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in Crypto Investment Scam
vice.com
· 2025-12-08
Americans lost more than $5.6 billion to cryptocurrency scams in 2023, representing 45 percent increase from 2022 and nearly half of all financial fraud losses that year, according to an FBI report. Investment scams accounted for nearly 71 percent of crypto losses ($4 billion), with fraudsters also using call centers, government impersonation, and dating sites to target victims; notably, people over 60 filed nearly 17,000 complaints and lost $1.6 billion, making them the most victimized age group despite crypto's popularity with younger generations. The FBI attributes crypto scams' prevalence to the technology's decentralized nature, irrevers
news.slashdot.org
· 2025-12-08
Americans lost $5.6 billion to cryptocurrency fraud schemes in 2023, with the FBI receiving nearly 70,000 complaints involving bitcoin, ether, and other digital currencies. Investment fraud was the most prevalent scheme, accounting for $3.96 billion of the total losses, and the decentralized nature of cryptocurrency combined with irreversible transactions makes recovery of stolen funds extremely challenging.
law.com
· 2025-12-08
An ex-state attorney general filed an unprecedented class action lawsuit against Athena Bitcoin Inc. and Genesis Coin Inc. in Ohio state court, alleging the cryptocurrency ATM operators facilitated elder fraud. The plaintiff's elderly client lost tens of thousands of dollars after being scammed into depositing cash into one of the defendants' ATMs to convert funds into cryptocurrency.
eastcentralreporter.com
· 2025-12-08
A Better Business Bureau study reports that investment scams are rising, with cryptocurrency and romance scams becoming increasingly sophisticated and harder to detect. Scammers use professional-looking websites and fake dating profiles to build trust before convincing victims to invest in fraudulent schemes promising high returns with minimal risk. The BBB advises consumers to verify investment opportunities through trusted sources before responding to unsolicited offers.
chicago.suntimes.com
· 2025-12-08
Shalender Singh lost nearly $20,000 in an investment scam after a stranger contacted him on WhatsApp claiming to represent a legitimate investment firm and promising 30% returns through cryptocurrency. The scammer built trust over months by providing accurate market advice initially, added Singh to investor chat groups, and showed fake growth on a fraudulent app, but blocked him when he attempted to withdraw funds. According to the Better Business Bureau, investment scams are surging—particularly cryptocurrency and romance-based schemes—with reported losses reaching a median of $4,000 in 2023 and nearly $6,000 by mid-2024, with 80% of victims losing money and scammers
dlnews.com
· 2025-12-08
During a congressional hearing, senior Democrat Maxine Waters highlighted DeFi's fraud vulnerabilities, citing the example of a counterfeit token scam related to Donald Trump Jr. and Eric Trump's World Liberty Financial project, where approximately 2,000 people lost $1.8 million in fake tokens after hackers compromised related social media accounts. Democrats and consumer advocates expressed concern about security risks and scams in decentralized finance—noting that DeFi users lost nearly $2 billion to fraud in 2023—while Republicans resisted stronger regulations, fearing they would drive innovation overseas. The hearing revealed a partisan divide over whether DeFi should be subject to existing securities regulations to prevent frau
nbcnews.com
· 2025-12-08
In 2023, U.S. victims reported $5.6 billion in losses to cryptocurrency scams, with people aged 60 and older filing over 16,000 complaints accounting for $1.6 billion of those losses. The majority of losses ($4 billion, a 53% increase from 2022) came from "pig butchering" investment scams, where fraudsters build fake romantic or friendship relationships with victims before convincing them to invest in bogus cryptocurrency platforms, often using crypto ATMs. Older adults are disproportionately targeted because they typically hold more wealth and are less familiar with cryptocurrency technology, according to the FBI and AARP.
foxbusiness.com
· 2025-12-08
Real estate scams are increasing in prevalence, including home-flipping investment schemes, fraudulent mortgage relief operations, fake property listings, and foreclosure bailout schemes that target both homebuyers and renters. The FTC has issued over $20 million in refunds to victims in 2024, including $222,000 to those harmed by the deceptive Lanier Law mortgage relief operation. Experts advise consumers to verify wiring instructions directly with title companies, be cautious of unsolicited communications from debt counselors, and avoid dealing with unfamiliar parties claiming to help with financial hardships.
