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cryptoslate.com
· 2026-09-19
AI tools have dramatically increased the efficiency and profitability of scam operations, allowing criminals to automate labor-intensive tasks like maintaining fake identities and conducting fraud conversations. According to Chainalysis, scam operations linked to AI vendors generate an average of $3.2 million in revenue compared to $719,000 for operations without AI tools, while the FBI recorded approximately $893.3 million in AI-related fraud losses from 22,364 complaints in 2025. Scammers now use AI to scale romance scams, investment fraud, business impersonation, and extortion campaigns that once required larger criminal teams, with a single operator able to maintain multiple fake identities and conversations simultaneously.
news.bloombergtax.com
· 2026-09-18
Shane Vaia, an Ohio man who lost over $820,000 in a cryptocurrency "pig butchering" scam, has voluntarily dismissed his lawsuit seeking a $130,000+ tax refund from the IRS for the 2024 tax year. The dismissal was filed in US District Court for the Southern District of Ohio, with Vaia covering his own legal fees. In a pig butchering scam, fraudsters build trust with victims over time before convincing them to invest money in fake cryptocurrency schemes.
news.bloomberglaw.com
· 2026-09-18
An Ohio man who lost over $820,000 in a "pig butchering" cryptocurrency scam has voluntarily dismissed his lawsuit against the IRS seeking a $130,000+ tax refund for 2024. Shane Vaia dropped the case without prejudice and agreed to cover his own legal fees. Pig butchering scams typically involve fraudsters building trust with victims before convincing them to invest in fake cryptocurrency schemes.
dallasobserver.com
· 2026-09-18
A Texas family of four was indicted for operating unlicensed boarding homes where they exploited elderly and disabled residents, including orchestrating the fraudulent sale of a 79-year-old woman's home and stealing over $156,000 that they misrepresented as a family gift to purchase their own property. The defendants face up to 30 years in federal prison on charges of conspiracy and making false statements to financial institutions. The case reflects a broader surge in elder fraud, with adults over 60 reporting 201,266 fraud complaints totaling $7.7 billion in losses last year, and AI-powered scams accounting for $900 million in reported losses.
wktv.com
· 2026-09-18
Cryptocurrency scams operate similarly to traditional fraud schemes like romance and investment scams, but criminals can move funds instantaneously and anonymously across borders, making them nearly untraceable compared to regulated fiat currency transfers. The lack of cryptocurrency regulation stems from the technology outpacing existing laws and the decentralized, geographically borderless nature of digital currencies, with no central authority to hold accountable. The FBI reported nearly $11 billion in cryptocurrency-related losses in 2025, and experts recommend protecting yourself by scrutinizing requests for urgency or threats and verifying requests through alternative contact methods.
thecyberexpress.com
· 2026-09-17
The U.S. House of Representatives passed the bipartisan GUARD Act on September 15, 2026, legislation designed to combat elder financial fraud and cryptocurrency investment scams by providing state, local, and Tribal law enforcement with additional resources, training, and blockchain tracing tools. The bill addresses the growing problem of "pig butchering" crypto scams and other financial crimes, with FBI data showing $20.9 billion in total internet crime losses in 2025, including $11.37 billion in cryptocurrency-related losses. The legislation now advances to the Senate and has garnered support from organizations including AARP, the Iowa State Police Association, and various financial and consumer protection groups.
yahoo.com
· 2026-09-17
Ohio seniors lost over $160 million to fraud in 2025, with an average loss of $20,000 per victim, according to FBI data. Scammers are increasingly using artificial intelligence, including voice imitation technology, alongside traditional methods like investment schemes, phishing emails, and impersonation of government agencies and tech companies. Many of these transnational scams originate in Southeast Asia, India, and Africa, with cryptocurrency schemes being particularly prevalent.
nationthailand.com
· 2026-09-17
Two US House committee chairmen requested the Trump administration investigate 28 people and entities, including Thai financier Vorapak Tanyawong, for possible sanctions over alleged links to Southeast Asian scam operations. The lawmakers attribute growing American financial losses to Chinese criminal organizations operating industrial-scale scam compounds in Southeast Asia that exploit approximately 400,000 trafficking victims forced to commit cryptocurrency fraud, romance scams, and other schemes. They estimate cyber-scam profits in the Mekong subregion equaled nearly 40% of combined formal GDP in 2024, with scam operations allegedly protected by corrupt officials in Myanmar, Cambodia, and Laos.
