fake toll warnings linking to malware), Apple gift card fraud (scammers posing as creditors requesting payment via gift cards), and Apple Cash scams (fraudsters requesting peer-to-peer payments via social media or marketplace platforms). Users can protect themselves by verifying account information directly through official websites, remembering that Apple gift cards only purchase Apple products, and avoiding money transfers to unknown parties through Apple Cash.
wfaa.com
· 2025-12-08
An 87-year-old Richardson, Texas woman lost $17,600 in a sophisticated tech support scam that began with a phishing email spoofing her son. Scammers impersonating Apple and bank representatives used fear tactics—falsely claiming unauthorized charges for ammunition and child pornography—to isolate her from legitimate help and manipulate her into withdrawing cash and depositing it into a Bitcoin ATM. Her son is sharing the story to raise awareness about increasingly complex elder fraud schemes that exploit emotional manipulation and urgency.
newslj.com
· 2025-12-08
This article compiles multiple fraud and cybersecurity alerts: a Wyoming resident received a fake PayPal email demanding $379.99 in Bitcoin with artificial urgency, and another resident fell for a suspicious University of Wyoming impersonation email containing a QR code. The piece also highlights that 40 million Americans lost $47 billion to identity fraud in 2024, recommends protective measures like automatic updates and document shredding, and reports on a ChatGPT security vulnerability (CVE-2024-27564) that enabled over 10,000 attack attempts in one week targeting financial institutions, plus a separate Oracle data breach exposing 6 million records including usernames, emails,
indianasenaterepublicans.com
· 2025-12-08
Following severe storms and flooding across Indiana, scammers are targeting homeowners with fraudulent repair services, promising quick affordable fixes then disappearing after collecting down payments or delivering substandard work. The Indiana Attorney General's office advises vigilance and provides resources for reporting suspected scams through their website or hotline (1-800-382-5516).
techbullion.com
· 2025-12-08
**Article:** "As cybercriminals develop increasingly sophisticated techniques, elderly individuals have become prime targets for fraud"
Cybercriminals increasingly target elderly individuals with sophisticated fraud schemes, prompting development of AI and network security innovations designed specifically to protect seniors. Key prevention technologies include real-time threat detection using machine learning to identify anomalous transaction patterns, personalized behavioral analysis that adapts to individual user habits, enhanced authentication methods like voice biometrics and fingerprint recognition, AI-driven call and message filtering to block scams before reaching victims, and predictive fraud prevention systems. These interconnected security measures aim to create robust digital defenses that balance strong protection with user-friendly interfaces accessible to less
sgfcitizen.org
· 2025-12-08
Two Facebook Marketplace scams targeted the author's household within one week, demonstrating increasingly sophisticated tactics. In the first incident, a scammer posing as a buyer's representative attempted to obtain the author's husband's Venmo information to "secure" a $70 vacuum purchase but failed to complete the transaction when asked to meet in person and verify details; in the second, a scammer impersonated the author's high school friend to sell outdoor furniture, using vague responses and fabricated location information before being reported and blocking contact. The incidents highlight how scammers exploit the platform's ease of use and attempt payment methods that can be difficult to reverse, and that verification questions about personal details can
goldrushcam.com
· 2025-12-08
The Modesto Police Department issued a scam alert warning residents about fraudsters impersonating police officers and calling community members to solicit donations for youth programs. The department emphasized that legitimate law enforcement does not solicit donations over the phone and advised residents to hang up on suspicious calls, never share personal or banking information, and report such incidents to non-emergency dispatch.
wionews.com
· 2025-12-08
Nine individuals were sentenced to 5-14.75 years in prison in China for operating a sophisticated telecommunications and romance fraud scheme that defrauded 66,800 Indian victims of Rs 517 million ($6.2 million) between June 2023 and January 2024. The syndicate, led by a suspect named He, used fake investment platforms (SENEE), fraudulent social media profiles of wealthy Indian women, forged corporate documents, and cryptocurrency conversion to lure victims with promises of 8-15% monthly returns on small investments before stealing funds or freezing accounts. Members received sentences based on their roles, with the operation demonstrating coordinated recruitment, training, payment channel
cowboystatedaily.com
· 2025-12-08
Employer impersonation scams and company spoofing fraud are increasingly prevalent in Wyoming, with scammers using stolen logos, emails, and AI-generated content to impersonate legitimate companies like PayPal, Amazon, USPS, and Best Buy's Geek Squad. The scams typically trick victims into clicking malicious links or submitting personal and banking information by exploiting psychological vulnerabilities through fear, emotions, and false job opportunities offering high pay. Experts recommend never clicking links in unsolicited emails or texts and instead verifying directly with companies through their official websites.
