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in Investment Fraud
express.co.uk
Between January 2020 and December 2023, investment fraud in the UK resulted in £2.6 billion stolen from 98,525 victims, with an average loss of £26,773 per person. Boiler Room fraud and Ponzi schemes were the most common types, accounting for £553 million and £499 million respectively, with 2023 marking the worst year at £527 million lost across 26,740 victims. The FCA advises people to be wary of unsolicited contact, pressure to act quickly, and promises of unusually high returns as key warning signs of investment scams.
freepressjournal.in
Mumbai Police released guidelines addressing a surge in online investment fraud schemes targeting residents through social media platforms like Facebook, Instagram, and YouTube, where fraudsters pose as trading "experts" and lure victims into fake stock and IPO investment classes via video apps, ultimately freezing their funds and demanding additional payments to release them. Over the past year, police recovered Rs. 8.3 crores from victims and arrested multiple individuals involved in these schemes, with cases continuing to rise. Citizens are advised to verify investment platforms independently, avoid downloading unauthorized applications, refrain from sharing financial information online, and report suspicious activity to Mumbai Police at 1930 or cybercrime.gov.in.
startribune.com
The Federal Trade Commission warns that fraud losses exceeded $10 billion in 2023, with common scams targeting older adults including investment, grandparent, romance, tech-support, tax, and business impersonation schemes. The article emphasizes that anyone can fall victim to sophisticated fraud and recommends slowing down and resisting pressure to act immediately as a key protective measure against scammers.
vox.com
This article examines the historical roots of conservative political grifting rather than a specific elder fraud case. According to journalist Joe Conason's book "The Longest Con," right-wing scamming culture originated in the 1950s with Senator Joe McCarthy's anti-Communist fear campaigns and was systematized by lawyer Roy Cohn, who exploited paranoia to extract donations. The article traces how direct-mail scams proliferated after Barry Goldwater's 1964 campaign, establishing a normalized grifting template on the political right that eventually enabled Donald Trump's own schemes, including selling $399 gold sneakers and a $60 "God Bless the USA"
abc7ny.com
The Brooklyn district attorney's office seized nearly two dozen web domains used in "pig butchering" scams, which lure victims through random messages and dating apps into fake cryptocurrency investments that show false returns but prevent withdrawals. Brooklyn-based victims lost at least $5 million to the scheme, which is facilitated by human trafficking victims in Southeast Asia, with one victim losing $23,000 after being tricked into deposits totaling nearly $400,000. Authorities recovered three virtual servers and advised the public to verify cryptocurrency exchanges through the New York State Department of Financial Services before investing.
finextra.com
Google filed a lawsuit against two app developers based in China and Hong Kong who uploaded 87 fraudulent investment apps to the Google Play Store, deceiving over 100,000 victims since 2019. The scam, a variant of pig-butchering romance fraud, lured victims through romantic messages or YouTube videos to download fake apps, then convinced them to invest money with promises of returns before blocking withdrawals and demanding fees. Victims collectively lost between $100 to tens of thousands of dollars each, and Google spent over $75,000 investigating the fraud.
aarp.org
A Hong Kong finance worker lost $25.6 million after being deceived in a video conference where the CFO and executives were entirely computer-generated deepfakes, representing a sophisticated AI-enabled fraud scheme. Criminals are increasingly weaponizing generative AI tools like ChatGPT and DALL-E to create convincing fake voices, videos, and identities for various scams including celebrity endorsement frauds, romance schemes, sextortion, and phishing emails. Experts warn that AI technology has dramatically lowered the barrier for fraud perpetration, enabling an "industrial revolution for fraud criminals" with potentially endless victims and losses.
abc11.com
The FBI in North Carolina is warning consumers about a surging cryptocurrency investment scam that has cost North Carolina victims over $65 million in 2023, with investment fraud involving crypto rising 53% nationally from $2.57 billion in 2022 to $3.944 billion in 2023. Scammers use social media research and fake websites/apps to build trust with victims, displaying fake profits to encourage larger investments, then disappear with all funds when victims attempt major withdrawals. The FBI advises victims not to be embarrassed and to report scams quickly, though recovery is difficult since cryptocurrency is unregulated.