thediplomat.com
· 2026-09-17
U.S. Congressmen Brian Mast and John Moolenaar are calling for expanded investigations into Southeast Asian scam operations in Cambodia, Laos, and Myanmar, requesting sanctions against 28 individuals and entities allegedly involved in online fraud networks that have stolen tens of billions of dollars from Americans. These industrial-scale scam operations, predominantly run by Chinese criminal organizations, primarily operate romance, investment, and cryptocurrency schemes while relying on trafficked workers held in harsh conditions. The congressmen argue that government crackdowns in the region have been largely ineffective and performative, with corrupt officials enabling continued criminal activity at a massive scale.
vladtv.com
· 2026-09-17
DJ Vlad's 80-year-old mother was defrauded of $200,000 in an FBI impersonation scam where fake federal agents gained remote access to her computer, claiming her Social Security and bank account were compromised, then directed her to purchase gold coins and transfer them in a parking lot exchange. The scam utilized tactics including fake pop-ups, authority impersonation, isolation from family, and manipulation through fear, with former CIA officer Charles Finfrock explaining how such schemes exploit vulnerable seniors. The case highlights the growing prevalence of elder fraud and gold-based scams targeting seniors.
pymnts.com
· 2026-09-17
The House passed the bipartisan GUARD Act on September 15 with a 414-7 vote, providing state and local law enforcement additional federal grant funding and resources to investigate financial scams targeting seniors, particularly cryptocurrency-based "pig butchering" schemes where fraudsters gradually build trust before stealing victims' savings. The legislation authorizes federal agencies to assist local authorities with blockchain-tracing technology to track stolen money and pursue perpetrators who often operate from overseas networks. The bill now moves to the Senate, where a similar measure has already been advanced.
legis1.com
· 2026-09-16
The House passed the GUARD Act (H.R. 2978) with overwhelming bipartisan support by a 414-7 vote on September 15, expanding federal grant funding for state and local law enforcement to investigate elder financial fraud and "pig-butchering" schemes—confidence scams involving cryptocurrency investment fraud. The legislation also authorizes federal agencies to assist in using blockchain technology for fraud investigations and requires the Financial Crimes Enforcement Network to report to Congress on fraud trends, with an estimated implementation cost of $128 million through fiscal 2031.
wrnjradio.com
· 2026-09-16
The U.S. House passed the bipartisan GUARD Act (H.R. 2978), which allows state, local, and tribal law enforcement to use federal grant funding to investigate elder financial fraud, cryptocurrency "pig butchering" scams, and other financial crimes targeting older Americans. The legislation provides resources for investigators to hire analysts, obtain specialized training, and access blockchain-tracing tools to track stolen money and identify perpetrators operating across transnational networks. The bill now moves to the Senate and would also require federal agencies to report to Congress on the scope and losses from financial scams targeting seniors.
rsc-pfluger.house.gov
· 2026-09-16
The House of Representatives passed the GUARD Act (H.R. 2978), legislation designed to combat financial scams targeting seniors by providing state, local, and Tribal law enforcement with federal grant funding to investigate elder fraud schemes, including "pig butchering" scams where fraudsters gradually convince victims to invest in fake cryptocurrency investments before stealing their funds. The bill aims to strengthen coordination between law enforcement agencies and support the use of blockchain tracing tools to recover stolen assets, with lawmakers citing examples such as North Dakota's $14.4 million in reported fraud losses in 2024 affecting vulnerable seniors.
gottheimer.house.gov
· 2026-09-16
The House of Representatives passed the bipartisan GUARD Act (H.R. 2978) on September 15, 2026, to combat elder fraud costing Americans billions annually by empowering state, local, and Tribal law enforcement with investigative tools and resources to track scammers, recover stolen funds, and protect seniors from financial fraud schemes. The legislation, co-led by Representatives Josh Gottheimer, Zachary Nunn, and Scott Fitzgerald, now moves to the Senate for consideration. Supporters including credit unions, the U.S. Chamber of Commerce, and AARP emphasized the act addresses the epidemic of sophisticated scams targeting retirees' life savings.
northfortynews.com
· 2026-09-16
The Loveland Police Department warned seniors about multiple scam tactics including grandparent scams, tech support fraud, phishing messages, bank impersonation, romance scams, and investment schemes that exploit urgency and fear to extract money or personal information. Police recommend hanging up on unsolicited callers, contacting companies directly using verified numbers, avoiding clicking unexpected links, and consulting trusted contacts before making financial decisions. A common warning sign across all scams is pressure to act immediately.