wftv.com
· 2025-12-08
A Kissimmee man lost tens of thousands of dollars to a romance scam that evolved into a cryptocurrency investment scheme, after meeting a woman named "Lisha" on a dating website who convinced him to invest in what appeared to be a lucrative crypto trading platform. Initially investing $12,000, Amado was shown fake profits of over $240,000, but when attempting to withdraw funds, he was pressured to pay additional "taxes," "security fees," and other charges totaling approximately $39,000 before the scammers disappeared and the woman changed her phone number. The FBI notes that romance scams have become increasingly sophisticated, with perpetrators maintaining detailed records on victims and continually adap
sbj.net
· 2025-12-08
Americans lost $5.6 billion to cryptocurrency fraud scams in 2023, representing a 45% increase from 2022, with investment fraud accounting for nearly $4 billion of those losses, according to FBI data. The sharp rise in losses highlights the growing prevalence of cryptocurrency-related schemes targeting investors.
cbsnews.com
· 2025-12-08
In 2023, cryptocurrency scams cost Marylanders nearly $94 million, with the state ranking 13th worst hit nationally among approximately 58,000 U.S. complaints, according to an FBI report. These scams frequently use emotional manipulation and romance tactics to lure victims into fraudulent investment schemes, with perpetrators collecting personal and financial data to facilitate theft. Experts recommend verifying online contacts, protecting cryptocurrency wallets, and remaining cautious of quick-return investment pitches, particularly when emotionally vulnerable.
therecord.media
· 2025-12-08
The U.S. Treasury Department sanctioned Cambodian billionaire Ly Yong Phat and his businesses for alleged human trafficking and forced labor at online scam centers that defraud unsuspecting individuals, including Americans, through romance scams and cryptocurrency schemes. Hundreds of victims from multiple countries were rescued from compounds including the O-Smach Resort, where workers were forced to labor up to 15 hours daily under threats of violence, beatings, and sexual trafficking. The sanctions target the infrastructure supporting these scam operations while highlighting widespread corruption and official complicity in Cambodia that has enabled traffickers to operate with impunity.
miamivalleytoday.com
· 2025-12-08
Since 2020, investment scams reported to the BBB Scam Tracker exceeded 4,000 reports, with 2023 marking a three-year high, as scammers increasingly blended romance and cryptocurrency schemes to defraud victims of large sums. Median losses surged from $1,000 in 2021 to nearly $6,000 in 2023, with scams often lasting months before detection and primarily originating from organized crime operations in Southeast Asia. The BBB advises victims to watch for red flags including unregistered investments, guaranteed returns, pressure tactics, unknown cryptocurrencies, and unsolicited friendship offers from strangers.
smdailyjournal.com
· 2025-12-08
A California man lost over $300,000 in a cryptocurrency "pig butchering" scam that began in 2022 when a woman posing as a Taiwanese trader named Anna convinced him to invest in a fraudulent platform called BankCEX, using fake trading statements to build trust before demanding an additional $115,000 in taxes and fees. The victim's stolen funds—consisting of USD Coin, Tether, and Ethereum—were traced to major exchanges including Binance, Crypto.com, and OKX, and he has filed suit against these platforms. The case highlights the need for better cryptocurrency investor education and law enforcement expertise as crypto scams continue to prolif
cnbc.com
· 2025-12-08
Americans lost over $5.6 billion to cryptocurrency scams in 2023, a 45% increase from 2022, with investment scams accounting for $4 billion of those losses, according to an FBI report. Fraudsters typically build trust with victims through dating apps and social media before directing them to fake websites that display false investment growth, then prevent withdrawals or demand fees. The FBI recommends verifying messages independently, scrutinizing websites for misspellings or character substitutions in domain names, and remaining skeptical of promises to earn quick profits with minimal risk.
cleveland.com
· 2025-12-08
**Scam Losses in Cuyahoga County, Ohio More Than Double; Nationwide Fraud Crisis Escalates**
Reported scam losses in Cuyahoga County jumped from $1.2 million in 2023 to $2.7 million in 2024, with fraudsters using spoofed caller IDs, stolen personal data, and cryptocurrency to steal larger amounts in shorter timeframes. A particularly dangerous trend involves scammers posing as federal agents claiming victims' bank accounts are involved in drug trafficking, convincing them to move savings to crypto "wallets" and in some cases obtaining house sale proceeds—with national fraud losses reaching $
theregister.com
· 2025-12-08
A Cambodian senator and entrepreneur, Ly Yong Phat, was sanctioned by the US Treasury for operating O Smach Resort as a forced labor camp where trafficked workers were coerced into promoting cryptocurrency and foreign exchange scams that defrauded victims globally. Workers at the resort reported being lured with false job offers, having their documents confiscated, and enduring beatings, electric shocks, ransoms, and threats; two victims reportedly died by suicide. The sanctions prohibit US persons from conducting business with Ly without permission and require reporting of his US-based assets.