theverge.com
Google is suing two app developers based in China and Hong Kong who allegedly uploaded 87 fraudulent cryptocurrency trading and investment apps to the Google Play Store, defrauding over 100,000 users of between $100 to tens of thousands of dollars each through "pig butchering" romance scams since at least 2019. The scheme involved fake initial contact messages that led victims to download the fraudulent apps, which displayed fake investment balances but prevented users from withdrawing their money. Google claims it suffered over $75,000 in damages investigating the fraud and is seeking to hold the developers accountable and recover unspecified damages.
beincrypto.com
Google filed a lawsuit against two individuals from China and Hong Kong accused of creating 87 fraudulent apps on its Play Store that defrauded over 100,000 users of more than $75,000 through romance scams involving fake cryptocurrency exchange and investment apps. The scammers used romantic messaging and YouTube narratives to build trust before directing victims to fraudulent platforms, sometimes recruiting victims to promote the apps for commission. Google's legal action, citing breach of terms of service and racketeering laws, represents an unprecedented effort to hold these actors accountable amid an eighty-fivefold increase in crypto romance scams since 2020.
sandiegouniontribune.com
New York City authorities disrupted an online "pig butchering" cryptocurrency fraud operation that stole millions of dollars by gaining victims' trust through dating apps and social media, then directing them to fake investment platforms. Brooklyn District Attorney Eric Gonzalez seized 21 web domains used in the scheme; reported victims in Brooklyn alone lost over $4 million, with individual losses ranging from $22,680 to $118,000, though actual losses likely total billions nationally due to underreporting. Investigators traced stolen funds through multiple cryptocurrency addresses to foreign exchanges, with at least one perpetrator operating beyond U.S. jurisdiction.
the420.in
Google filed its first-ever lawsuit against cryptocurrency scammers based in China and Hong Kong for distributing 87 fraudulent trading apps on the Google Play Store that were used to conduct "pig butchering" romance scams. The scheme targeted over 100,000 victims who lost between $100 and tens of thousands of dollars each after being manipulated into downloading fake apps that displayed false investment returns but prevented fund withdrawals. Google is seeking damages, financial compensation exceeding $75,000 in investigation costs, and a court order to bar the developers from future fraudulent activity.
the420.in
Indian nationals are being targeted by human traffickers who lure them with fake high-paying job offers in Cambodia and other Southeast Asian countries, then coerce them into participating in online financial scams and forced labor. The Indian government has issued warnings urging job seekers to use only legitimate employment channels and thoroughly verify employer credentials, following recent arrests of key cybercrime syndicate members and incidents where victims were smuggled into forced cybercrime operations in Laos and Cambodia. Authorities recommend exercising caution with online job offers, researching companies through embassies, avoiding sharing personal information, and informing family of travel plans when seeking employment abroad.
timesofindia.indiatimes.com
Two residents of south Delhi lost over Rs 60 lakh combined in separate investment scams. In the first case, a 48-year-old man lost Rs 43 lakh after being contacted by fraudsters impersonating a legitimate investment firm who promised up to 600% returns through stock trading via fake chat groups and educational materials over three months. In the second case, a 54-year-old lost Rs 15 lakh investing through a third-party app that promised to double his money, later discovering the scammers were operating from Pakistan using hawala channels.
calcoastnews.com
Brett E. Lovett, a 53-year-old former insurance agent from Camarillo, was found guilty of 29 counts including embezzlement, fraud, elder abuse, and money laundering for defrauding at least nine seniors of approximately $1.2 million between 2011 and 2016. Lovett targeted victims he met at a Jehovah's Witnesses congregation and through his legal aid information business, then misappropriated their funds for personal expenses including cosmetic procedures, travel, and jewelry. He was scheduled for sentencing on May 9, 2024.