theverge.com
· 2026-09-16
Thousands of users, mostly men in their mid-to-late 30s, were catfished on a network of approximately 28 fraudulent dating apps that used AI personas and hired gig workers to impersonate real women seeking connections. The scam, uncovered by Anthropic researchers, involved AI chatbots generating most conversations while occasional interactions with real paid workers created false credibility, with the apps falsely marketed as platforms for meeting genuine people. While the specific financial losses were not detailed in the available reporting, the scheme represented an industrial-scale operation using multiple AI providers to deceive users over an extended period.
surfshark.com
· 2026-09-16
Users reported losing $425 million to WhatsApp scams in 2025, according to FTC data, as scammers exploit the app's intimate nature and direct messaging capabilities to conduct social engineering attacks. Common scams include verification code theft (risking full account takeover), wrong number schemes that build trust before promoting fake investments or cryptocurrency trading, and family emergency impersonations requesting urgent money transfers. Red flags include suspicious links, requests for verification codes or personal information, and unsolicited messages from unknown contacts claiming urgent situations or investment opportunities.
unodc.org
· 2026-09-16
Human trafficking for forced online scam operations is expanding rapidly across South Asia, with victims from at least 80 countries identified in scam compounds that operate from disguised locations like hotels and offices rather than obvious secured facilities. Since 2022, countries including Sri Lanka, Nepal, and Bangladesh have documented hundreds to thousands of arrests related to cybercrime, romance scams, investment fraud, and cryptocurrency schemes that generate billions for organized crime networks. Victims are coerced into targeting people worldwide, while both the trafficked individuals and global scam victims experience severe financial loss, violence, and psychological harm.
rstreet.org
· 2026-09-16
Government impersonation scams surged 87% in 2025, with Americans losing $920 million to criminals posing as agencies like the IRS and toll authorities, up from $789 million in 2024. A Gallup survey estimates the actual problem is far larger—roughly 15 million Americans (6% of adults) lost about $68 billion to all scam types in 2025, though only 13% reported their victimization to federal authorities. Without stronger enforcement against scam operations and the communication channels enabling them, eroding public trust in government will further undermine legitimate government communication.
wfsb.com
· 2026-09-16
A new documentary titled "Scam Slave: From Hell to Home" chronicles the story of Ugandan man Gideon Mwesezi, who was trafficked into a scam compound operated by crime syndicates and forced to defraud Americans through fake cryptocurrency investment schemes. The scammers build relationships with victims via text messages and social platforms, then direct them to invest in fake crypto wallets from which victims never recover their money. According to the FBI, this type of trafficking-related scam is one of the most prevalent and damaging fraud schemes today, though it remains significantly underreported due to victim shame and embarrassment.
therecord.media
· 2026-09-16
The U.S. House of Representatives passed the bipartisan GUARD Act, which would redirect existing federal grant funding to equip local law enforcement with tools to investigate financial scams, including blockchain technology training and cryptocurrency tracing software. The legislation addresses a critical gap in scam investigations, as cases typically don't reach federal thresholds while local police lack resources to pursue them, particularly targeting the vulnerability of seniors to fraud schemes operated by overseas criminal groups. Cryptocurrency-related losses for Americans reached a record $11.4 billion in 2025, with investment fraud accounting for $8.6 billion of that total.
incrypted.com
· 2026-09-15
MetaMask has launched a fraud detection feature that analyzes transactions in real-time to identify potential "romance" and investment scams, using Blockaid's security checks to flag suspicious recipient addresses and prompting users with warning questions before funds are sent. The feature acts as a "speed bump" rather than blocking transactions outright, helping users recognize warning signs of social engineering schemes that the FBI linked to $7.2 billion in crypto losses in 2025. The protection is now available in MetaMask Mobile 8.11+ and Extension 13.48+ across all EVM-based networks.
foxbangor.com
· 2026-09-15
Research from Malwarebytes analyzing threat data from April-July 2026 found that scammers strategically time fraudulent messages to maximize engagement, with scam text volume peaking around 12 p.m. ET (874% higher than at 1 a.m.) and increasing throughout the week, reaching peak levels on Fridays. Different scam types favor different platforms—job scams via email, romance scams via social media, and tech support scams via phone calls—while phishing websites remain the leading delivery method with Malwarebytes blocking approximately 500,000 fake pages daily. The data suggests scammers deliberately target busy times when victims are distracted and more likely
foreignaffairs.house.gov
· 2026-09-15
House Foreign Affairs Committee Chairman Brian Mast and Select Committee on China Chairman John Moolenaar sent a letter to federal officials requesting investigations and potential sanctions against foreign persons linked to online scam centers in Southeast Asia that have defrauded Americans of tens of billions of dollars annually. The scams, primarily operated by Chinese transnational criminal organizations, include "pig butchering" cryptocurrency investment schemes and romance cons that exploit victims through psychological manipulation. The lawmakers are supporting the Trump Administration's enforcement efforts and promoting legislation like the Dismantle Foreign Scam Syndicates Act to strengthen the U.S. government's response to these criminal operations.