forbes.com
· 2025-12-08
Dating app users face increasing risks from romance scams, catfishing, and fraudulent profiles, prompting platforms to implement identity verification technologies. Users can protect themselves by verifying identities through multi-layered verification tools, avoiding profiles that seem too perfect or pressure quick money transfers, keeping personal information private, staying alert to bots, and reporting suspicious activity to the platform. Choosing dating apps with strong safety records and privacy protections is essential for fostering a secure online dating experience.
livemint.com
· 2025-12-08
Criminals increasingly use generative AI to impersonate loved ones in urgent scams demanding money; a Colorado woman lost $2,000 in a kidnapping hoax before discovering her daughter was safe. The article provides nine protective strategies including: locking down social media profiles, blocking unknown callers, establishing family code words, distrusting caller ID spoofing, managing panic through calming techniques, and silently texting the person being impersonated to verify their safety.
fingerlakes1.com
· 2025-12-08
Scammers are stealing Social Security account credentials through phishing attacks and selling full access on the dark web, then rerouting benefit payments to fraudulent accounts—with the SSA reporting cases involving monthly benefits of $1,855 or more being diverted. The Social Security Administration is implementing new in-person identity verification requirements starting April 2025, though this faces criticism due to concurrent staffing cuts of nearly 12%. Protection strategies include enabling two-factor authentication, regularly monitoring accounts, avoiding phishing links, freezing credit, and reporting suspected fraud to the SSA Office of the Inspector General.
kauainownews.com
· 2025-12-08
The Kaua'i Police Department is warning residents, particularly elderly kupuna, about a "pig butchering" cryptocurrency scam in which fraudsters build trust with victims through social media, phone calls, and text messages before convincing them to invest money in fake cryptocurrency schemes and then disappearing with their funds. The scam exploits emotional manipulation and promises of high returns, with warning signs including unsolicited contact from strangers, requests for secrecy, and pressure to use unfamiliar cryptocurrency platforms. Residents are advised to avoid sending money to online-only contacts, be skeptical of unsolicited messages, and consult trusted family members before making financial decisions.
kq2.com
· 2025-12-08
Scammers are impersonating Federal Bureau of Prisons (FBOP) employees and a fake "Reentry Division Services" to target incarcerated individuals and their families, requesting money for community placement services and promising early release in exchange for personal information or funds. The FBOP clarified that it does not contact people to request personal information or money, and victims should report such calls to the Federal Trade Commission.
patch.com
· 2025-12-08
San Ramon student Adya Gupta founded Impactt Kids, a volunteer-driven nonprofit that provides scam education training to seniors and caregivers to help them recognize and avoid phone and internet fraud. The initiative, inspired by Gupta's grandmother who frequently receives scam calls, has trained seniors at local living centers on identifying scam calls, phishing emails, and fraudulent IRS, Medicare, and lottery schemes, with participants reporting successful fraud prevention as a result. The program plans to expand by integrating AI-powered scam detection tools and establishing a hotline for seniors to verify suspicious calls.
wptv.com
· 2025-12-08
Weikai Zhang, 43, was arrested in New York and charged with running a computer pop-up scam that defrauded a Palm City senior citizen of $50,000, with additional victims losing $613,000 total while he was in Florida. Zhang, part of a larger criminal organization targeting elderly people, posed as tech support through fake Microsoft pop-ups, convincing victims their accounts were compromised and persuading them to withdraw cash and attempt Bitcoin conversions. He is being held on $700,000 bond and faces charges including organized fraud, exploitation of persons 65 and older, and conspiracy to commit grand theft.
chadronradio.com
· 2025-12-08
Nebraska is experiencing an increase in "pig butchering" scams, a relationship-based fraud scheme where criminals slowly build trust with victims over weeks or months before luring them into fraudulent cryptocurrency investments. These scams can affect anyone regardless of financial sophistication, with the FTC reporting that Americans lost a record $12.5 billion to fraud in 2024, including a notable case where a Kansas banker lost $47 million. Warning signs include unexpected contact from strangers, emotional manipulation, requests for financial information, and promises of guaranteed high returns; victims should avoid sharing personal information with unknown contacts and report suspected fraud to authorities.