justice.gov
Yolanda Brooks, a 52-year-old Medicaid Supervisor in Indianapolis, was sentenced to 18 months in federal prison after pleading guilty to wire fraud for stealing approximately $920,148.51 in checks intended for healthcare reimbursements. Between March 2018 and July 2021, Brooks deposited roughly 486 checks into two personal bank accounts opened under her maiden name, falsely representing herself as authorized to negotiate them, and spent the stolen funds on personal expenses including shopping, gambling, and vacations. The court ordered Brooks to pay full restitution of $920,148.51 and serve three years of supervised release following her prison term.
cftc.gov
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techlicious.com
In 2023, U.S. consumers lost $10 billion to fraud, with investment scams topping the list, often orchestrated by cyber-scam factories in Southeast Asia that force trafficked victims into perpetrating schemes targeting wealthy nations. Common scams include "pig-butchering" cryptocurrency fraud, romance scams, and impersonation schemes, with authorities making arrests but struggling to shut down operations that rapidly relocate. Protection strategies include remaining suspicious of unsolicited contact, refusing remote computer access to unverified sources, ignoring threatening calls claiming to be government officials, and reporting scams to the FTC.
moneyweek.com
Between January 2020 and December 2023, investment scammers stole £2.6bn from nearly 100,000 people in the UK, averaging £13m per week and £26,773 per victim, according to research by the Pensions Management Institute. Boiler room fraud (fake stockbroker schemes) and Ponzi schemes were the most prevalent, accounting for £553m and £499m respectively, while 2023 was particularly severe with 26,740 people losing £527m to investment fraud.
professionalpensions.com
Between January 2020 and December 2023, fraudulent investment scams stole over £2 billion from UK investors, according to research by the Pensions Management Institute based on data from the City of London's Police National Fraud Intelligence Bureau. The research highlights the significant financial impact of investment fraud on UK investors during this four-year period.
news.trendmicro.com
This educational article identifies five common Google Chat scams: romance scams (fake profiles requesting money), phishing scams (impersonating legitimate contacts to steal personal information), tech support scams (posing as Google representatives), fake job offers, and investment scams. The article advises users to watch for red flags including unsolicited messages, unrealistic offers, urgent requests, and intrusive questions, and recommends verifying sender identity, enabling two-factor authentication, and reporting suspicious messages to stay safe.
racq.com.au
This educational article from RACQ provides guidance on protecting yourself from scams by recommending three key actions: stop and take time before sharing money or personal information, think critically about whether messages could be fraudulent, and protect yourself by contacting your bank immediately if you suspect fraud. The article outlines seven common scam types targeting consumers—romance, investment, product/service, threats/extortion, employment, unexpected money, and impersonation scams—and advises verifying contact information through official channels, never clicking links in unsolicited messages, and reporting suspected fraud to relevant authorities like ReportCyber or IDCARE.
gettysburgconnection.org
This educational article defines scams as trust-based fraud exploiting victims' emotions and provides practical defense strategies against common schemes. According to the Federal Trade Commission, consumers lost over $10 billion to fraud in 2023 (a 14% increase from 2022), with imposter scams and email being the most prevalent fraud type and contact method respectively. Key warning signs include unsolicited calls using spoofed numbers, requests for unusual payment methods (cash, gift cards, cryptocurrency), and high-pressure tactics designed to trigger fear and override critical thinking.
states.aarp.org
Scammers are increasingly using AI technology, including deepfake videos, to impersonate celebrities and defraud fans by offering fake personal connections, VIP access, investment opportunities, or charity support. Victims should be cautious of unsolicited celebrity contact on social media or messaging platforms, as legitimate celebrity interactions are rare, and should report suspected scams to local law enforcement or AARP's Fraud Watch Network.
therecord.media
In 2023, impersonation scams cost victims approximately $1.1 billion—more than triple the 2020 losses—according to FTC data reporting 330,000 business impersonation cases and 160,000 government impersonation cases. The delivery method has shifted, with text messages and emails now accounting for 40 percent of reported scams compared to phone calls (32 percent), and scammers increasingly impersonating multiple organizations within a single fraud targeting fake account alerts, subscription renewals, prizes, and law enforcement impersonation.