ua.news
· 2026-09-14
An investor lost $1.1 million to a cryptocurrency investment scam after being contacted by a woman claiming to be an investment company executive who promised guaranteed returns and directed all trading through WhatsApp. The scheme, known as "pig butchering," showed the account balance growing to $2 million with promises it would reach $20 million by August, though a banker and MarketWatch columnist suspect the displayed profits are fictitious. The investor has reported the fraud to the FBI's Internet Crime Complaint Center but faced difficulties pursuing legal action due to the foreign nature of the platform.
bitcoinke.io
· 2026-09-14
The U.S. Treasury sanctioned Xinbi Guarantee, a Chinese-language cryptocurrency marketplace that processed over $24 billion since 2022 and served as a financial hub for cyber scams, fraud, and money laundering involving networks linked to North Korean hackers and other sanctioned criminal groups. The Justice Department seized Xinbi's Telegram infrastructure and restrained over $52 million in cryptocurrency across multiple wallets. The marketplace operated as an escrow platform connecting scam operators with vendors offering money laundering services, including "Black U" launderers who converted stolen funds into stablecoins to obscure their criminal origins, particularly from pig butchering and romance scams.
the-sun.com
· 2026-09-14
Scammers commonly use urgent time pressure, promises of high returns, and emotional manipulation to defraud victims, particularly through investment and romance schemes involving cryptocurrency transfers. Red flags include requests to act quickly, professional-looking but fraudulent websites, fake testimonials, and discouragement of independent verification. Experts recommend documenting all communications, verifying details independently, and preserving evidence including emails, screenshots, wallet addresses, and transaction records if scammed.
tech.yahoo.com
· 2026-09-14
MetaMask is launching new security features including AI-powered scam detection, warnings for lookalike wallet addresses, and protections against investment and romance fraud to help users avoid sending cryptocurrency to scammers. The wallet provider is implementing contextual alerts and an "Added Protection" feature that automatically reverts transactions that don't match their previews, with priority support access for uncertain users. This comes as U.S. authorities recently seized over $25 million in cryptocurrency tied to investment and romance schemes that defrauded thousands across the U.S. and Canada.
pymnts.com
· 2026-09-14
According to Financial Action Task Force officials, fraudsters are increasingly using artificial intelligence to operate smaller, highly profitable scams instead of large-scale operations, with AI-enabled fraud being 4.5 times more profitable than traditional methods. Criminals leverage AI tools like chatbots, deepfakes, and autonomous systems to impersonate victims, build trust relationships, and execute romance scams, investment fraud, and money laundering schemes with minimal staffing requirements. The FBI reported $893 million in AI-assisted fraud losses in 2025, with fraud-related reports climbing 54% since 2024, as AI-generated schemes become increasingly difficult to detect using traditional fraud detection methods.
bignewsnetwork.com
· 2026-09-14
Six Nigerian nationals affiliated with the Black Axe criminal network were extradited from South Africa to the United States in September 2021 to face wire fraud and money laundering charges for operating romance scams that defrauded over 100 American women of more than $6 million. The men, arrested in Cape Town in 2021, allegedly targeted pensioners and businesspeople by establishing fake online relationships and convincing victims to send money. The extradition was coordinated through Interpol as part of broader international efforts to disrupt organized cybercrime networks responsible for romance scams, cryptocurrency fraud, and fake investment schemes.
newhampshirebulletin.com
· 2026-09-14
Cryptocurrency ATMs have become a major fraud threat in New Hampshire, with scams totaling over $3 million documented by the Hampton Police Department alone and affecting primarily seniors through untraceable transactions. Governor Kelly Ayotte and law enforcement celebrated the passage of Senate Bill 482, which implements new restrictions on crypto kiosks including identity verification, transaction limits of $2,000 per day, a two-day waiting period, and fraud refund requirements—though it stops short of an outright ban. The bill, effective December 16, represents a "first step" in protecting residents from what Detective Raymond Lamy called one of the fastest-growing fraud threats against New Hampshire's senior population.
