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14,184 results in Scam Awareness
post-journal.com
This is a brief notices section announcing local community events. Relevant to elder fraud awareness: The Ellington Farman Library and Center for Elder Law and Justice will host a free educational program titled "Top Senior Scams and How to Avoid Them" on Tuesday at 11 a.m., featuring presentations by a paralegal and social worker covering common scams targeting seniors and identification strategies.
hindustantimes.com
**Summary:** This is not an article about elder fraud or scams targeting older adults. Actor Shreya Dhanwanthary expressed frustration on social media about Mumbai's expensive real estate market, calling home ownership there a "scam" due to prohibitively high prices. The post resonated with other Mumbai residents facing similar housing affordability challenges, though this reflects commentary on real estate costs rather than fraudulent activity targeting seniors.
belfasttelegraph.co.uk
This educational article emphasizes that alertness and caution are the best defenses against scams, which target people across all age groups and technical skill levels. Key preventive measures include avoiding clicking unknown links, never sharing banking details when uncertain, and being skeptical of callers who reference personal information gleaned from social media, as scammers exploit publicly available details to build false credibility. The article notes that embarrassment often prevents victims from reporting incidents and calls for stronger government action against perpetrators, while highlighting that information-sharing and reporting are essential community defenses until stricter enforcement is implemented.
malaysia.news.yahoo.com
Malaysian police reported that women comprise 79.3% of love scam victims, with 2,223 cases recorded between 2022 and August 2024, resulting in losses of RM23.3 million in 2024 alone. Women are targeted due to emotional vulnerability, loneliness, and susceptibility to romantic narratives, with victims spanning all age groups, though the 21-30 age group has been most affected in 2022 and 2024. A notable case involved a 64-year-old retiree who lost RM1.98 million after being deceived by a scammer posing as a friend arranging parcel delivery.
decripto.org
Dating scams exploit victims by creating fake online profiles and building trust before requesting money, with the FBI reporting over $1.3 billion in US losses alone and an average loss of $10,000 per victim. Older adults aged 50 and above are particularly targeted due to greater financial resources, and scammers typically employ tactics such as avoiding in-person meetings, creating emotional narratives requiring money, and requesting untraceable payment methods like cryptocurrency. Warning signs include premature declarations of love, requests for secrecy, unverifiable identities, and financial requests under the guise of emergencies or travel needs.
Romance Scams Crypto Investment Scams Scam Awareness Cryptocurrency Gift Cards Bank Transfer
wbay.com
The Better Business Bureau reports that investment scams are at a three-year high, with over 4,000 reported cases and median losses rising from $1,000 in 2021 to nearly $6,000 in 2023. Scammers use social media invitations, promises of guaranteed high returns with low risk, and pressure tactics to lure victims into schemes that blend investments, cryptocurrency, and romance fraud, often targeting people with retirement accounts. Victims discover the scam only when attempting withdrawals and encountering unexpected fees or taxes.
theweek.com
UK fraud complaints reached a record high of 8,734 cases from April to June, with nearly half upheld by the Financial Ombudsman Service, representing a significant increase from 6,094 complaints in the same period the previous year. Authorised push payment (APP) fraud accounted for over half the complaints, resulting in £459.7 million in losses in 2023, with scammers using impersonation, fake goods sales, and romance scams as primary methods. While banks voluntarily reimburse some victims, mandatory refund schemes were scaled back to £85,000 per claim following pressure from financial industry lobbyists, leaving many fraud victims with limited recourse
lovemoney.com
Financial fraud complaints reached a record high in Q1 2024, with the Financial Ombudsman Service receiving 8,734 complaints (up 2,000 from the previous year), predominantly involving authorized push payment (APP) scams and romance fraud schemes. UK fraud losses totaled £1.2 billion in 2023, yet regulators are simultaneously scaling back victim compensation by reducing the reimbursement threshold from £415,000 to £85,000, leaving high-value fraud victims with significantly reduced protection. The article recommends six protective measures including hanging up on unsolicited calls, avoiding advance payment schemes, and being skeptical of pressure tactics and offers that sound too good to
bentonspiritnews.com
This educational piece outlines four emerging fraud schemes targeting seniors: check cooking (digitally altering stolen checks), voiceprinting (using deepfake voice technology to impersonate victims and access financial accounts), celebrity impersonation (scammers posing as celebrities or their agents on social media to solicit loans), and multistage grandparent scams (organized call centers with young operatives posing as grandchildren in distress). The article provides protective measures for each scam type, including using electronic bill payments, avoiding phone conversations with non-family members, being skeptical of celebrity direct messages, and verifying caller information through independent contact methods.