madamenoire.com
Orlando City Commissioner Regina Hill was indicted on seven charges, including three counts of exploitation of the elderly, mortgage fraud, scheme to defraud, and two counts of fraud. The allegations involve financial misconduct and misused finances against a 96-year-old elderly citizen, with Hill facing a potential 180-year sentence if convicted on all counts; she has posted a $40,000 bond and maintains her innocence.
states.aarp.org
Massachusetts Attorney General Andrea Joy Campbell established a new Elder Justice Unit to combat the frequent and pervasive fraud targeting older residents, with director Mary Freeley coordinating resources across multiple bureaus to enhance prosecution and education. In 2023, Massachusetts consumers reported over 87,000 fraud cases resulting in $142.3 million in losses, though experts note significant underreporting due to shame and lack of awareness. Common scams include impostor fraud targeting bank and government agency impersonation, grandparent scams, and cryptocurrency schemes, with prevention experts recommending victims slow down and avoid emotional reactions that bypass logical thinking.
states.aarp.org
A 73-year-old Connecticut man lost $20,000 in a romance scam after developing an emotional connection to a woman on Facebook who posed as his girlfriend and convinced him the money was for taxes on a supposed windfall. Connecticut implemented a new law effective July 1 that authorizes banks to place temporary holds (up to 45 days) on suspicious transactions for customers 60 and older, allowing time for investigation and potentially preventing financial exploitation before funds are transferred.
english.jagran.com
Over 5,000 Indians were lured to Cambodia under false employment pretenses (primarily data entry jobs) and forced to conduct cyber fraud operations, including dating scams, investment schemes, cryptocurrency fraud, and courier scams targeting victims in India. The Indian External Affairs Ministry reported rescuing and repatriating approximately 250 Indians (75 in the preceding three months) and stated it was working with Cambodian authorities to dismantle the trafficking and fraud networks responsible for these schemes.
greenwichfreepress.com
Cryptocurrency investment fraud grew 53% in 2023 to $4.5 billion (potentially $75 billion since 2021), primarily driven by "pig butchering" scams where fraudsters build trust with victims through dating apps and social media before directing them to fake investment platforms. Once victims see fabricated profits, scammers pressure them to invest more before disappearing with the funds; the Connecticut State Police recovered nearly $4 million in 2023, though this represents a fraction of total losses. Key warning signs include unsolicited contact, promises of guaranteed high returns, pressure to invest quickly, unregistered investments, and requests for personal information or unconventional payment methods like cryptocurrency
sourceofthespring.com
The U.S. Marshals Service warned against scammers impersonating law enforcement officials who use spoofed government phone numbers, fake badge numbers, and names of real judges to demand payment via Bitcoin ATMs, claiming victims face arrest for identity theft or missed jury duty. The agency clarified that legitimate marshals never demand payment by phone or request financial information, credit card numbers, or wire transfers. Victims should report incidents to the Federal Trade Commission and local law enforcement.
uk.news.yahoo.com
Suzanne Famula, 39, was defrauded of £20,810 by Christopher Harris, 41, whom she met on the dating app Hinge in November 2020. Harris used a romance scam scheme, repeatedly claiming he had serious health conditions and requesting money for medical expenses, mortgage payments, and bills over their five-month relationship. Harris was sentenced to 30 months in prison in February 2023 after pleading guilty to fraud by false representation, and Famula is now campaigning to establish romance fraud as a specific criminal offense with dedicated victim support.
the-sun.com
Wells Fargo customer Julia Gibson lost $2,500 through a Zelle scam after fraudsters impersonated bank employees and convinced her to transfer funds; she initially received a provisional credit but the bank later reversed it, leaving her account at $0 with overdraft fees. The article notes that scammers use Zelle and similar money-transfer apps because transactions cannot be reversed once sent, and banks often fail to reimburse victims since customers technically authorize the transfers themselves. Key prevention advice includes being skeptical of urgent requests, never sending money to unknown contacts, and knowing that legitimate banks will never ask customers to send funds via Zelle or to overseas accounts.