foxnews.com
· 2026-09-14
Malwarebytes research reveals that scammers strategically time their attacks, with scam text volume peaking around noon EST (874% higher than 1 a.m.) and increasing throughout the week, reaching peak volume on Fridays. Criminals also tailor their scam delivery channels—job scams via email, romance scams through social media, and tech support scams by phone—to maximize effectiveness, while phishing websites remain the leading method for reaching victims, with Malwarebytes blocking approximately 500,000 phishing sites daily.
ag.ny.gov
· 2026-09-14
New York Attorney General Letitia James and 17 other state attorneys general are opposing the Digital Asset Market Clarity Act, warning that it would strip states of their authority to protect investors from cryptocurrency fraud and scams. The coalition cites an epidemic of crypto fraud, with the FBI reporting $11.4 billion in cryptocurrency-related losses in 2025 and New York alone reporting nearly $500 million in crypto scam losses over five years. States have successfully brought over 330 anti-fraud enforcement actions against crypto scammers since 2017, and the attorneys general argue that preserving state oversight is critical to continuing this consumer protection work.
azag.gov
· 2026-09-14
A bipartisan coalition of 15 state attorneys general, led by Arizona's Attorney General Mayes, opposes the proposed Digital Asset Market Clarity Act, warning it would undermine their ability to protect consumers from cryptocurrency fraud. The FBI and FTC reported combined losses exceeding $13 billion from crypto scams in 2025, with the attorneys general citing over 330 enforcement actions since 2017 that have shut down fraudulent schemes and helped victims. The coalition argues the legislation would cede critical consumer protection authority to the SEC and prevent states from serving as a first line of defense against the escalating crypto fraud epidemic.
retailnews.asia
· 2026-09-13
Nearly half of all scam cases across six Southeast Asian countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) remain unresolved, with 82% of victims recovering no money and only 10% achieving full reimbursement. Messaging applications account for 41% of fraudulent outreach, with AI-enabled schemes including deepfakes and voice cloning accelerating scams targeting investment, cryptocurrency, job opportunities, and fake e-commerce. The high fraud rates are causing consumers to abandon digital service providers at twice the rate of unaffected users, creating significant commercial losses for merchants and operators.
startupfortune.com
· 2026-09-13
The U.S. Department of Justice froze over $52 million in cryptocurrency held by Xinbi Guarantee, a major Telegram-based marketplace facilitating scams, money laundering, and human trafficking through custom fraud tools and services, with critical assistance from stablecoin issuer Tether which used its central control to blacklist wallets. Since 2022, Xinbi processed at least $24 billion in illicit transactions and represented the second-largest identified online marketplace for criminal activity, with vendors offering everything from fake investment websites to stolen personal data to pig butchering recruitment services. The case highlights the centralized power of stablecoins like USDT to freeze assets at the protocol level
iharare.com
· 2026-09-13
Six Nigerian nationals were extradited from South Africa to the United States to face charges of wire fraud and money laundering for operating a sophisticated romance scam that defrauded over 100 American women of more than $6 million. The suspects, arrested in Cape Town in 2021, allegedly used fake online romantic relationships to gain victims' trust before stealing money, targeting pensioners and businesspeople. The men are believed to be members of Black Axe, a transnational criminal network linked to cyber-enabled financial fraud schemes worldwide.
hayspost.com
· 2026-09-13
Six Nigerian nationals arrested in Cape Town in 2021 are being extradited to the United States to face wire fraud and money laundering charges for their roles in a romance scam that defrauded over 100 American women of more than $6 million. The men are alleged members of the Black Axe criminal network, which targeted pensioners and businesspeople through sophisticated online relationships. They will be handed over to FBI and U.S. Secret Service officials for prosecution in the United States.
coveringkaty.com
· 2026-09-13
A Fort Bend County woman lost $50,000 in a jury duty scam after a caller impersonating a sheriff's office captain threatened her with arrest for missing federal jury duty and directed her to withdraw cash and deposit it via Bitcoin ATM. The scammer used pressure tactics including a fake "gag order" to prevent her from verifying the claim, which she eventually did by contacting the Sheriff's Office directly. Federal courts and law enforcement do not demand payment by phone, text, or cryptocurrency for jury duty violations or warrants.