newstalkkzrg.com
Bait-and-switch scams on Facebook manipulate users into sharing emotional posts about lost pets, missing children, or people in need, which scammers then edit to promote fake sales, job opportunities, investments, or donation requests designed to steal money or personal information. Reports of social media scams increased 63.8% from 2022 to 2023, with social media becoming the top scam contact method resulting in monetary losses. Users can protect themselves by verifying posts through official sources, performing reverse image searches, checking for red flags like disabled comments and newly created profiles, and reporting suspicious content to both BBB and Facebook.
rcrwireless.com
Gen Z is more than four times as likely to fall for online scams than Baby Boomers, making them prime targets for fraudsters who exploit their heavy reliance on mobile devices and the critical importance of digital identity to their social and professional lives. Scammers use tactics including fake profiles and impersonation, phishing, social engineering, and deceptive websites to steal personal information, financial details, and identities for unauthorized purchases, account takeovers, and blackmail. The consequences of identity compromise are particularly severe for Gen Z due to the interconnected nature of their digital and real-world identities.
fox32chicago.com
In 2024, the Better Business Bureau's Scam Tracker reported record numbers of investment scams, with a significant portion involving cryptocurrency and romance schemes combined. The rise indicates scammers are increasingly targeting victims through romantic relationships to gain trust before directing them toward crypto investments.
fox23maine.com
A new brochure created by the U.S. Attorney's Office and non-profit partners will be distributed at Maine pharmacies to help prevent elder fraud, following reports that 397 Maine residents aged 60+ lost over $7.1 million to scams in the previous year. The brochure educates seniors about common fraud tactics—including gift card/wire transfer demands, urgency pressure, and fake computer infection pop-ups—and provides victim support resources. Officials note that the reported losses likely represent only a fraction of actual fraud cases, as many incidents go unreported.
states.aarp.org
On September 5, 2024, the U.S. Attorney's Office for the District of Maine, AARP Maine, and the Maine Council for Elder Abuse Prevention launched the Maine Rx Elder Fraud Program, which will distribute educational brochures about common scams through Hannaford Supermarkets' 60 in-store pharmacies across the state. The initiative responds to a growing national problem: in 2023, over 101,000 Americans aged 60+ lost $3.4 billion to fraud, including 397 Mainers who reported losses exceeding $7.1 million, with many cases going unreported due to embarrassment and reluctance
themainewire.com
The Maine U.S. Attorney's Office launched the Maine Rx Elder Fraud Program, a collaboration with AARP Maine and the Maine Council for Elder Abuse Prevention, which distributes educational brochures about scam prevention through prescription bags at 60 Hannaford pharmacies across the state. The initiative targets elderly Mainers because nearly 9 in 10 people over 65 have regular prescriptions, making pharmacies an ideal venue for fraud awareness; in 2023 alone, 397 elderly Mainers reported fraud losses totaling over $7.1 million, part of a national trend where seniors lost $3.4 billion to scams.
thecourierexpress.com
State Rep. Mike Armanini hosted two Senior Scam Jam educational events in Pennsylvania's 75th District in September, partnering with the Pennsylvania Department of Banking and Securities to teach older adults how to recognize and avoid common scams related to identity theft and financial fraud. The interactive seminars, held in DuBois and Ridgway, covered red flags to spot fraud and how to report suspected cases, with support from local district attorneys' offices.
states.aarp.org
AARP Louisiana hosted an "Unmasking Fraud" educational event on October 15 featuring keynote speaker Paul Greenwood, a retired San Diego Deputy District Attorney who prosecuted over 750 elder abuse and fraud cases during his 22-year career. The free public event included a resource fair, stakeholder roundtable, and presentation of the AARP Fraud Fighter of the Year Award to recognize organizations dedicated to combating fraud in Louisiana.
justice.gov
Two Irish brothers, Patrick and Matthew McDonagh, pleaded guilty to conspiracy to commit wire fraud for stealing over $400,000 from elderly homeowners across the Northwest and Illinois by posing as home repair contractors. Using high-pressure tactics and false claims of necessary repairs (roof holes, foundation cracks), they defrauded victims in Washington, Oregon, and Illinois of hundreds of thousands of dollars, with one Shoreline, Washington homeowner losing $435,000. The brothers have agreed to make restitution totaling over $1 million to their victims and face sentencing in November 2024, with prosecutors recommending 26 months in prison for each defendant.
