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crypto.news
· 2025-12-08
This cryptocurrency market recap covers multiple topics, but is primarily relevant to elder fraud awareness for two scam types: The Federal Trade Commission warned of a surge in romance scams where fraudsters build romantic relationships to defraud victims of cryptocurrency holdings. Additionally, crypto exchange scams affected users through SIM swap attacks (OKX), impersonation fraud targeting $210,000 in losses (fake Binance co-founder), and major exchange breaches ($22 million stolen from Lykke).
newstalkkzrg.com
· 2025-12-08
U.S. Attorney Teresa Moore recognized World Elder Abuse Awareness Day, highlighting that one in ten people over 60 experience elder abuse and an estimated $28.3 billion is lost annually to elder fraud scams. The Justice Department is committed to prosecuting elder abusers through various initiatives, including the Transnational Elder Fraud Task Force and Money Mule Initiative, while providing public awareness resources on common schemes such as romance fraud, tech support scams, and Social Security impostor scams. Recent cases include the sentencing of Henry Asomani to 10 years in federal prison for a romance fraud conspiracy that stole over $3 million from more than a dozen victims.
justice.gov
· 2025-12-08
On June 15, 2024, the U.S. District of South Dakota joined national leaders in recognizing World Elder Abuse Awareness Day, emphasizing that one in ten older Americans are victims of elder abuse annually. The District highlighted ongoing efforts through initiatives like the Transnational Elder Fraud Task Force and Money Mule Initiative to combat common schemes targeting seniors, including romance scams, tech support fraud, Social Security impostor scams, lottery scams, and IRS impersonation scams.
postandcourier.com
· 2025-12-08
In observance of World Elder Abuse Awareness Day, the IRS Criminal Investigation's Charlotte Field Office is promoting fraud awareness to combat the rising tide of financial crimes against seniors. According to the FBI's 2023 Internet Crimes Report, individuals aged 60 and above filed 101,068 complaints and sustained $3.4 billion in losses from scams including tech support fraud, government impersonation, phishing, and romance schemes. The IRS employs education, criminal investigations, and public-private partnerships to combat elder fraud, with recent prosecutions including a home health care operator sentenced to 45 months for stealing over $1 million from elderly clients and an investment fraudster sentenced to
justice.gov
· 2025-12-08
On World Elder Abuse Awareness Day, U.S. Attorney Henry C. Leventis highlighted the Justice Department's multi-faceted approach to combating elder fraud, including the Transnational Elder Fraud Task Force and Money Mule Initiative that target foreign-based schemes and fraud networks. The office detailed common scams affecting older Americans—including Social Security impostor schemes, tech support fraud, and lottery scams—and cited a 2023 federal conviction where a defendant defrauded an elderly widow of approximately $1.2 million by posing as her personal representative and spending her money on luxury items and lottery tickets.
justice.gov
· 2025-12-08
In observation of World Elder Abuse Awareness Day, the U.S. Attorney's Office for the District of Massachusetts emphasized its commitment to prosecuting elder fraud and financial exploitation, noting that nearly one in 10 adults aged 60 and older experience some form of elder abuse annually. The office highlighted a recent case where Chukwunonso Umegbo was sentenced to over three years in prison for operating a romance scam that defrauded at least 45 victims of more than $568,000 between 2018 and 2019, including a senior who lost her home, car, and retirement savings. The District of Massachusetts has launched an Elder Justice Out
federalnewsnetwork.com
· 2025-12-08
Scammers impersonating federal agencies caused Americans to lose approximately $1.3 billion in the past year, with financial losses surging over sevenfold since 2019. Generative AI technology, particularly voice cloning, has made these impersonation scams more convincing and successful, with criminals posing as Medicare, IRS, law enforcement, and other federal officials to pressure victims into disclosing sensitive information or paying fraudulent fees. The article emphasizes that federal agencies need enhanced tools and tactics to combat these evolving threats, as these scams exploit public trust in government institutions.