wsvn.com
· 2025-12-08
Scammers used fake dating profiles impersonating Miami doctor Nataliya Bocharova on social media to defraud men out of millions of dollars through a "pig butchering" scheme, in which victims were lured by romance and promises of investment returns, then directed to fake trading sites where their money disappeared. One victim lost $300,000 before the real doctor's warning video on Instagram alerted him to the scam; the FBI is now investigating, though the schemes are typically run by organized crime groups overseas and most money is not recovered.
larongenow.com
· 2025-12-08
Between January and July 2024, Saskatchewan residents lost over $3.4 million to cryptocurrency fraud across 116 reported cases to the RCMP. One notable case involved a business employee who received a call from a scammer impersonating senior management, attempting to manipulate the victim into cryptocurrency transfers. The RCMP continues to investigate cryptocurrency fraud schemes targeting provincial residents.
goldrushcam.com
· 2025-12-08
At a September 2024 Senate Banking Committee hearing, Senator Elizabeth Warren highlighted the severe impact of romance and cryptocurrency investment scams on older Americans, noting that Massachusetts residents alone lost over $85 million to these schemes in 2023. Testimony revealed that scammers use extended emotional manipulation through dating apps before gradually coercing victims to deposit funds into fake trading accounts that show false profits, ultimately draining their entire savings; crypto scam losses nationally increased tenfold from 2020-2023 to over $110 million, with adults over 60 being three times more likely to lose money in such schemes. Senator Warren advocated for her bipartisan Digital Asset Anti-Money Laundering
coingape.com
· 2025-12-08
The CFTC has partnered with federal agencies including the SEC, FBI, and IRS to combat "pig butchering" cryptocurrency scams, which cost Americans billions annually and exploit victims through fake romantic relationships to lure them into fraudulent crypto investments. These collaborative efforts include developing educational infographics and investor alerts designed to help consumers—including experienced investors—identify and avoid such schemes. The CFTC advises the public to ignore unsolicited messages, report suspicious activity, and provide detailed information to law enforcement to assist investigations.
wsbtv.com
· 2025-12-08
Billions of dollars are lost annually to scams targeting older Americans, with the FBI reporting over $3 billion in losses in 2023 alone, including devastating cases such as romance scams, sextortion schemes, and AI-enabled impersonations that have cost some seniors their entire life savings. The AARP Fraud Watch Network receives more than 100,000 calls yearly from affected seniors, and experts testified before U.S. Congress emphasizing that criminals continue to evolve their tactics with increasing sophistication. Lawmakers are responding with bipartisan legislation and recommendations for education, public outreach, and federal efforts to combat spoofing and robocalls as key strategies to protect vulnerable seniors.
dailyhodl.com
· 2025-12-08
AI-powered voice cloning is enabling a new wave of fraud that costs billions of dollars annually, with criminals using synthetic audio to impersonate loved ones and compromise financial accounts in as little as 30 seconds. Deloitte forecasts AI-related fraud losses will reach $30 billion by 2027, up from $12.3 billion in 2023, while the FBI warns the public to limit personal photos and videos on social media, as these can be easily exploited by scammers to create convincing deepfakes and target victims.
independent.co.uk
· 2025-12-08
Romance cryptocurrency scams are rising significantly, with the FBI reporting over 70,000 complaints and $5.6 billion in losses in 2023, often targeting educated and affluent victims. A 68-year-old woman was defrauded of $58,000 after meeting a man posing as a wealthy businessman on an elite dating app who gradually manipulated her into sending funds for fake business emergencies, later revealing the money was funneled into cryptocurrency investments. Investment fraud is the most common type of cryptocurrency scam, accounting for 71 percent of complaints and $3.96 billion in losses in 2023.
businessinsider.com
· 2025-12-08
Americans lost $5.6 billion to cryptocurrency scams in 2023, a 45% increase from 2022, with people over 60 suffering the most damage at $1.6 billion in losses across more than 16,000 reports. Investment fraud scams accounted for the majority of losses at $3.9 billion, and seniors were particularly vulnerable to crypto ATM scams, losing over $124 million through that method alone. The FBI recommends verifying caller phone numbers, scrutinizing website domains and emails, remembering that no legitimate government agency demands crypto payments, and seeking licensed financial advice before investing.
