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in Investment Fraud
cointelegraph.com
· 2025-12-08
Michael Zidell filed a lawsuit against Citibank in Manhattan federal court, alleging the bank ignored red flags and failed to monitor suspicious transactions that allowed romance scammers to steal $20 million from him—including nearly $4 million routed through Citibank accounts belonging to a company called Guju Inc. The scam began in early 2023 when Zidell was contacted by a fake persona on Facebook posing as a business owner named Carolyn Parker, who convinced him to invest in NFTs through a fraudulent trading platform that ultimately disappeared with his funds. Zidell claims Citibank processed 12 suspicious transfers totaling around $4
wired-gov.net
· 2025-12-08
Ahmed Ali Suleman, 63, was sentenced to four years and three months in prison for laundering over £1.9 million gained from a romance fraud operation between 2015 and 2017. Using his textile business as a front, Suleman processed fraudulent payments from 77 vulnerable victims—many elderly, lonely, or widowed—who were deceived by West African-based scammers posing as romantic partners on dating websites. The case demonstrates how money launderers enable romance fraud by providing the financial infrastructure that makes such schemes profitable and sustainable.
crypto.news
· 2025-12-08
Michael Zidell lost $20 million in a "pig butchering" romance scam after being targeted on Facebook by a scammer posing as a woman named Carolyn Parker, who lured him into fraudulent NFT investments through fake account statements. Zidell sued Citibank for negligence, alleging the bank failed to detect and act on suspicious wire transfers—including twelve transactions totaling nearly $4 million to an account held by Guju Inc. that contradicted the account holder's declared business activity and violated Know Your Customer and Anti-Money Laundering laws. Pig butchering scams resulted in $5.8 billion in investment fraud losses in 2024
news.shib.io
· 2025-12-08
The U.S. Secret Service, with assistance from Coinbase, recovered $225 million in cryptocurrency (USDT) from "pig butchering" investment scams—long-term fraud schemes where scammers build fake relationships with victims to convince them to invest in fraudulent cryptocurrency schemes. Through blockchain analysis and collaboration among exchanges, investigators identified over 130 Coinbase victims who lost $2.3 million, though thousands more were affected across the operation involving scam centers in Southeast Asia. The recovered funds have been frozen and are being held pending redistribution to verified victims.
stocktitan.net
· 2025-12-08
**Summary:**
Trend Micro launched Scam Radar, a new feature in its ScamCheck app that provides real-time detection of coordinated scam tactics across SMS, websites, and messaging apps. According to Trend Micro's study of 6,632 consumers across six countries, 30% had been scam victims, with common fraud types including online shopping scams (27%) and investment fraud (22%), often with victims not realizing they were targeted until significant financial loss occurred.
justice.gov
· 2025-12-08
This educational resource defines elder fraud as the exploitation of adults age 60+ for monetary gain through tactics like impersonation, romance scams, and fake investment schemes, with seniors losing over $5.9 billion annually. Common scammer tactics include using fear, false hope, romance, pressure, isolation, and threats, while phishing emails often urge account verification or threaten account closure. Protection strategies include never responding to unsolicited requests for personal information, verifying website security, avoiding suspicious links, maintaining updated security software, and consulting trusted family members before sending money.
accountingtoday.com
· 2025-12-08
The Bonadio Group, a certified fraud examination firm, highlights the widespread problem of elder financial abuse, noting that only one in 44 cases are reported to authorities like Adult Protective Services. The article presents two case studies: one involving a childhood friend who exploited a widowed mother by taking her debit card, obtaining her home deed, and evicting her; and another where a caregiver stole over $200,000 from an elderly man over three years while subjecting him to severe neglect, ultimately forcing him into long-term care. Accountants and professionals are encouraged to report suspicious financial activity to Adult Protective Services and coordinate with multidisciplinary teams to protect vulnerable seniors.