wgme.com
Mainers unknowingly purchased stolen vehicles from thieves, including a case where a buyer acquired two stolen GMC pickup trucks from Texas for $80,000 each and another where an elderly woman was manipulated into titling a stolen Aston Martin. Criminals used "cloned vehicles" by grinding off original VIN numbers and replacing them with salvage yard numbers to disguise the thefts, with an investigation revealing a large stolen vehicle ring involving unlicensed online dealers. The Secretary of State's Office recommends consumers obtain vehicle history reports and research state-specific laws before purchasing used vehicles to protect themselves from such fraud.
wmar2news.com
The Maryland Board of Elections warned voters about text message scams targeting registered voters with false claims that they are not registered to vote, directing them to click malicious links to "re-register" before a deadline. The scammers aim to steal personal information, spread election disinformation, and undermine confidence in the electoral process. To protect themselves, voters should verify voter registration status only through official state websites (`.gov` domains) and report suspicious election-related messages to the Board of Elections.
abc30.com
An Illinois woman lost nearly $1 million to a "pig butchering" scam, where a fraudster she met online gained her trust over months with romantic gestures and promises of investment returns, then convinced her to send multiple large wire transfers totaling almost her entire life savings. The scammer disappeared with the money, forcing DeMask to sell her home and its contents, leaving her with only $400 and owing taxes and bank debt she cannot pay. The FBI estimates such scams cost Americans nearly $4 billion in 2023, and authorities note that victims who wire money internationally have minimal recovery prospects.
Romance Scams Scam Awareness Cryptocurrency Wire Transfer Check/Cashier's Check
kcra.com
Scammers in Southern California placed fake QR code stickers on legitimate parking meter signs, with 150 meters affected in Redondo Beach, directing users to fraudulent websites to harvest payment information; ParkMobile and PayByPhone recommend verifying QR codes are part of the original signage rather than stickers, checking that URLs match their official websites (app.parkmobile.io and paybyphone.com), and reporting suspicious codes to local authorities. No cases have been reported yet in Sacramento, though both companies operate parking services throughout California, and a related scam involving fake parking tickets with QR codes has also surfaced in San Francisco and Southern California.
Robocalls / Phone Scams Scam Awareness Check/Cashier's Check
consumer.ftc.gov
This article warns about a gift card scam targeting students and young workers, in which scammers impersonate employers via text or email to request victims purchase gift cards and share the card numbers and PINs under false pretenses of reimbursement or workplace rewards. Red flags include urgency, specific instructions on which cards to buy, and requests for card details; victims should never share this information and should report any suspected scams to the relevant gift card company and the FTC.
cracked.com
This article outlines five common tourist scams: the free bracelet/trinket scheme where vendors forcibly give items then demand payment; the broken taxi meter scam where drivers quote inflated fares without meter verification; the spill-and-stain distraction where accomplices create chaos while pickpockets steal; the elderly person fall scam that diverts attention from theft; and implied additional schemes. The article advises tourists to verify prices in advance, avoid accepting unsolicited items, and remain vigilant about personal belongings in crowded areas.
belfasttelegraph.co.uk
A journalist fell victim to a multi-stage online scam that began when he clicked a fraudulent parcel delivery email and paid £1.50, compromising his bank card details. Scammers then attempted follow-up exploitation through a sophisticated spoofed phone call impersonating his bank's anti-fraud team, building credibility by referencing legitimate details before requesting sensitive information—a request that triggered his suspicion and led him to verify with his actual bank. The scammers ultimately did not extract money from his account, but the incident demonstrates how even internet-savvy individuals can be vulnerable to well-executed social engineering tactics that combine initial credential theft with psychological manipulation.
nbclosangeles.com
Scammers targeted cable company customers with text messages offering 40% discounts on Spectrum bills, then requested payment via gift cards; René Flores fell victim and sent $300 in gift cards before a friend who worked at Spectrum identified it as fraud. The Better Business Bureau reported multiple victims of this scam, which exploits personal information scammers obtain and uses threats or discount promises to pressure victims into untraceable gift card payments. Spectrum confirmed they never request payment through gift cards or offer discounts requiring upfront payment.