news.yahoo.com
· 2025-12-08
Americans lost $5.6 billion to cryptocurrency scams in 2023, a 45% increase from 2022, with crypto investment fraud accounting for $3.9 billion of those losses according to the FBI's 2023 report. Seniors over 60 were hit hardest, reporting over $1.6 billion in losses and making up the vast majority of victims using crypto ATMs, losing over $124 million through that method alone. The FBI recommends verifying caller phone numbers, checking for website inconsistencies, and remembering that legitimate agencies will never demand payment via cryptocurrency.
postandcourier.com
· 2025-12-08
Since 2020, the Better Business Bureau has received over 4,000 reports of investment scams, many involving cryptocurrency or romance fraud tactics where scammers build trust through fake relationships before soliciting investments. Median losses have increased significantly from $1,000 in 2021 to nearly $6,000 in recent years, with some victims losing over $84,000. The article outlines red flags including guaranteed returns promises, unknown cryptocurrencies, pressure to share wallet access, and unsolicited friendship offers, and provides resources for reporting scams to the BBB, FTC, and FBI.
decripto.org
· 2025-12-08
Zikica Fiser, a 54-year-old man, was convicted of a sentimental scam targeting a 78-year-old dementia sufferer in Trieste, embezzling EUR 74,200 through false pretenses including impersonating a doctor and fabricating personal crises. The Court of Appeal upheld his sentence of two years and six months imprisonment and ordered him to pay EUR 106,000 in compensation, though no restitution has been made to date. The case was uncovered by the victim's niece and highlights the rising trend of romance scams in Italy, which increased 118% from 2020 and caused EUR 4
goldrushcam.com
· 2025-12-08
A car buying scam ring operating across California and involving at least three suspects—Michael Tanase, Constantin Mustata, and Florin Tanase—sabotaged vehicles listed for sale by pouring oil into radiators to simulate engine failure, then made lowball offers to purchase the damaged cars at a fraction of their value. Michael Tanase was arrested in Oklahoma in July 2024 on an outstanding felony warrant for vandalism and theft by false pretense filed by the Placer County District Attorney's Office, while his two co-suspects remain at large; the scam had been reported to multiple law enforcement agencies across California beginning in early 2024.
aol.com
· 2025-12-08
Americans lost $5.6 billion to cryptocurrency scams in 2023, a 45% increase from 2022, with crypto investment fraud accounting for $3.9 billion of those losses according to the FBI's 2023 report. Adults over 60 were disproportionately affected, reporting over 16,000 complaints totaling $1.6 billion in losses, and were particularly vulnerable to crypto ATM scams, losing $124 million through that method alone. The FBI recommends verifying caller information, scrutinizing website domains, avoiding crypto kiosk payments for purported law enforcement or government demands, and consulting licensed financial advisors before investing.
cbs58.com
· 2025-12-08
The Wisconsin Better Business Bureau reported a significant rise in investment scams, with over 4,000 scam reports filed through their Scam Tracker and a median loss of $4,000 per victim in 2023. The BBB Institute identified investment and cryptocurrency fraud as the riskiest scam type of 2023 due to their interconnected nature.
pcpatriot.com
· 2025-12-08
Virginia State Police report an uptick in financial scams targeting older adults and vulnerable individuals, including anti-virus software scams (one victim lost $36,000), "grandparent scams" using AI voices to impersonate grandchildren in distress, and cryptocurrency fraud (one woman scammed out of $160,000 in Bitcoin). Police recommend independently verifying requests before responding, establishing a trusted "buddy system," and remembering that legitimate organizations never pressure payment via gift cards, wire transfers, or cryptocurrency.
butlerradio.com
· 2025-12-08
In 2023, the FBI reported $5.6 billion in losses from cryptocurrency fraud involving over 69,000 complaints, representing 50 percent of all financial fraud losses despite being only 10 percent of complaints. The FBI warns that legitimate agencies never request cryptocurrency payments, scammers impersonate financial institutions, and investments that seem too good to be true typically are fraudulent. Pennsylvania experienced $120 million in losses from cryptocurrency fraud, ranking 8th nationally in complaints and 9th in losses.