khou.com
· 2025-12-08
Darlington Akporugo, 47, and Jasmin Sood, 37, from Fulshear, Texas, were sentenced to 188 and 121 months in federal prison, respectively, for operating a romance scam that defrauded over 25 elderly victims out of $3.1 million between 2015 and 2022. The couple used fake social media profiles and online dating sites to pose as widowers and military personnel, gaining victims' trust before coercing them to send money for fake business investments or personal expenses, while using the funds for luxury vehicles and mansions. Both defendants must pay full restitution and serve three years of
ice.gov
· 2025-12-08
Darlington Akporugo, a 47-year-old illegal alien from Nigeria, and his wife Jasmin Sood were sentenced to 15.67 and 10.08 years in prison respectively for operating a nationwide romance scam targeting elderly and vulnerable victims, defrauding over 25 people of more than $3.1 million. The scheme used fake social media identities to lure victims into sending money through false investment opportunities and personal emergencies, with Sood creating fake businesses and bank accounts to launder funds that were spent lavishly or distributed to co-conspirators. Both were ordered to pay full restitution of $3,123,073 an
cps.gov.uk
· 2025-12-08
Ahmed Ali Suleman, 63, was sentenced to four years and three months in prison for laundering over £1.9 million for international romance scammers operating between January 2015 and November 2017. Using his textile export business as a front, Suleman processed fraudulent payments from 77 vulnerable victims—many elderly, lonely, or widowed—who had been manipulated into transferring money through fake dating profiles by West African-based criminals. His conviction demonstrates law enforcement's commitment to targeting money launderers who enable romance fraud networks and facilitate the exploitation of vulnerable people.
mtdemocrat.com
· 2025-12-08
The FBI reports that elder fraud losses reached $4.885 billion across 147,127 complaints in 2024, representing a 46% increase in complaints and 43% increase in losses from 2023, with California accounting for $832.7 million of those losses. Seniors are frequently targeted through investment scams, technical support schemes, romance scams, and money mule operations because they are perceived as trusting, financially stable, and less likely to report crimes. The FBI recommends seniors verify unsolicited contact through independent research, resist pressure to act quickly, avoid sharing personal information with unverified sources, and report suspected fraud to law enforcement immediately.
kiro7.com
· 2025-12-08
Scammers impersonating U.S. federal agencies (SSA, FDIC, IRS) are sending fraudulent letters, emails, texts, and pop-ups to Washington residents claiming identity theft or legal issues and demanding cash or gold payments. In early 2025 alone, scammers stole over $1 million from three Clallam County residents, with victims also identified in Jefferson County and Oregon. Red flags include unsolicited government contact via pop-ups or text, requests for cash withdrawals or gold purchases, demands to sign NDAs, and instructions to use unofficial couriers—none of which legitimate federal agencies would do.
abc.net.au
· 2025-12-08
The Gold Coast Marathon's rapid sell-out (half marathon in 4 hours, full marathon in 4 days) created high demand that scammers exploited by flooding social media with fake ticket offers. A 36-year-old runner lost money when she purchased a non-existent ticket from a scammer posing as a legitimate runner on Facebook, though she recognized the fraud when additional fees were requested. Marathon organizers have implemented security measures requiring ticket transfers through an official registration portal only, while cybersecurity experts warn that modern AI-assisted scams are increasingly difficult to detect and that social media platforms should do more to prevent fraudulent accounts from operating.
iharare.com
· 2025-12-08
A Harare businessman lost US$20,000 to a fraudulent investment scheme operated by George Masvipe and Pascal Magama through their company Needflow Capital (Pvt) Ltd, who promised returns of US$3 million within three months based on a fake Standby Letter of Credit trading opportunity. After the promised returns never materialized, the victim reported the matter to police, discovering he had signed fraudulent agreements with no legal recourse for recovery. The incident drew social media criticism questioning how a business director could fall for such an unrealistic investment promise offering over 500% returns in three months.