Scam Awareness Financial Crime Cryptocurrency Gift Cards Payment App
cbsnews.com
Linda Pierce of Colorado was targeted by tech support scammers who posed as Apple support and falsely claimed to represent FICA (Federal Insurance Contributions Act), convincing her to withdraw $3,000 in cash and purchase $3,000 in gift cards to resolve a fake account security issue. The scammers kept Pierce confused about the fraudulent nature of the scheme by claiming to help her restore her own money, but she ultimately lost the funds after sending images of the gift card codes to the perpetrator. Through persistent follow-up with retailers and her credit union, Pierce recovered approximately $1,500 from Target gift cards and is awaiting a response from Walmart.
nbcboston.com
**Tuition Bill Scam Targeting College Students and Parents** Scammers are impersonating college financial aid and billing office staff, calling students and parents claiming that financial aid has fallen through and threatening to drop classes unless tuition is paid immediately via cryptocurrency, payment apps, or wire transfers. The FTC advises recipients to hang up immediately, verify bills through official school portals or by calling numbers directly from the school's website, and never trust caller ID or respond to pressure to pay via non-standard methods, as legitimate colleges do not operate this way.
Robocalls / Phone Scams Scam Awareness Cryptocurrency Wire Transfer Payment App Money Order / Western Union
abc11.com
Cryptocurrency investment scams, particularly "pig butchering" schemes where fraudsters pose as attractive, wealthy traders on social media and dating apps, continue to defraud victims of substantial sums. Two North Carolina victims—Jim Wilkerson of Cary and Pamela Magnum of Durham—lost approximately $790,000 and $70,000 respectively after being lured with fake platforms showing false returns that eventually disappeared when they attempted withdrawals. According to the FBI, crypto-investment scam losses increased from $3 billion in 2022 to $4.5 billion in 2023, with over $1.9 billion in losses reported in the first six
theweek.com
Following high-demand concert ticket sales like the Oasis reunion tour, scammers are increasingly targeting fans with fake tickets and websites, with Lloyds Banking Group reporting over 600 customers lost an average of £332 each to fraudulent Taylor Swift ticket sellers. To protect yourself, verify websites through trusted sources and look for security indicators like HTTPS and padlock symbols, avoid pressure tactics that rush purchasing decisions, pay by credit card rather than PayPal's friends and family option, and purchase only from authorized official sellers or STAR-certified resale platforms.
Phishing Scam Awareness Cryptocurrency Check/Cashier's Check
abc7chicago.com
A west suburban Chicago woman lost nearly $1 million to a "pig butchering" scam over several months, in which a scammer built trust with her online before convincing her to send money through wire transfers and cashier's checks under the guise of oil rig investments and cryptocurrency opportunities. The victim was forced to sell her home and liquidate assets, leaving her with $400 and additional debt from home equity loans and tax obligations on her withdrawals. The FBI estimates these scams cost Americans nearly $4 billion in 2023, and while the agency has recovered hundreds of millions dollars for victims in recent years, recovery in this case was unsuccessful.
Romance Scams Scam Awareness Cryptocurrency Wire Transfer Check/Cashier's Check
nbcboston.com
Cybercriminals are using artificial intelligence to personalize extortion emails that falsely claim to have compromising videos and threaten to share them unless victims pay ransoms in Bitcoin (typically $2,000). The scam emails include real personal details like victims' names, addresses, phone numbers, and photos of their homes gathered from online sources, making them appear credible and frightening, though the alleged videos do not actually exist. Authorities recommend recipients ignore these emails entirely, avoid engaging with scammers, and take preventive measures like covering webcams and changing default passwords.
Phishing Scam Awareness Cryptocurrency
whyy.org
The Federal Trade Commission is warning consumers about rising phone and email scams that cost Americans nearly $3 billion annually, often perpetrated by scammers impersonating businesses or government agencies. Common red flags include unexpected contact requesting money or personal information, artificial urgency, demands for secrecy, and requests for payment via untraceable methods like cryptocurrency or gift cards. The FTC urges the public to report suspected scams through ReportFraud.ftc.gov or by calling 877-382-4357, and advises verifying sender email addresses and checking with trusted contacts before responding to suspicious communications.
actionnewsjax.com
The Federal Trade Commission is warning consumers about scammers who use QR codes as a theft tool, either by placing fraudulent codes on parking meters or sending them via text and email with false pretexts (such as undelivered packages or account issues). When scanned, these QR codes direct victims to spoofed websites or install malware designed to steal personal information and credentials. The FTC recommends verifying URLs for misspellings, avoiding unsolicited QR codes, and maintaining updated software and strong passwords to protect against this scam.
newsweek.com
Gloria Mooney, a 73-year-old New Jersey widow, lost over $50,000 in a romance scam after being targeted by a scammer posing as "Henry," an oil rig worker on Facebook. The scammer, traced to Nigeria, used a stolen celebrity photo and exploited Mooney's loneliness and emotional vulnerability following a 2023 car accident, convincing her to send money via gift cards, Bitcoin, wire transfers, and by withdrawing her 401k and personal savings with promises of repayment. Despite efforts by her family and authorities including the FBI, the funds could not be recovered.