sebastopoltimes.com
· 2025-12-08
Financial exploitation of elderly residents in Sonoma County increased significantly, with Adult Protective Services reporting a 9% rise in abuse reports and 14% increase in investigations from 2022 to 2023, with 19% of over 7,800 allegations involving financial exploitation. Common scams targeting seniors include investment fraud, tech support scams, phishing schemes, and romance scams, which collectively cost victims $3.4 billion nationally in 2023, with romance scams proving particularly damaging due to the emotional manipulation involved. Experts advised seniors to avoid clicking links in suspicious emails or calls, contact companies directly to verify account issues, and be wary of requests for money from online dating
wuky.org
· 2025-12-08
Elder Kentuckians lost $12.8 million to scams in the previous year, with projections to double to $12.7 million by May of the current year, according to FBI officials who warn the problem is not declining. The three most common scams targeting Kentucky elders are investment fraud (including cryptocurrency and precious metals schemes), tech support fraud (phishing and fake security alerts), and romance fraud, with a detailed case study showing a 72-year-old woman losing nearly $200,000 to a military officer imposter who cultivated a romantic relationship with her over months before requesting money for military contract payouts and travel expenses. The investigation resulted in the indictment of three U
theintelligencer.net
· 2025-12-08
The U.S. Attorney's Office for the Northern District of West Virginia hosted a financial crimes conference in Wheeling to educate bank officials, credit union staff, and other financial professionals on identifying and preventing fraud targeting vulnerable populations. The conference covered multiple fraud types affecting West Virginians, including elder financial abuse (subdivided into "elder thefts" by known individuals and "elder scams" by strangers), romance scams, and money laundering, with federal law enforcement and prosecutors sharing current trends and investigation insights. The training emphasized helping financial professionals recognize suspicious activity, properly file reports, and understand why victims—particularly elderly and trusting West Virginians—often resist warnings about ongoing scams.
wtov9.com
· 2025-12-08
The U.S. Attorneys' offices for West Virginia's Northern and Southern districts hosted a Bank Secrecy Act and Anti-Money Laundering Conference in Wheeling to educate banking officials, compliance officers, and other financial professionals on identifying and preventing money laundering, elder financial exploitation, and romance scams. The conference featured panels with FBI agents, IRS agents, and federal prosecutors discussing strategies to better protect older West Virginians, with particular focus on the challenge of preventing victims from sending additional money to their exploiters. Officials noted an uptick in elder financial exploitation cases across the region and committed to improving protective measures.
crypto.news
· 2025-12-08
An anonymous victim lost approximately $1.1 million to two pig-butchering romance scams between January 2021 and December 2022, where scammers posed as a romantic interest and investment advisor on Facebook to manipulate the victim into transferring funds for false business opportunities and cryptocurrency investments. The US government has filed a forfeiture complaint to seize nearly $200,000 in Tether (USDT) held on Binance that was traced to the scam and converted by suspect Izuchukwu Henry Okolo, with the funds now in FBI custody. Pig-butchering scams use romantic relationships and false investment promises to gain victims' trust
justice.gov
· 2025-12-08
The U.S. Attorney's Office for the Eastern District of North Carolina recognized World Elder Abuse Awareness Day (June 15) by partnering with law enforcement agencies, AARP, Meals on Wheels, and the FBI to combat elder fraud through community education. The office hosted three public outreach events in Raleigh, Wake Forest, and Supply to help seniors recognize signs of financial scams and connect them with resources and support services. U.S. Attorney Michael Easley emphasized that seniors are frequently targeted by fraudsters and prioritized prosecuting cases involving elderly victims as part of broader efforts to protect vulnerable populations.