hastingstribune.com
· 2025-12-08
Nebraska is experiencing increased reports of "pig butchering" scams, a cryptocurrency-based fraud in which criminals build relationships with victims over weeks or months through social media, dating apps, or fake text messages before luring them into bogus cryptocurrency investments. The scam—also called a confidence scam or financial grooming—can target anyone regardless of financial knowledge, and in 2024 Americans lost a record $12.5 billion to fraud and scams overall. Warning signs include unsolicited contact, emotional manipulation, requests for financial information, and exaggerated investment returns; victims should avoid sharing personal information with unknown contacts and contact the Nebraska Department of Banking an
wired.com
· 2025-12-08
Chinese-speaking smishing syndicates have operated the world's largest text message phishing operation over the past three years, sending millions of fraudulent SMS messages impersonating postal services, tax authorities, and financial institutions to steal personal information and bank card details. The criminals use realistic fake websites and harvest one-time passwords to clone cards into digital wallets like Apple Pay and Google Wallet, with one major group (the Smishing Triad) impersonating brands in at least 121 countries and generating over 1 million page visits to scam sites in a single 20-day period. These sophisticated, well-organized syndicates continue to develop new techniques and sell their ph
paymentsjournal.com
· 2025-12-08
The Social Security Administration implemented a permanent anti-fraud program that conducts identity verification checks on phone applications for benefits, with approximately 70,000 of the 4.5 million annual phone claims expected to be flagged for in-person verification. The agency also prohibited beneficiaries from changing direct deposit information over the phone, requiring updates through the website or in-person visits, as phone-based account changes account for about 40% of Social Security direct deposit fraud.
fox61.com
· 2025-12-08
Romance and friendship scams cost Connecticut residents more money than any other scam type last year and ranked as the third riskiest scam overall. These scams target vulnerable people, build emotional connections through deception and false promises, and often involve cryptocurrency schemes; the BBB documented one victim who lost $100,000 after a scammer posed as a romantic interest and claimed financial need. Red flags include requests for money after establishing trust, inability to meet in person, poor grammar despite claiming local origin, offers involving cryptocurrency, and relationships that progress too quickly.
investopedia.com
· 2025-12-08
This educational article explains romance scams, which involve scammers creating fake dating profiles to build romantic relationships with victims—particularly older Americans—before requesting money for fabricated emergencies or opportunities. Older people are targeted because they typically have more savings, less familiarity with online scams, and may experience isolation, making them vulnerable to the emotional manipulation of promised romantic connections. The article provides guidance for adult children whose parents fall victim, including stopping communications, reporting to authorities and platforms, attempting to recover funds through banks and financial institutions, and protecting against identity theft.
thestar.com
· 2025-12-08
**Summary:**
Conservative Leader Pierre Poilievre announced a plan to protect older Canadians from fraud by imposing fines up to $5 million on banks and telecommunications companies that fail to implement real-time scam detection technology, mandatory reporting, and 24-hour holds on high-risk transactions for seniors. The proposal requires financial institutions to deploy latest anti-fraud tools including automatic flagging of suspicious activity and robocalls, along with mandatory reporting of fraud prevention statistics. This announcement comes as Poilievre trails among senior voters in polling.
nationalpost.com
· 2025-12-08
Conservative Leader Pierre Poilievre announced plans to introduce the "Stop Scamming Seniors Act," which would impose mandatory scam detection systems on banks and telecom companies, stricter sentences (one to five years depending on fraud amount), and fines up to $5 million for non-compliance. The legislation targets the growing sophistication of senior-targeted scams, particularly "grandparent" scams and AI-enabled voice impersonation fraud, with Canadian authorities reporting that victims lost $638 million to fraud in 2024, though only 5-10% of cases are reported.
conservative.ca
· 2025-12-08
This is a policy announcement rather than a news report of a scam incident. Conservative Leader Pierre Poilievre outlined a proposed plan to combat senior fraud in Canada, which would require banks and cell phone companies to implement mandatory scam detection systems, real-time blocking of suspicious transactions, and a 24-hour transaction delay for high-risk senior accounts. The proposal also includes enhanced criminal penalties for fraudsters (mandatory minimum sentences ranging from one to five years depending on fraud amount) and substantial fines for financial institutions that fail to implement adequate fraud prevention measures.