amac.us
· 2025-12-08
This educational resource presents a chart detailing common scams targeting consumers, including AI scams (deepfake impersonations), bank text scams (phishing for account information), billing/invoice scams (fake invoices demanding payment), brushing scams (unsolicited items to boost reviews), and charity scams. The guide identifies shared scammer tactics such as impersonation, creating urgency, and pressuring victims to share personal information, while offering specific identification and prevention strategies for each scam type. The material encourages sharing this information with friends and family as a primary defense against fraud.
justice.gov
· 2025-12-08
The U.S. Attorney's Office for the District of Nevada and FBI Las Vegas Division are reinforcing efforts to combat elder fraud during World Elder Abuse Awareness Month, noting that such schemes cost billions annually and affect over 100,000 elder Americans each year. The office charged Aurora Phelps with 21 counts including wire fraud, mail fraud, and identity theft for allegedly defrauding older men she met through online dating services; Phelps is currently in custody in Mexico. The Justice Department provides a National Elder Fraud Hotline (1-833-FRAUD-11) offering personalized support to victims age 60 and older, with case managers helping victims report fraud an
news3lv.com
· 2025-12-08
During World Elder Abuse Awareness Month in June, the U.S. Attorney's Office for Nevada and FBI Las Vegas Division announced intensified efforts to combat elder fraud, which costs the U.S. billions annually and affects over 100,000 seniors each year. The agencies highlighted a case involving Aurora Phelps, who faces a 21-count indictment for luring older men through online dating services and stealing their money; she is currently in custody in Mexico. The National Elder Fraud Hotline (1-833-372-8311) offers support to victims aged 60 and older, with officials emphasizing that reporting fraud helps authorities identify perpetrators and recover financial losses.
aol.com
· 2025-12-08
A Philadelphia man lost over $1 million in two consecutive scams orchestrated by a fraudster posing as "Daisy" from Apple customer support. The scam began when he called a fake Apple support number, and evolved from a customer service fraud (where he was tricked into buying gift cards) into a romance scam that built trust over months of daily communication, ultimately resulting in him handing over $780,000 in precious metals to a money mule. The article warns consumers to watch for red flags including fake customer support numbers, lookalike websites, unsolicited contact, and suspicious requests for money or assets.
justice.gov
· 2025-12-08
A Houston couple, Darlington Akporugo (47) and Jasmin Sood (37), were sentenced to 188 and 121 months in prison respectively for operating a romance scam that defrauded over 25 victims nationwide of more than $3.1 million, with many victims being elderly women and widows. The pair used fake social media identities to build romantic relationships, then convinced victims to send money for fake business investments and personal emergencies, while Sood created fraudulent bank accounts under aliases to launder the funds. Both defendants were ordered to pay full restitution of $3.1 million and serve three years of supervised release.
foxnews.com
· 2025-12-08
Modern scams increasingly use AI voice cloning, fake bank alerts, cryptocurrency schemes, gold bar frauds, and pet emergencies to deceive victims out of thousands to hundreds of thousands of dollars. Notable cases include a man who lost $25,000 to an AI voice clone impersonating his son, another who lost $300,000 to a fake bank freeze scam, and a retiree defrauded of $3.1 million in a gold bar scheme. Protective measures include verifying caller identity through direct contact, accessing bank accounts independently rather than through provided links, avoiding investment opportunities from social media strangers, and recognizing that legitimate law enforcement does not request money transfers or asset convers
techradar.com
· 2025-12-08
In 2025, scammers are expected to leverage AI-driven tactics to conduct increasingly sophisticated fraud, building on the $1.03 trillion stolen in 2024. The article identifies five emerging scams including AI-powered robocalls with cloned voices, SIM swap attacks targeting two-factor authentication weaknesses, and OTP bot attacks, while noting common warning signs such as unsolicited urgent communications, requests for money transfers or app downloads, and suspicious video or audio inconsistencies. Consumers are advised to recognize these red flags and use enhanced security tools to protect themselves against evolving fraud schemes.