justice.gov
· 2025-12-08
On June 15, 2024, U.S. Attorney Vanessa R. Waldref recognized World Elder Abuse Awareness Day and highlighted that financial exploitation is the most common form of elder abuse, costing older adults an estimated $23 billion annually. The U.S. Attorney's Office has expanded efforts to combat elder fraud through initiatives including the Transnational Elder Fraud Task Force, which targets foreign-based schemes, the Money Mule Initiative to disrupt fraud networks, and Senior Scam Alerts educating the public about common schemes such as Social Security impostor scams, tech support fraud, and lottery scams.
mageenews.com
· 2025-12-08
World Elder Abuse Awareness Day (June 15, 2024) was recognized by the U.S. Attorney's Office for the Southern District of Mississippi to promote awareness of elder fraud and abuse. The Justice Department highlighted common scams targeting seniors—including Social Security impostor schemes, tech support fraud, and lottery scams—and emphasized that information and vigilance, along with partnerships between law enforcement and the public, are key to prevention. Resources like the Transnational Elder Fraud Task Force and Senior Scam Alerts are available to help older individuals and families identify and avoid fraudulent activity.
moneymarketing.co.uk
· 2025-12-08
Fraud affects one in 17 people in the UK and comprises 38% of all crime, according to an Anti-Money Laundering Professionals Forum. The article outlines seven increasingly sophisticated fraud types targeting victims: impersonation fraud (posing as banks or authorities), social media fraud (fake websites and phishing), cryptocurrency investment scams (promising false high returns), courier fraud (impersonating officials to extract money), romance fraud (building fake relationships to steal assets), investment fraud (promoting worthless overseas properties or shares), and payment diversion (using nearly-identical email addresses to redirect payments). Pension providers and authorities must work together to combat these scams through reporting and vigilance.
vancouversun.com
· 2025-12-08
The RCMP and B.C. Securities Commission delivered warning letters to 10 suspected "money mules" on May 29 who were allegedly laundering proceeds from offshore investment scams involving hundreds of thousands of dollars through cash and cryptocurrency transfers. The operation targets individuals who may be unwittingly assisting criminals, willfully ignoring the illegal activity, or knowingly participating in money laundering schemes that originate from Eastern Europe, Africa, and Southeast Asia. British Columbians reported $46.4 million in investment scam losses in 2023, though authorities estimate actual losses are significantly higher, with the true figure likely in the hundreds of millions of dollars.
ca.news.yahoo.com
· 2025-12-08
British Columbia authorities warned 10 suspected "money mules" in Metro Vancouver in late May after the BCSC identified them transferring funds obtained from investment fraud victims, with an estimated hundreds of thousands of dollars involved. Money mules—who may knowingly or unknowingly facilitate money laundering for criminal networks—are recruited through false job offers, romance scams, or false identities, and face potential criminal charges for possession or laundering proceeds of crime. The investigation revealed that organized crime groups behind these investment fraud schemes have shifted from Nigeria and Eastern Europe to primarily southeast Asia since the BCSC began investigating in 2020.
starofmysore.com
· 2025-12-08
Three Mysuru residents lost a combined Rs. 40,42,779 to sophisticated fraud schemes between May and June 2024. The victims included an engineer duped by a fake HDFC Securities investment scam on Instagram/WhatsApp (Rs. 22,58,779 lost), a man impersonated by fake Mumbai Crime Branch officials posing as FedEx and ICICI Bank representatives (Rs. 7,00,561 lost), and another victim defrauded by a fraudulent stock trading website (Rs. 10,84,460 lost). Police have registered cases and advise residents to verify identities before sharing personal information or making financial transactions.