boothbayregister.com
**Celebrity Impostor Scams Enhanced by AI Technology**
Criminals are leveraging artificial intelligence to make celebrity impostor scams increasingly convincing, moving from fake social media profiles and messaging to deepfake videos that impersonate celebrities like Dolly Parton, Elon Musk, and Tom Hanks. Scammers use these fraudulent schemes to establish false connections with fans, offering personal access, investment opportunities, or charity support to steal money. Consumers should be cautious of any personal contact claims from celebrities and report suspected scams to local law enforcement or AARP's Fraud Watch Network.
the-sun.com
The WhatsApp Gold scam, circulating since 2016, tricks millions of users by promising an exclusive upgraded WhatsApp version through fraudulent links that actually sign victims up for costly premium SMS services costing around £30 per month. Security experts warn users to avoid clicking links or providing phone numbers in messages offering special WhatsApp downloads, and to be vigilant against related scams including impersonation fraud, phishing links, tech support scams, and romance scams on the platform.
indiatoday.in
A 34-year-old woman named Preethi from Coimbatore lost Rs 4.63 lakh (approximately $5,560 USD) to an online job scam initiated via Telegram, where a fraudster first offered her a part-time job writing Google reviews, then convinced her to invest money with promised returns. When she requested her investment returns, the fraudster demanded additional payments, prompting her to report the scam to cybercrime police who registered a case under fraud and Information Technology Act sections.
kbnd.com
The Washington County Sheriff's Office issued a warning about a scam involving individuals selling counterfeit jewelry on freeway onramps and highways in the Hillsboro, WA area. The scammers claim to need gas money to return home and attempt to sell the fake jewelry, sometimes becoming aggressive in their demands for cash. Victims are encouraged to report incidents to the sheriff's office.
timesofindia.indiatimes.com
A 40-year-old man from Thane was defrauded of Rs 23 lakh in an online stock market investment scam after encountering a Facebook advertisement that led him to a fraudulent WhatsApp group promising lucrative trading returns. The scammers provided fake training, instructed him to invest in specific stocks, and routed his money through their own bank accounts under the guise of legitimate investments. When the victim attempted to withdraw his funds, he was told of a technical glitch and the scammers subsequently became unreachable.
insider.govtech.com
Elder fraud cases increased 84% in 2022 with losses in the tens of billions of dollars, with pension systems particularly vulnerable as they digitize and store sensitive personal and financial information online. Advanced digital identity verification measures, including real-time cross-referencing of personal information against multiple data sources and verification of beneficiary death status, are essential to prevent fraudsters from diverting benefits and to ensure pension funds reach legitimate recipients. Implementing proactive identity verification technology can achieve high auto-approval rates for legitimate transactions while significantly reducing fraud and false positives in pension systems.
dfpi.ca.gov
This educational resource outlines common investment scams including Ponzi schemes, boiler room scams, pump-and-dump schemes, advance fee fraud, crypto scams, and affinity fraud that exploit trust within specific communities. Key red flags to avoid include guaranteed returns, artificial urgency, unclear information, unsolicited offers, and promises that seem too good to be true. Consumers are advised to conduct independent research, request verified financial statements, and report suspected scams to authorities.
greenwichfreepress.com
The IRS launched its annual "Dirty Dozen" awareness campaign warning taxpayers about evolving phishing and smishing scams designed to steal sensitive personal and financial information. Fraudsters impersonate the IRS via unsolicited emails and text messages, using tactics like phony refund offers or false legal threats to trick victims into clicking malicious links or downloading malware. The IRS advises taxpayers and tax professionals to remain vigilant, avoid clicking links in unsolicited communications, and be especially cautious during tax season when such scams peak.
timesofindia.indiatimes.com
A 47-year-old woman in Trichy was defrauded of 8.6 lakh rupees by online scammers who lured her through a social media clickbait offering fake stock market investment opportunities. After clicking the link and making an online payment in March, the scammers ceased communication and the victim realized she had been deceived, prompting her to file a complaint with the National Cybercrime Reporting Portal. Trichy city cybercrime police initiated an investigation into the case.