wnegradio.com
· 2025-12-08
The U.S. Justice Department announced increased prosecution efforts against elder fraud schemes, which cost victims billions of dollars annually and often deplete life savings. The Northern District of Georgia has prosecuted multiple cases including an Indian call center scam where perpetrators impersonated government officials to fraudulently obtain funds, resulting in convictions and money laundering charges against Pradip Parikh, Alpesh Patel, and others. The Justice Department employs a two-pronged approach combining criminal prosecution with community outreach and education about common elder fraud schemes including romance fraud, lottery fraud, tech support fraud, and grandparent scams.
yahoo.com
· 2025-12-08
San Diego seniors lost $108 million to scams in 2024, with at least 1,300 residents aged 60 and older averaging $80,000 in losses each, though the actual figure is likely higher due to underreporting. Scammers are becoming increasingly brazen, with a common scheme involving fake tech support or overpayment notifications followed by couriers being sent to victims' homes to collect cash in person. The FBI has established the San Diego Elder Justice Task Force to combat elder fraud, which has already recovered $7.5 million for victims, and notes that fraud targets intelligent professionals including doctors, lawyers, and judges.
wtop.com
· 2025-12-08
Montgomery County, Maryland police warn of a scam targeting seniors where fraudsters impersonate bank employees and claim the victim's ATM card is compromised, then request the PIN and arrange to pick up the card—only to use it to drain the account at nearby ATMs. Victims have lost considerable sums, with seniors being frequent targets of this scheme. Police advise that legitimate banks never send couriers to retrieve cards and recommend calling your bank directly to verify any claims about card issues.
koreaherald.com
· 2025-12-08
Thai police arrested 21 people (20 South Korean nationals and one Chinese national) operating an online romance scam from a luxury villa in Chon Buri Province after a tip from the South Korean Embassy revealed a kidnapped victim being forced to work for the operation. Officers discovered scripted investment pitch materials and confiscated electronic devices, indicating the group was part of a larger transnational fraud network. All suspects remained in custody facing legal proceedings under Thai law.
en.vietnamplus.vn
· 2025-12-08
Thai police arrested 21 suspects (20 South Korean nationals and one Chinese national) operating a romance and investment scam operation from a luxury villa in Chon Buri province on June 21. The suspects lured victims into fake relationships and persuaded them to transfer money through investment schemes; police seized computers and evidence of the operation during the raid. The case was referred to investigators for prosecution under Thai law.
wired.com
· 2025-12-08
One month after Telegram banned two major Chinese-language cryptocurrency scam marketplaces (Haowang Guarantee and Xinbi Guarantee) that had facilitated $35 billion in transactions, the black market operations have largely reconstituted themselves on the platform. Smaller competing marketplaces, particularly Tudou Guarantee (which has doubled in size to 289,000 users and now processes approximately $15 million daily), have filled the void left by the bans and continue enabling money laundering for investment scams operating from Southeast Asian compounds that victimize millions worldwide and exploit forced labor. Telegram's enforcement appears ineffective, as the same illicit services—money laundering, stolen
nationthailand.com
· 2025-12-08
On March 10, 2025, UN Special Rapporteurs sent a formal letter to Thailand alleging that sophisticated online scam centers across Southeast Asia are exploiting victims globally—including elderly persons—through coerced labor in romance scams, financial fraud, and fake investment schemes. Victims are lured by deceptive job advertisements, held in guarded compounds with confiscated passports, subjected to physical abuse, and forced to commit crimes for minimal pay, with Thailand serving as a key transit hub and resource provider for these operations. The UN formally requested Thailand clarify its response to these allegations and ensure trafficking victims are not prosecuted for crimes committed under duress, while also requesting similar
blog.knowbe4.com
· 2025-12-08
According to the FTC's October 2024 report, Americans lost an estimated $158.3 billion to scams in 2023 (approximately $433 million daily), with roughly 21 million U.S. citizens successfully scammed annually after adjusting for significant under-reporting. The top scams include investment fraud (often initiated through fake text messages leading to cryptocurrency schemes), fake job postings on legitimate employment sites, romance scams enhanced by AI deepfakes, tech support scams impersonating major tech companies, and fake vendor schemes.