cbc.ca
· 2025-12-08
Conservative Leader Pierre Poilievre announced a proposed "Stop Scamming Seniors Act" that would require banks and telecommunications companies to detect, report, and block suspected fraud in real time, or face fines up to $5 million per violation and criminal charges. The plan addresses seniors as the primary targets of digital scammers using phishing, robocalls, and other tactics, and includes measures such as mandatory AI-powered fraud detection systems, 24-hour holds on high-risk senior transactions, and increased minimum prison sentences for fraud convictions (1-5 years depending on amount defrauded). Additionally, convicted fraudsters would be required to pay fines equal to ten times the amount they de
bnnbloomberg.ca
· 2025-12-08
Conservative Leader Pierre Poilievre announced a plan to protect older Canadians from fraud by requiring banks and telecoms to implement real-time scam detection technology, with fines up to $5 million for non-compliance, while criticizing the Liberal government for inaction on senior fraud prevention. The proposal includes mandatory suspicious activity flagging, automatic blocks on high-risk transactions, and required reporting of fraud prevention statistics. The announcement came as part of Poilievre's broader tough-on-crime campaign messaging.
cbc.ca
· 2025-12-08
Conservative Leader Pierre Poilievre announced a proposed "Stop Scamming Seniors Act" that would mandate banks and telecom companies to detect and block fraud in real time or face fines up to $5 million per violation and criminal charges. The plan targets seniors, identified as the primary victims of digital scammers using phishing texts and robocalls, and includes enhanced Criminal Code penalties (minimum 1-5 year sentences depending on fraud amount) and requirements for companies to implement AI-based fraud detection, 24-hour holds on high-risk senior transactions, and quarterly public reporting on fraud prevention metrics.
theglobeandmail.com
· 2025-12-08
**Summary:**
Conservative Leader Pierre Poilievre announced a proposed "Stop Scamming Seniors" act to combat fraud targeting seniors, including mandatory minimum jail sentences (1-5 years depending on fraud amount) and fines of 10 times the amount defrauded, along with penalties up to $5 million for banks and cellphone companies that fail to detect suspicious activity. The announcement highlighted recent scams including "grandparent scams" and fraud schemes involving impersonation of banks, with Canadian Anti-Fraud Centre data showing Canadians lost $638 million to fraud in 2024, though only 5-10 percent of incidents are reported.
ca.news.yahoo.com
· 2025-12-08
**Summary:**
Conservative Leader Pierre Poilievre announced plans to introduce the "Stop Scamming Seniors Act" to combat fraud targeting seniors, proposing stricter sentences (one-year minimum for fraud over $5,000, five years for over $1 million), fines up to $5 million for non-compliant companies, and mandatory scam detection systems for banks and telecom firms. The legislation addresses the growing sophistication of phone and digital scams, including AI-enabled voice replication schemes like the "grandparent" scam, with Canadian authorities reporting 34,621 fraud victims lost $638 million in 2024, though only 5-10% of victims
newschannel5.com
· 2025-12-08
**Summary:**
Scammers are using AI voice-cloning technology to impersonate family members in phone calls to elderly grandparents, requesting money in urgent situations. Consumer Reports found that four of six popular voice-cloning apps lacked meaningful consent safeguards, and deepfake technology has become so advanced that even experts struggle to detect it. Protection measures include enabling two-factor authentication on financial accounts, verifying unexpected calls through other means, and maintaining healthy skepticism about requests for personal or financial information.
dauphin.crimewatchpa.com
· 2025-12-08
The Derry Township Police Department issued a warning about phone scams using false IRS tax deadline claims to manipulate victims into revealing personal information or making fraudulent payments. Red flags include unsolicited calls from unknown numbers claiming to represent government agencies, threats of arrest or legal action, requests for sensitive data, and demands for immediate payment via gift cards or wire transfers. Residents should hang up immediately on suspicious calls, verify claims directly with authorities, and report incidents to the FTC and local police.
fedscoop.com
· 2025-12-08
A Government Accountability Office audit found that federal agencies lack a coordinated strategy to combat consumer scams, resulting in a fragmented approach across the FBI, FTC, CFPB, and other agencies with no uniform data collection, common definitions, or comprehensive loss estimates. The FBI reported approximately 589,400 scam complaints totaling over $10 billion in losses in 2023, with scammers increasingly exploiting peer-to-peer payment apps, bank transfers, and cryptocurrency. The GAO recommended establishing a governmentwide scam-fighting strategy led by the FBI director with formal coordination mechanisms, collaborative data collection, and performance metrics to address this growing threat.
dfpi.ca.gov
· 2025-12-08
**Summary:**
Pig butchering is an investment scam in which fraudsters build trust with victims over weeks or months through social media and messaging apps before convincing them to invest in fake cryptocurrency platforms that promise high returns but prevent withdrawals. Scammers use fabricated websites and fake trading apps to collect victim funds, often requesting additional payments for fees or taxes before allowing any withdrawal. Victims should report scams quickly to the DFPI with complete transaction details, wallet addresses, and screenshots to help investigators trace stolen cryptocurrency on the blockchain.