lifehacker.com
· 2025-12-08
Scammers increasingly target utility customers by impersonating utility company representatives via phone, email, or in-person visits, demanding immediate payment under threat of service disconnection using untraceable payment methods like prepaid cards, cryptocurrency, or gift cards. To avoid these scams, consumers should independently verify any payment demands by calling their utility company using contact information from their bill or secure account, remember that legitimate utilities send multiple notices before disconnection and offer flexible payment plans, and only use traceable payment methods with fraud protection. Utility scams are particularly effective during extreme weather when customers are desperate to maintain service.
goldrushcam.com
· 2025-12-08
The Tuolumne County Sheriff's Office warned residents of an impersonation scam in which a caller claiming to be "Sergeant Eric Roberts" from the department contacted victims demanding payment via cryptocurrency machines to resolve a "failure to appear" warrant and avoid arrest. The sheriff's office emphasized that it never solicits payment by phone and advised residents that requests for payment via cryptocurrency or gift cards are major red flags for scams.
techbullion.com
· 2025-12-08
Documentary Plus Stories is seeking victims of cyber fraud—including investment scams, romance scams, and cryptocurrency scams—to participate in a groundbreaking documentary film aimed at raising public awareness and preventing future crimes. Participants will receive compensation including a one-time payment and potential future royalties, and their authentic stories will be featured in a documentary expected to reach millions of viewers worldwide.
watcher.guru
· 2025-12-08
In 2023, Americans lost $5.6 billion to cryptocurrency scams, accounting for approximately 50% of all financial crimes reported to the FBI. Fraudsters employed various tactics including fake gaming apps, "pig butchering" romance scams to gain trust and access to cryptocurrency wallets, and fake investment signal groups on Telegram that promised high returns before blocking victims. The FBI attributed the rise in crypto crimes to technological advances enabling fraud and consumers' vulnerability to "fear of missing out" marketing around digital assets.
independent.co.uk
· 2025-12-08
Romance cryptocurrency scams defrauded Americans of $5.6 billion in 2023, with the FBI receiving over 70,000 complaints—a 45% increase from 2022—targeting often educated and affluent victims. A 68-year-old woman named Debbie Fox lost $58,000 from her retirement account after being deceived by a scammer posing as a wealthy businessman on an elite dating app, who built trust over weeks before requesting funds for a fake business emergency and directing the money into cryptocurrency investments. Investment fraud is the most common cryptocurrency scam type, accounting for 71% of complaints and $3.96 billion in losses, leaving victims facing severe
forbes.com
· 2025-12-08
A grandmother received a deepfake voice call from a scammer impersonating her grandson claiming to be in jail and needing $10,000 for bail, but she verified the call was fake by contacting her grandson directly. The article outlines common scams targeting seniors—including grandparent scams, government impersonation, romance scams, and spoofing—and provides protective strategies such as verifying callers through known phone numbers, establishing family safe words, taking time to think despite pressure tactics, and using unique passwords with one-time passcodes.
cleveland19.com
· 2025-12-08
Bitcoin ATM scams have resulted in $55 million in losses in the first six months of 2024, with total reported losses since 2020 exceeding $110 million, according to FBI and FTC data. Scammers impersonate bank or federal agents, threatening victims with fraud investigations and directing them to deposit cash into Bitcoin ATMs to "protect" their money—a tactic that is particularly effective against adults over 60, who are three times more likely to be victims than younger adults. A 75-year-old Ohio man lost $24,000 in such a scam after being told his Facebook account was compromised and his checking account faced fraudulent charges.
columbiagorgenews.com
· 2025-12-08
Multiple online scams were reported in The Dalles in early September, with losses totaling over $105,000 across four separate incidents, including one victim who lost more than $100,000 in cash, gift cards, and Bitcoin to a scammer impersonating someone from Texas since April 2023. Common scam tactics included impersonating law enforcement demanding payment for warrants, fake celebrity fan sites, fake security companies, and requesting payment via gift cards or cryptocurrency. Police warn that legitimate law enforcement will never request payment by phone, and that scammers typically operate from outside the U.S. using obscured technology, making recovery of funds difficult.