wvnews.com
· 2025-12-08
**Summary:**
Garrett County Sheriff Bryson Meyers issued a public awareness reminder about common scams targeting residents in the area, including tech support fraud, grandparent scams, government impersonation, romance scams, investment fraud, AI voice cloning, jury duty scams, and law enforcement impersonation. Residents are advised never to send money or personal information to unknown callers, avoid unsolicited pop-ups, and be alert to payment requests via Bitcoin or prepaid cards, as legitimate officials do not solicit payments by phone.
bangkokpost.com
· 2025-12-08
Thai police arrested 21 suspects—20 South Koreans and one Chinese national—after rescuing a South Korean man from a luxury villa in Chon Buri who had been kidnapped and forced to work for a call centre scam operation. The gang ran romance and investment scams, luring victims into fake relationships to steal money, with operations coordinated through computers found at the villa. All suspects were apprehended following a raid initiated by a tip from the South Korean embassy, and the victim was confirmed safe and reunited with authorities.
ghanaweb.com
· 2025-12-08
FBI arrested multiple Ghanaian nationals, including Kofi Boat (associate of musician Shatta Wale) and Dada Joe Remix, in connection with a decade-long transnational fraud scheme involving romance scams that targeted elderly Americans from 2013 to 2023, with one case involving a $100 million fraud scheme. The suspects face charges of wire fraud, money laundering, and conspiracy, with stolen funds allegedly laundered and distributed to co-conspirators across Ghana and other countries. A local radio presenter attributed the fraud activity to Ghana's entertainment industry's shift toward materialism over genuine talent, advocating for wealthy individuals to redirect focus toward national development.
bernama.com
· 2025-12-08
Two men in Penang—a 57-year-old insurance agent and a 73-year-old retired accountant—lost a combined RM2.35 million (approximately RM1.5 million and RM855,001 respectively) to separate online investment fraud schemes. Both victims were lured by social media advertisements promising high investment returns, contacted female suspects via WhatsApp, and made multiple transfers to fraudulent investment applications before discovering they could not withdraw profits or access their funds. Police are investigating both cases under cheating charges and working to identify the fraud syndicate network.
gbnews.com
· 2025-12-08
**Article:** Pension savers at risk of 'worrying scams' as inheritance tax overhaul looms
Pension savers face increased fraud vulnerability as unclear legislation surrounding April 2027 inheritance tax changes on pensions prompts many to hastily withdraw large sums from regulated schemes. Fraudsters are exploiting this uncertainty by targeting worried individuals with fake "IHT-free" investment solutions, with financial experts warning that unprotected withdrawals significantly increase scam risk. Experts recommend savers seek professional guidance before making pension decisions driven by inheritance tax concerns to keep savings protected from fraudulent schemes.
ktar.com
· 2025-12-08
This article identifies five prevalent scams currently targeting consumers: AI voice cloning (where scammers impersonate trusted individuals to request money, exemplified by a victim who lost $25,000), fake bank account freezes (one victim lost over $300,000), cryptocurrency investment schemes promoted through social media (a Georgia couple lost $800,000), gold bar scams impersonating law enforcement or banks (a 72-year-old lost $3.1 million), and pet emergency scams. The article provides protective measures for each scam type, emphasizing verification through direct contact, avoiding unsolicited links, skepticism of social media strangers, awareness that legitimate authorities don't request asset conversion
theglobeandmail.com
· 2025-12-08
Multiple finance professionals, including Bank of Montreal's Brian Belski and economist David Rosenberg, have fallen victim to imposter scams using AI-generated deepfake videos and fake social media accounts to lure investors into WhatsApp groups offering fraudulent investment advice. Rosenberg's firm reported collective losses exceeding $1 million from victims who were convinced to invest in stocks that artificially inflated then plummeted in value. Canadian net losses from social media-initiated investment scams have surged 95 percent since 2021 to $128.4 million annually, with law enforcement and social media platforms struggling to remove fraudulent content quickly enough to prevent harm.