Romance Scams Phishing Identity Theft General Elder Fraud Scam Awareness Cryptocurrency Wire Transfer Gift Cards
bbc.com
Rodrick Lodge, a 69-year-old widower from Suffolk, lost his entire life savings of £85,000 in a romance scam orchestrated by a Kenyan acquaintance who posed as a woman named "Anita" on social media. After building an emotional relationship and agreeing to marry, Lodge discovered the scam only when he arrived in Nairobi for the wedding and found no one to meet him, leaving him homeless and living in a shelter. The case highlights the vulnerability of lonely individuals to romance scams and emphasizes the importance of never sending money to online contacts, regardless of relationship duration.
mwakilishi.com
A 69-year-old widower from Suffolk, England, was defrauded of approximately £100,000+ (Sh14.35 million) in a romance scam involving a fake Kenyan woman named "Anita" introduced by a friend who orchestrated the scheme. After being convinced to send money for supposed home improvements and wedding preparations, Lodge discovered the deception upon traveling to Nairobi and subsequently became homeless, sleeping at Heathrow Airport and shelters. The case exemplifies a broader trend of online romance fraud with significant psychological impacts on victims, including shame and mental health issues, as reported by law enforcement agencies tracking rising cybercrime rates globally.
decripto.org
Lise Frappier, a 62-year-old Ottawa resident on disability benefits, lost nearly $70,000 to a romance scam and subsequent recovery scams between 2022 and 2024. A scammer posing as a U.S. Army worker gained her trust via Facebook and manipulated her into sending money through gift cards and Bitcoin; after the initial fraud ended, a second scammer exploited her desperation by offering fake recovery services and extracting an additional $20,000+ before disappearing. The case illustrates a broader trend in Canada where romance scams caused over $59 million in losses in 2022 alone, with vulnerable seniors particularly targeted,
bbc.co.uk
A 69-year-old widower in Suffolk lost his entire life savings of £85,000 to a romance scam in which a woman he met through social media claimed to be "Anita," a Kenyan businesswoman he agreed to marry. The victim was persuaded to send money under the pretense of a dowry and home renovations, receiving fake photos in return, only to discover upon arriving in Kenya that the scammer was actually his friend who had introduced them, and "Anita" never existed. The incident left Mr. Lodge homeless, sleeping rough at Heathrow Airport before moving to a homeless shelter, highlighting the emotional and financial devastation of romance frau
decripto.org
A 54-year-old Italian woman, Rossana Tescaroli, lost over €6,000 to a romance scam conducted via Instagram over six months, where a fraudster posing as a French man with children manipulated her empathy by claiming financial hardship. The financial devastation and discovery by her husband led to divorce proceedings and forced her to sell her house and work multiple jobs to recover, illustrating the severe personal and financial consequences romance scams inflict beyond monetary losses. Rossana now volunteers with support organizations to help other victims and raise awareness about online romance fraud tactics.
wtov9.com
Hancock County Savings Bank held an educational event for seniors to raise awareness about fraud and scam prevention, citing FBI data showing over 100,000 Americans aged 60+ become fraud victims annually. The bank highlighted emerging threats including charity scams, family emergency schemes, and AI-based voice cloning scams used for kidnapping hoaxes, and recommended protective measures such as not answering unknown numbers, avoiding suspicious links, hesitating before sending money, and consulting family members before responding to unexpected requests.