livebitcoinnews.com
· 2025-12-08
In September 2024, seven Democratic senators led by Dick Durbin urged ten major cryptocurrency ATM operators to implement fraud-prevention measures after the FTC reported $65 million in crypto ATM fraud losses in the first half of 2023, with elderly Americans over 60 being three times more likely to fall victim than younger individuals. The senators cited cases where scammers manipulated seniors into transferring money through Bitcoin ATMs and requested the companies respond by October 4 with details on their anti-fraud protections, including scam warnings, transaction limits, and fraud insurance. Cryptocurrency ATM fraud has surged tenfold since 2020, from $12 million to
nbcboston.com
· 2025-12-08
Bitcoin ATM scams cost victims over $65 million in the first half of 2024, with scammers using government and business impersonation tactics to trick people into depositing cash at these machines. An 83-year-old victim lost $34,000 after a fake Apple security alert directed her to call a number where scammers impersonated her bank's fraud department. The FTC advises people to ignore unsolicited calls and pop-ups, verify company contact information independently, and remember that legitimate businesses never request cash deposits via Bitcoin ATMs or gift cards to resolve account issues.
sevendaysvt.com
· 2025-12-08
In 2021, 67-year-old Jeanette Voss of Vermont lost her entire life savings of $950,000 to a tech-support scam that began with a fake Microsoft alert on her computer. Scammers convinced her over six months of daily calls that her Social Security number had been compromised and instructed her to transfer her retirement funds, stocks, and certificates of deposit into accounts they controlled before vanishing with the money. The case illustrates a growing threat: Americans aged 60 and older lost nearly $3.5 billion to scams in the past year, with older adults targeted for their savings, perceived lack of tech knowledge, and isolation.
postregister.com
· 2025-12-08
In 2023, seniors lost $3.4 billion to scams—an 11% increase from 2022—prompting a unanimously passed Senate Resolution to combat elder fraud. Common scams include romance fraud, tech support scams, cryptocurrency schemes, and investment fraud, with warning signs including unexpected contact, pressure to act quickly, requests for personal information, and demands for untraceable payments. Victims are encouraged to end contact with scammers, report incidents to local police, the FTC, FBI, or postal inspection services, and take protective measures such as updating security software and monitoring financial accounts.
citywire.com
· 2025-12-08
The SEC charged three individuals and five entities, including fake crypto trading platforms NanoBit and CoinW6, with operating relationship investment scams from September 2023 to June 2024. NanoBit defrauded at least 18 investors of over $967,000 by falsely claiming affiliation with SEC-registered brokers and major financial institutions, then redirected their cryptocurrency deposits to pool and misappropriate the funds through shell entities, with stolen money spent domestically or wired to Hong Kong.
kvoa.com
· 2025-12-08
The FBI reports a 25% increase in scam victims and $300 million in additional losses over the past year, with particularly harsh impacts on retirees in Arizona living on fixed incomes. The bureau has launched the "Take a Beat" awareness initiative to combat various schemes including romance scams, phone fraud, and cryptocurrency scams (which alone resulted in $4.5 billion in losses nationally last year). The FBI advises potential victims to pause before sending money, verify requests independently rather than using provided phone numbers, consult financial advisors or law enforcement, and report scams quickly—noting a 70% success rate in recovering wired funds within 24 hours.
financialservices.house.gov
· 2025-12-08
Congressman Luetkemeyer held a House Financial Services hearing in September 2024 to examine "confidence scams" (also called "pig butchering"), a multi-billion dollar fraud industry that has surged since the COVID-19 pandemic. Scammers build trust with victims over weeks or months through fake romantic relationships, then convince them to invest in fraudulent cryptocurrency schemes by showing fake portfolio gains and instructing them to wire money to Southeast Asian accounts or fake exchanges, systematically draining victims' savings and retirement funds until nothing remains.
theglobeandmail.com
· 2025-12-08
A March 2024 Interac survey found that nine in 10 Canadians experienced at least one fraud attempt in the past year, with experts warning that AI-enabled scams and upcoming real-time payment systems will increase risks. The most common digital scams targeting Canadians are investment fraud (particularly cryptocurrency schemes responsible for over half of the $309 million in investment fraud losses), imposter fraud targeting financial institutions, and job fraud—often using sophisticated tactics including AI voice mimicry and fake social media profiles. Experts recommend prevention through Interac's "3-S" approach: stop, scrutinize, and speak up.
cointelegraph.com
· 2025-12-08
The SEC filed its first-ever enforcement actions against "pig butchering" scammers, charging five entities and three individuals operating fake crypto trading platforms NanoBit and CoinW6 that defrauded approximately 18 and 11 investors, respectively, of nearly $3.2 million combined. Fraudsters posed as attractive professionals on social media, built romantic relationships with victims, and lured them to fake platforms promising high returns before blocking withdrawals and demanding additional fees or threatening to expose private messages. The SEC is seeking permanent injunctions, penalties, and disgorgement against both entities for violating securities law.