yellow.com
· 2026-09-12
Cryptocurrency scams stole an estimated $17 billion globally in 2025, with U.S. losses reaching $9.3 billion according to the FBI—a 66% year-over-year increase—as criminal operations professionalized with industrialized phishing kits, AI-deepfakes, and money laundering networks. The average scam payment surged 253% to $2,764, with seniors aged 60+ losing $2.8 billion at an average of $83,000 per victim, four times higher than other internet crime categories. The article identifies seven specific scam types including rug pulls, phishing, and investment fraud, noting that scammers have low
koat.com
· 2026-09-12
Albuquerque approved an ordinance banning cryptocurrency ATMs after 109 crypto ATM scams were reported statewide in 2025, resulting in approximately $2.2 million in losses to New Mexicans. One victim, Judy Hartmann-Ortiz, lost her entire $32,000 life savings after scammers impersonating Apple and Wells Fargo representatives convinced her to withdraw cash and deposit it into Bitcoin ATMs. The FBI warns that scammers create artificial urgency to pressure victims into quick cryptocurrency transactions, which are difficult to reverse or trace.
okayafrica.com
· 2026-09-12
Six Nigerian nationals linked to the Black Axe criminal network were extradited to the U.S. to face wire fraud and money laundering charges for an online romance scam that defrauded over 100 American women of more than $6 million. The victims included pensioners and businesspeople who were targeted through elaborate fake online relationships. In response to violence against Nigerian migrants in South Africa, Nigeria's parliament indefinitely suspended official visits to the country.
punchng.com
· 2026-09-12
Six Nigerians linked to the Black Axe criminal network were extradited from South Africa to the United States to face wire fraud and money-laundering charges for operating romance scams that defrauded over 100 American women of more than $6 million. The suspects, arrested in Cape Town in 2021, allegedly targeted victims including pensioners and businesspeople through sophisticated fake online relationships and cryptocurrency fraud. They are now in FBI custody to face prosecution in the US.
wpsdlocal6.com
· 2026-09-12
The McCracken County Sheriff's Office warned of two scams: a bitcoin scheme where callers falsely claim victims missed jury duty and have federal warrants, demanding thousands of dollars in bitcoin to resolve; and a bond scam targeting families of incarcerated individuals, requesting they purchase preloaded Visa cards and provide card information to secure releases. Law enforcement emphasized they never request funds, banking information, or personal details by phone.
crowdfundinsider.com
· 2026-09-12
The US Department of Justice credited Tether for helping disrupt Xinbi Guarantee, a Chinese-language cryptocurrency marketplace that allegedly facilitated fraud and money laundering, resulting in $52 million in frozen digital assets. Xinbi operated primarily on Telegram and connected scam operators with vendors providing money-laundering services, fake investment websites, and recruitment for overseas scam compounds, often involving "pig-butchering" romance and investment fraud schemes targeting US victims. Tether's ability to freeze tokens at the contract level enabled rapid action once investigators identified the wallets involved in the operation.
townpress.co.za
· 2026-09-11
Six Nigerian nationals arrested in Cape Town in 2021 are being extradited to the United States to face charges for an online romance scam that defrauded over 100 American women of more than $6 million. The men allegedly used elaborate fake online relationships to persuade victims, including pensioners and businesspeople, to transfer money as part of an organized criminal network linked to Black Axe. They face wire fraud and money laundering charges in US federal court.
loganbanner.com
· 2026-09-11
Americans lost a record $9.3 billion to crypto-related scams in 2024, with investment fraud schemes like pig butchering accounting for $5.8 billion of that total, and victims over 60 losing $2.8 billion. Pig butchering scams typically begin with friendly communication and fake trading platforms before victims realize their accounts are fraudulent and their savings are gone. Legal action through lawsuits can help victims recover lost assets by tracing financial transfers and identifying responsible parties through available digital records.
taylorvilledailynews.com
· 2026-09-11
Six Nigerian nationals arrested in Cape Town in 2021 are being extradited to the United States to face wire fraud and money laundering charges for operating romance scams that defrauded over 100 American women of more than $6 million. The men, affiliated with the Black Axe criminal network, targeted pensioners and businesspeople through sophisticated online relationships. Their extradition follows broader Interpol operations against West African organized crime groups involved in cyber-enabled financial fraud.
cnn.com
· 2026-09-11
Six Nigerian nationals arrested in Cape Town in 2021 are being extradited to the US to face wire fraud and money laundering charges for their involvement in romance scams that defrauded over 100 American women of more than $6 million. The men are allegedly part of the Black Axe criminal network, which is known for cyber-enabled financial fraud targeting victims through fake online relationships. Among the victims were pensioners and businesspeople who were deceived through sophisticated online schemes.