news4jax.com
A Clay County, Florida sheriff's deputy intervened to stop a Bitcoin ATM fraud targeting an elderly woman who had been contacted by scammers posing as her bank after she mistakenly reached a fraudulent number while searching for Xfinity customer service. The scammers convinced her that fraudulent transactions required her to withdraw funds and deposit them via Bitcoin ATM to "protect" her money, a scheme that is irreversible and untraceable due to the scammers' use of virtual private networks and offshore locations. The Sheriff's Office has investigated 15-20 similar Bitcoin ATM fraud cases in recent months and is warning residents to be alert, as victims lose money immediately upon deposit with no
justice.gov
The U.S. Attorney's Office for Maine, in partnership with AARP Maine and the Maine Council for Elder Abuse Prevention, launched the Maine Rx Elder Fraud Program, an educational initiative that will distribute anti-fraud informational brochures through Hannaford Supermarkets' 60 in-state pharmacies to reach older customers and caregivers. The program addresses a significant problem: in the prior year, 397 Mainers aged 60+ filed fraud complaints totaling $7.1 million in losses, reflecting a national trend in which over 101,000 Americans over 60 were defrauded of $3.4 billion. The materials
wmtw.com
The U.S. Attorney's Office for Maine launched the Maine Rx Elder Fraud Program, distributing informational brochures through prescription bags at Hannaford's 60 in-state pharmacies to educate seniors about common scams and the National Elder Fraud Hotline. The initiative leverages pharmacists' trusted position and regular contact with older customers—approximately nine of ten people over 65 have regular prescriptions—to reach vulnerable populations and reduce fraud incidents in Maine, where residents lost over $7.1 million to fraud last year.
newscentermaine.com
In 2023, 397 Maine residents filed fraud complaints totaling $7.1 million in losses, prompting the U.S. Attorney's Office to launch the Maine Rx Elder Fraud Program in September. The initiative distributes informational brochures through Hannaford pharmacy prescription bags at 60 locations statewide to educate older Mainers about common scam signs and reporting procedures, leveraging pharmacists' trusted relationships with customers. Nationally, over 101,000 Americans aged 60 and older lost $3.4 billion to fraud in 2023.
mainepublic.org
A partnership between Maine's U.S. attorney, AARP Maine, Hannaford, and the Maine Council for Elder Abuse Prevention launched a pilot initiative to combat elder fraud by distributing informational brochures about recognizing and reporting scams through pharmacy prescription bags at Hannaford stores statewide. Nearly 400 Mainers over age 60 filed fraud complaints last year reporting losses of approximately $7.1 million, with state officials noting that many incidents go unreported due to victim embarrassment and fear of competency being questioned. The educational materials highlight common scam tactics such as pressure for quick action and victim isolation, and encourage reporting to law enforcement to help identify perpetrators and potentially recover
coyotecountrylv.com
Florida ranks second nationally in catfishing scams, with $70.5 million in financial losses and 1,738 reported cases annually, according to a study analyzing romance scam data. The scam involves fraudsters creating fake personas on social media and dating apps to lure victims into relationships and extract money. Experts recommend using reverse image searches on profile photos, being cautious when asked for money by online contacts, and immediately reporting suspicious accounts to the platform.
thepaypers.com
During the 2023-24 financial year, Australians lost AUD 382 million to investment scams, with nearly half involving cryptocurrencies, according to the Australian Cyber Security Centre. Contrary to common assumptions, individuals under 50 now represent 60% of reported scam victims, with scammers using tactics like "pig butchering" (gradual luring into larger investments) and deepfake technology to deceive victims. The Australian Securities and Investments Commission shut down 615 cryptocurrency investment scams in its first year of operation, while overall reported scam incidents increased 18.5% in 2023 despite a 13.1% decline in total
aetv.com
This article explains money laundering methods and how criminals exploit financial systems and technology rather than documenting a specific elder fraud case. The piece discusses "smurfing" (dividing illegal cash into small deposits across multiple people to avoid bank detection) and how criminals increasingly recruit money mules through social media by offering quick payments for using their bank accounts. It notes that technology platforms and cryptocurrencies unintentionally facilitate money laundering because they share similar characteristics criminals seek—high transaction volumes, international reach, and minimal regulation.
newswire.ca
The Alberta Securities Commission, Edmonton Police Foundation, and Edmonton Police Service launched the ScamShield: Investor Protection Challenge with a $130,000 prize pool to solicit innovative solutions combating online cryptocurrency investment fraud. Crypto scams accounted for over 60% of the $309 million in investment fraud reported to the Canadian Anti-Fraud Centre in 2023, with Edmonton alone reporting more than 80 victims losing over $7 million in the past year, though actual losses are likely higher due to underreporting. The challenge, accepting submissions until November 4, 2024, aims to engage academia and technology innovators to develop novel approaches to prevent fraud tactics including social media deepf
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