pragativadi.com
· 2025-12-08
A 70-year-old woman in Bhubaneswar accused her eldest daughter and son-in-law of defrauding her of approximately ₹10 lakh and gold ornaments while posing as her medical caretakers, exploiting her paralysis and sensory disabilities. The victim's younger daughter and her husband discovered the alleged fraud, rescued the elderly woman, and filed complaints with police, who confirmed an ongoing investigation. The case highlights vulnerabilities of dependent elderly individuals within family settings and concerns about financial and emotional exploitation.
tradingview.com
· 2025-12-08
A $50 million Telegram-based OTC cryptocurrency scam targeting venture capitalists and crypto investors was exposed in June 2025, involving tokens like SUI, NEAR, and Axelar. The scheme, operated by "Source 1" (identified as Ravindra Kumar, of Indian origin), used a Ponzi structure offering deep discounts on high-profile tokens with vesting periods to build trust before stopping token distributions; despite public warnings from project teams, investors continued participating until the collapse on June 1, 2025, with only $100,000 reportedly recoverable. The scam demonstrates how social hype and initial successful transactions on unregulated platforms can override investor
newsmeter.in
· 2025-12-08
A Rs 500 crore investment fraud was exposed in Hyderabad involving AV Infracon, where chairman Vijay Gogula lured approximately 500 investors with promises of 50% returns within 18 months through a fake "buy-back policy," using nonexistent real estate projects as cover. When investors demanded returns, Gogula employed delay tactics and blank cheques to stall them, with at least one elderly victim losing Rs 84 lakh of his life savings. A case has been registered at Madhapur Police Station, and authorities are searching for the absconding chairman while investigating the full scope of the fraud.
ktvz.com
· 2025-12-08
In 2023, Americans lost an estimated $1.14 billion to romance scams, with the FBI reporting 17,910 complaints totaling $672 million in 2024 alone. Romance scammers build fake online relationships on social media and dating platforms to manipulate victims into sending money, gifts, or sensitive information, using emotional manipulation ("love bombing") and moving conversations to private messaging apps to avoid detection. These scams disproportionately affect lonely, grieving, or trusting individuals, and victims experience lasting emotional and financial trauma beyond the immediate monetary loss.
dentonrc.com
· 2025-12-08
This educational article presents a quiz-format overview of common elder fraud schemes and prevention strategies, based on insights from a Texas Elder Justice Coalition summit. Key scams covered include romance/pig butchering scams, tech support fraud, impersonation scams using AI, fake lottery schemes, and caregiver theft, with recommendations including reporting to IC3.gov, using family code words, and recognizing warning signs like secretive apps and unusual bank activity.
goldrushcam.com
· 2025-12-08
Mariposa County Health & Human Services announced that an FBI Sacramento Division Victim Specialist will present on financial scam prevention for seniors at the Mariposa Senior Center on July 11, 2025. The educational event, open to all ages, aims to protect the senior population from financial fraud and can be accessed via phone at 1-209-966-6632 for more information.
spectrumlocalnews.com
· 2025-12-08
This article is a general news roundup from Spectrum News Hawaii covering multiple unrelated stories from the week, including Rams rookies helping rebuild homes in Lahaina following the 2023 wildfires, an unannounced emergency alert test sent to Hawaii residents, a restaurant closure due to health violations, and a brush fire update. None of these stories involve elder fraud, scams, or elder abuse, so this content is not relevant to the Elderus database.