patch.com
New Jersey residents lost $441.2 million to scams in 2023, a 55% increase from 2022, making the state the fifth-highest in total losses nationwide, according to an FBI report. Over 12,000 New Jersey victims fell prey to various scams including phishing, tech support fraud, and personal data breaches, with seniors accounting for more than half of tech scam losses, particularly those ages 60 and older who lost $3.4 billion nationally.
cavazossentinel.com
This educational article from the U.S. Army Criminal Investigation Division provides guidance on identity protection and outlines common scams targeting soldiers, veterans, and their families. Key recommendations include using strong passwords, password managers, two-factor authentication, and separating work and personal accounts, while growing threats include impersonation scams (where scammers pose as military officials), romance scams targeting those over 50, credit repair fraud, cryptocurrency schemes, social media account takeovers, and two-factor authentication exploitation. Supervisory Special Agent Deric Palmer emphasizes that data brokers sell personal information for as little as $20, enabling social engineering attacks, and warns that impersonation scams cause reputational
vancouversun.com
British Columbians lost at least $46.4 million to online investment scams in 2023, with losses skyrocketing from $8.5 million in 2021, according to the B.C. Securities Commission. These "pig butchering" scams typically begin with unsolicited social media contact that evolves into a relationship, after which scammers direct victims to fraudulent investment websites, encourage them to invest via cryptocurrency, and then disappear with the money. The B.C. Securities Commission warns the public to be suspicious of unsolicited online messages, avoid investing based on advice from online contacts, and reject promises of quick, large returns.
courierpostonline.com
Three Burlington County residents pleaded guilty to operating a romance scam that defrauded over 100 victims of more than $4.5 million between 2016 and 2020, with defendants Martins Friday Inalegwu, Steincy Mathieu, and Oluwaseyi Fatolu using fake online dating profiles to solicit money under false pretenses. One victim, desperate to maintain her fraudulent relationship, embezzled millions from her employer after exhausting her savings, retirement account, and maxing out credit cards. Most funds were transferred internationally to Nigeria, Turkey, and other countries, with victims losing anywhere from thousands to $100,000
abc.net.au
A retired Melbourne police officer lost $479,500 to a romance scam after being contacted online by a woman claiming to be named Dianna, who persuaded him to invest in cryptocurrency through fake platforms. Despite Paul disclosing concerns about the scam to ING Bank and later Macquarie Bank, both institutions failed to adequately warn him or prevent further transfers, with ING's scam team reassuring him he "should be OK" without conducting proper fraud verification. Paul is now awaiting a ruling from the financial complaints watchdog regarding the banks' responsibility in the losses.
tampafp.com
A husband and wife from Burlington County, New Jersey (Martins Friday Inalegwu and Steincy Mathieu), along with a third codefendant, pleaded guilty to tax evasion and unlawful money-transmitting charges for their roles in a romance fraud scheme that defrauded over 100 victims of more than $4.5 million between October 2016 and May 2020. The conspirators, some based in Nigeria, posed as romantic interests on dating sites, built relationships with victims, and requested money for fake emergencies, which they then spent on personal expenses or transferred to overseas accounts without paying taxes.
ici.radio-canada.ca
Richmond, B.C. RCMP warned of a surge in romance-investment scams that cost victims over $16 million in 2023, with 87 reported cases that year and another 12 cases totaling nearly $500,000 in losses between January and March 2024. Scammers groom victims through dating websites and social media over weeks or months, building trust before convincing them to invest in fraudulent schemes, often involving cryptocurrencies and fake investment returns. Police also issued a warning about a "speeding ticket" text scam designed to steal personal and financial information by directing victims to a fake website mimicking the government's legitimate PayBC payment portal.
freepressjournal.in
Cyber fraud incidents are escalating in Pune, with 110 victims losing ₹18 crore in January and February alone. A 28-year-old armed forces officer posted at the National Defence Academy lost ₹57 lakh in an online share trading scam after fraudsters impersonating a bank's securities platform lured him with promised returns and then demanded exorbitant commissions to withdraw funds. Police report that fraudsters use social media, fake trading apps, and websites to attract victims with promises of quick profits, initially providing small returns to build trust before preventing withdrawals or demanding excessive fees.