bbc.co.uk
· 2025-12-08
A cybercrime gang operating in Zambia was convicted and sentenced in Lusaka Magistrates Court, with 22 Chinese nationals and one Cameroonian receiving jail terms ranging from 7 to 11 years for orchestrating a sophisticated internet fraud syndicate that targeted victims across Singapore, Peru, the United Arab Emirates, and other countries. The gang members, who worked for the Chinese-run Golden Top Support Services company, used deceptive online conversations via WhatsApp and Telegram, spoofed phone numbers, and recruited Zambian call-center agents to defraud unsuspecting mobile and bank account users; they were each fined $1,500-$3,000
the-sun.com
· 2025-12-08
**Romance Scam Warning Signs and Prevention**
Romance scammers employ multiple tactics to defraud victims on dating platforms, with key red flags including premature declarations of love, avoidance of video calls, requests for money or financial information, excuses to delay in-person meetings, and suspiciously tailored profiles. Protection strategies include keeping social media private, using strong passwords, installing anti-virus software, being cautious on public Wi-Fi, and monitoring one's digital footprint for personal information vulnerable to exploitation.
abc.net.au
· 2025-12-08
A scam-baiter named Jim Browning exposed a cryptocurrency investment scam operation based in Georgia, Eastern Europe, that targets victims worldwide by posing as financial advisors and recovery services. The scammers use fake celebrity endorsements and fraudulent websites to lure victims, then display fake cryptocurrency portfolios to convince them their money is growing, with some victims—including an Australian man Browning monitored in real-time—losing thousands of dollars. Australians reported losing over $2.74 billion to scams in the previous year, with attackers particularly targeting older adults with retirement savings.
elliptic.co
· 2025-12-08
AI-enhanced scams are emerging as a potential threat in the cryptocurrency ecosystem, though not yet widespread. Criminals are exploiting AI technology through deepfake videos of celebrities and public figures to promote fake crypto investment schemes, and by creating fraudulent "AI-related" tokens designed for pump-and-dump schemes and rug-pulls that defraud investors. Elliptic released a horizon scanning report identifying five typologies of AI-enabled crypto crimes and recommends industry stakeholders implement best practices and develop strategies to prevent these threats from becoming mainstream.
patch.com
· 2025-12-08
Americans lost over $10 billion to scams last year, with organized criminal networks operating from India and Nigeria using US "cash mules" to launder money through untraceable Bitcoin accounts. Seniors with landlines are particularly targeted through various schemes including romance scams (with victims losing up to $2.5 million), fake emergency calls from supposed grandchildren, phishing emails, suspicious text messages, and fake billing notifications. The article advises never sharing personal or financial information with unsolicited callers, texts, or emails, and recommends blocking suspicious contacts, verifying charges directly with banks, and reporting fraud to email service abuse addresses.
justice.gov
· 2025-12-08
The U.S. Attorney's Office for the District of Vermont, partnering with federal law enforcement agencies, conducted outreach events at senior centers in advance of World Elder Abuse Awareness Day (June 15, 2024) to educate older adults about financial fraud and elder abuse. The outreach highlighted prevalent scams targeting seniors including government imposter schemes, tech support fraud, romance scams, grandparent scams, and lottery schemes, while emphasizing that elder abuse remains often overlooked and underreported.
wvpublic.org
· 2025-12-08
Federal prosecutors in West Virginia are warning that the state's large elderly population is particularly vulnerable to financial schemes including romance scams and money laundering related to drug and human trafficking, citing West Virginia's older demographics and trusting culture as risk factors. Two U.S. Attorneys are organizing a statewide conference in June to educate financial professionals on recognizing suspicious activity and identifying signs of elder abuse, trafficking, and fraud.
justice.gov
· 2025-12-08
In January 2023, a Massachusetts workers union was defrauded of $6.4 million through a business email compromise (BEC) scheme in which scammers spoofed an investment consulting firm's email address (changing one letter) to request a payment information change. The U.S. Department of Justice filed a civil forfeiture action to recover approximately $5.3 million in traced proceeds that were transferred through multiple intermediary accounts in Hong Kong, China, Singapore, and Nigeria before being seized from seven domestic bank accounts.
spectrumnews1.com
· 2025-12-08
Over 140 million American adults have been victims of fraud according to AARP's Fraud Watch Network. Patricia Kaster lost approximately $1.7 million in a 2023 impersonation scam where fraudsters posed as her bank's fraud department and the FTC, convincing her to liquidate assets and sell her house by falsely accusing her of money laundering. The FTC reported that consumers lost $10 billion to fraud in 2023, and AARP recommends hanging up on unsolicited calls and avoiding providing money or information to unknown callers as key fraud prevention strategies.