the420.in
· 2025-12-08
A Panchkula resident lost ₹19 lakh to an online trading scam conducted via WhatsApp, where fraudsters posing as investment consultants lured the victim into a fake trading app that displayed fabricated profits before becoming unresponsive when withdrawal was attempted. Police registered a case under IPC and IT Act sections and launched an investigation into the suspects' phone numbers and bank accounts. Authorities advised the public to verify credentials of financial advisors and avoid transferring large sums based on online promises of unrealistic returns.
channelnewsasia.com
· 2025-12-08
Mr. Richard Giam and his family lost approximately S$500,000 to a Ponzi scheme operated by a charismatic forex trader who was introduced to him through a friend in 2019. Beyond the financial loss, Giam experienced significant emotional and relational damage, including broken friendships and shame, particularly because he had recruited over 20 people—including close friends and family—into the fraudulent scheme before it collapsed and the trader was arrested. Giam reflects on how trust, built gradually through personal connection and consistent false returns, made him vulnerable to the scam and led him to unknowingly become an accomplice in defrauding others.
pcmag.com
· 2025-12-08
The US Justice Department filed a civil forfeiture complaint to recover $225.3 million in stolen Tether cryptocurrency from seven virtual currency addresses, with the goal of returning funds to at least 430 victims of cryptocurrency investment scams. The scams, often called "pig butchering," typically begin with contact via text, social media, or dating apps, where perpetrators build rapport before manipulating victims into fake investment schemes; the FBI estimates these frauds caused $9.3 billion in losses in 2024, with seniors over 60 losing approximately $2.8 billion. Victims who believe they were affected are urged to file reports through the FBI's Internet Crime Complaint Center website
floridadaily.com
· 2025-12-08
In 2024, Americans reported over $12.5 billion in fraud losses, with investment and cryptocurrency scams ranking as the top threat (median loss $5,000), followed by employment scams ($1,500 median loss) and romance scams ($6,099 median loss). Active-duty military members are most vulnerable to scams at 55.5%, while Americans aged 35 and older face the highest risk from investment and cryptocurrency schemes, and social media remains the primary channel for reported financial losses. Though fewer Americans fell victim to scams year-over-year (down 14.6%), median losses increased 30%, indicating that victims are losing significantly larger amounts.
yahoo.com
· 2025-12-08
In 2023, Americans lost an estimated $1.14 billion to romance scams, emotional cons in which scammers build fake online relationships to manipulate victims into sending money, gifts, or sensitive information. The FBI reported 17,910 romance scam complaints in 2024 totaling $672 million in losses, with scammers increasingly using cryptocurrency for faster, harder-to-trace payments. These scams typically begin on social media (40%) or dating apps (19%), where perpetrators use stolen photos and fake personas to establish emotional trust through "love bombing" before requesting money from vulnerable targets who feel they are helping a romantic partner in crisis.
bankingjournal.aba.com
· 2025-12-08
The Department of Justice seized $225.3 million in cryptocurrency linked to investment scams, marking the largest cryptocurrency seizure in Secret Service history. Over 400 victims lost funds after being deceived into making fraudulent crypto investments through a sophisticated money laundering network. Cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024, with law enforcement and banking organizations working to raise public awareness about these scams.
wsbtv.com
· 2025-12-08
Romance scams defraud victims through fake online relationships, with Americans losing an estimated $1.14 billion in 2023 and the FBI reporting $672 million in losses from 17,910 complaints in 2024. Scammers build emotional trust through "love bombing" on social media and dating apps (40% and 19% of cases respectively), then manipulate victims into sending money, gifts, or cryptocurrency—with crypto transfers showing the highest median losses. These schemes cause lasting emotional and financial damage to vulnerable individuals seeking companionship, with the real toll likely higher due to underreporting.