justice.gov
· 2025-12-08
The U.S. Attorney's Office, along with Age-Friendly Mecklenburg and AARP-Charlotte, hosted a Walk for Awareness event on June 15, 2024, to highlight World Elder Abuse Awareness Day and increase community recognition of elder exploitation, neglect, and abuse. According to the FBI's 2023 Internet Crimes Report, individuals 60 and older filed 101,068 complaints and sustained $3.4 billion in losses from online fraud, with tech support scams, government impersonation, phishing, and romance scams being particularly prevalent threats to older adults.
myjoyonline.com
· 2025-12-08
Two Ghanaian nationals, Wigbert Bandie and Khadijah Adam, were arrested in the United States and face charges of wire fraud, mail fraud, and money laundering for operating romance and advance-fee scams between June 2019 and December 2019. The defendants targeted victims through social media impersonation, with one victim, Richard Coleman from Knoxville, defrauded of $73,550 after being convinced to pay shipping fees for non-existent gold shipments; a third defendant, Mubarak Braimah, remains at large with an FBI warrant issued for his arrest. Pretrial proceedings were scheduled for June
mdjonline.com
· 2025-12-08
Georgia ranks among the top ten states targeted by organized scam operators who extract millions of dollars annually from senior citizens through romance scams, jury duty scams, grandparent scams, and identity theft. As law enforcement catches up to scammers' money laundering methods—which have evolved from cash deposits to gift cards to cryptocurrency ATMs—sophisticated criminals continue adapting by using new untraceable methods like gold bullion to hide stolen funds and avoid detection.
smh.com.au
· 2025-12-08
A Melbourne couple lost approximately $300,000 to a sophisticated investment scam involving fraudulent HSBC representatives in March, recovering only $100,000 months later. The article explores the psychological aftermath of scams, highlighting that victims often experience prolonged shame, guilt, and self-blame despite being targets of crime, with societal attitudes and bank responses frequently exacerbating these emotional impacts. The piece emphasizes that scams cause lasting psychological trauma beyond financial loss and that victim-blaming culture discourages people from speaking about their experiences.
businessinsider.com
· 2025-12-08
Mastercard developed an AI fraud-detection system in partnership with UK banks (Lloyds, NatWest, TSB) to identify authorized-push-payment fraud, where scammers impersonate trusted figures to convince victims to transfer money. The AI system analyzes transaction patterns, account relationships, and suspicious behaviors in real-time to alert banks before fraud occurs, with results suggesting it could prevent an estimated £100 million ($126 million) in fraud losses across the UK banking sector if scaled broadly.
oodaloop.com
· 2025-12-08
Malachi Mullings, 31, was sentenced to 10 years in prison for laundering over $4.5 million through business email compromise and romance scams conducted between 2019 and June 2021. Mullings used 20 fraudulent bank accounts under the fake company name "The Mullings Group LLC" to process stolen funds from schemes targeting elderly individuals, healthcare benefit programs, and private companies.
news.bloomberglaw.com
· 2025-12-08
Bolanle Odeyale, a Nigerian citizen living in Texas, was ordered to remain in custody pending trial after being accused of helping Nigerian fraudsters launder millions of dollars obtained through romance scams. The Tenth Circuit Court of Appeals determined she posed a serious flight risk, particularly given an immigration detainer issued against her, and ruled that no release conditions could reasonably ensure her appearance at trial.
thehackernews.com
· 2025-12-08
Malachi Mullings, 31, of Georgia was sentenced to 10 years in prison for laundering over $4.5 million obtained through business email compromise (BEC) schemes targeting healthcare programs and companies, as well as romance scams targeting elderly victims, between 2019 and 2021. Mullings opened 20 fraudulent bank accounts under a fake company name to conceal the proceeds and used funds to purchase luxury items, including a Ferrari bought with $260,000 from a romance scam. The case highlights ongoing efforts to prosecute money launderers facilitating cyber fraud schemes.
wsbradio.com
· 2025-12-08
Malachi Mullings, a Sandy Springs man, was sentenced to 10 years in federal prison for laundering over $4.5 million stolen from romance fraud schemes and business email compromise scams between 2019 and 2021. Mullings operated 20 fraudulent bank accounts under a fake company name to hide proceeds from schemes targeting elderly victims and healthcare programs, using some stolen funds to purchase luxury items including a Ferrari purchased with $260,000 taken from an elderly romance fraud victim. He was ordered to pay restitution and faces three years of supervised release following his prison sentence.
wsbtv.com
· 2025-12-08
Malachi Mullings of Sandy Springs was sentenced to 10 years in federal prison for laundering over $4.5 million obtained through romance fraud and business email compromise schemes between 2019 and 2021. Mullings opened 20 fraudulent bank accounts to hide proceeds from scams targeting elderly victims and private companies, using stolen funds to purchase luxury items including a Ferrari bought with $260,000 stolen from an elderly romance fraud victim. He was ordered to pay restitution to victims and serve three years of supervised release following his prison sentence.
marketrealist.com
· 2025-12-08
Malachi Mullings, 31, from Sandy Springs, Georgia, was sentenced to 10 years in federal prison for laundering over $4.5 million stolen through business email compromise (BEC) scams, romance fraud, and healthcare benefits fraud. Mullings opened approximately 20 shell company bank accounts between 2019 and 2021 to launder the proceeds, which he spent on luxury items including a Ferrari purchased with $260,000 fraudulently obtained from an elderly romance scam victim. His criminal network targeted businesses, healthcare programs, and vulnerable elderly individuals across the United States.
greaterkashmir.com
· 2025-12-08
The Indian Embassy in Laos rescued and repatriated 13 Indian workers who were deceived by false employment promises and trapped in illegal work arrangements, bringing the total rescued from Laos to 428; the workers were found in a wood factory and a special economic zone. Indian authorities warn citizens against fraudulent overseas job offers, particularly those involving human trafficking networks that lure victims into cyber scams, money laundering, and cryptocurrency fraud, and advise using only authorized employment channels and conducting background checks on prospective employers in Southeast Asia.
timesofindia.indiatimes.com
· 2025-12-08
A 52-year-old newspaper employee in Chennai lost Rs 1.4 lakh to a courier scam on May 20 when a fraudster posing as an international courier company representative claimed a package sent in his name had been seized by customs for containing drugs and contraband, threatening police action and arrest warrants unless he paid bail money. After the scammers continued demanding additional funds, the victim became suspicious, realized the fraud, and filed a police complaint.
ghanaweb.com
· 2025-12-08
Emmanuel Quamey, a Ghanaian national, was sentenced to 48 months in prison for laundering approximately $3.3 million in proceeds from romance scams targeting over a dozen vulnerable and elderly U.S. victims between September 2019 and March 2023. The scam involved perpetrators posing as romantic partners online to trick victims into sending money, which Quamey then transferred through multiple bank accounts in the United States and Ghana. He was ordered to forfeit $3.3 million and pay restitution of approximately $3.8 million to the victims.
arabnews.pk
· 2025-12-08
The Saudi Central Bank (SAMA) launched a new "Account Finder" service to help retail banking customers verify account ownership and reduce risks of unauthorized access, impersonation, and suspicious transactions. The initiative is part of SAMA's broader efforts to combat financial fraud in Saudi Arabia, where a joint study with Interpol identified five major types of fraud affecting Arab countries—including investment scams, business email compromise, romance scams, and sextortion—with fraudulent sites receiving over 137,000 daily visits from potential victims.
infosecurity-magazine.com
· 2025-12-08
Romance scams affect thousands annually, with at least 31% of Americans encountering romance scammers who create fake identities on dating apps to build emotional trust before soliciting money. The average loss per incident reached £6,937 ($8,812) in 2023, with victims aged 65-74 losing the highest amounts (averaging £13,123/$16,670), and women reporting higher average losses than men despite men comprising 52% of victims. Banks play a critical role in detection and prevention through data analysis and fraud prevention technologies, particularly as scammers increasingly use Authorized Push Payment Fraud methods to extract funds from emotionally manipulated victims.
kolotv.com
· 2025-12-08
Romance scams targeting seniors have tripled, with scammers building trust over months or years before requesting money for travel, unexpected bills, or gift cards—sometimes totaling tens of thousands to hundreds of thousands of dollars. One Nevada woman was manipulated into laundering money through gift card purchases after a man she met online professed love and later asked for $10,000. Red flags include rapid declarations of love, moving communication to private platforms to avoid detection, and promises to meet in person that never materialize despite money requests for plane tickets or other expenses.
timesofindia.indiatimes.com
· 2025-12-08
Southeast Asian cybercrime operations have replaced traditional Indian fraud hotspots, with organized gangs in Cambodia, Myanmar, and Laos operating "corporate-style" compounds that defrauded Indian victims of Rs 1,775 crore between January-April 2024 through investment scams (Rs 1,420 crore), trading scams (Rs 222 crore), digital arrest scams (Rs 120 crore), and romance scams (Rs 13 crore). Indian nationals are recruited through illegal agents with false job promises, then coerced into perpetrating fraud against fellow citizens via social media and messaging apps, with authorities intervening to save
justice.gov
· 2025-12-08
Malachi Mullings was sentenced to 10 years in federal prison for laundering over $4.5 million obtained through romance fraud scams and business email compromise schemes that targeted elderly victims and companies from 2019 to July 2021. Operating under the fake company name "The Mullings Group LLC," Mullings opened 20 bank accounts to conceal fraud proceeds, including $310,000 diverted from a state Medicaid program and $260,000 obtained from an elderly romance scam victim, which he used to purchase luxury items including a Ferrari. The case was prosecuted as part of the Department of Justice's Transnational Elder Fraud Strike Force and involved investigation by
yahoo.com
· 2025-12-08
Major tech companies including Meta, Match Group, Coinbase, Kraken, Ripple, and Gemini launched the coalition "Tech Against Scams" to combat online fraud across dating apps, social media, and cryptocurrency platforms. Romance scams, social media fraud ($770 million in losses in 2021), investment scams ($3.8 billion in losses in 2022), and "pig butchering" crypto scams have cost consumers billions, prompting these companies to share data and collaborate on detection methods and consumer education to disrupt scammers' activities across multiple platforms.
theregister.com
· 2025-12-08
Georgia resident Malachi Mullings received a 10-year prison sentence for laundering $4.5 million in proceeds from business email compromise (BEC) attacks targeting healthcare providers and romance scams targeting individuals, including numerous elderly victims, between 2019 and July 2021. Mullings used multiple bank accounts under his company name to conceal the fraud, purchasing luxury items including a Ferrari with stolen funds; one romance scam victim alone lost $260,000. He pleaded guilty to eight charges including money laundering and conspiracy to commit money laundering as part of a larger scheme involving nine other suspects across Georgia, South Carolina, and Virginia that defrauded state Medicaid programs
bbc.com
· 2025-12-08
Clark Hoefnagels created Catch, an AI-powered email filter designed to detect phishing and scam emails, after his grandmother lost $27,000 to a scam in Ontario, Canada. Despite the growing threat of AI-enabled fraud—with reports of AI tools used against banks increasing 84% in 2022—the product has struggled commercially because individuals show little concern about scams even after being victimized, while banks and financial institutions increasingly recognize AI-powered fraud as a significant threat and are investing in AI-based defenses.