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in Crypto Investment Scams
siliconvalley.com
· 2025-12-08
The article outlines three major scams that persist year-round, particularly during the holiday season. "Pig butchering" scams involve fraudsters slowly building trust with victims before stealing money through fake investment schemes, often cryptocurrency-based; Santa Clara County prosecutors charged two suspects in a case where a 66-year-old man lost $170,000 after being targeted by a fake investment banker on Facebook. Travel scams have increased 500-900% with AI-generated fake booking websites, phishing emails, and fraudulent reviews, while utility scams cost PG&E customers over $334,000 in 2024 through threats of service disconnection and demands for immediate payment via prep
abc7chicago.com
· 2025-12-08
The Better Business Bureau released its 2024 annual Scam Tracker report showing that online shopping scams remained the top fraud scheme for the fifth consecutive year, followed by phishing and employment scams. Scammers increasingly exploit new technologies like AI and deepfake video to impersonate legitimate organizations, conduct fake interviews, and use emotional manipulation and urgency tactics to target victims across all age groups. The BBB emphasizes that vigilance and refusing to engage with fraudsters is essential to combating these schemes.
biometricupdate.com
· 2025-12-08
Hong Kong police arrested 31 members of a deepfake romance scam syndicate that defrauded victims across Taiwan, Singapore, and Malaysia of HK$34 million (US$4.37 million). The criminals used AI-generated composite images of women to create fake dating profiles, then manipulated victims into investing in fraudulent cryptocurrency schemes through carefully scripted conversations designed to build emotional connections and establish trust over five stages. The arrests represent the second major deepfake romance fraud bust in Hong Kong within three months and highlight how scammers exploit loneliness and social insecurity alongside technological capabilities.
savannahbusinessjournal.com
· 2025-12-08
**Summary:**
Georgia Power warned customers in January 2025 about increasing scams during post-holiday and tax season periods, including threats of power disconnection and requests to update billing information. The utility highlighted evolving tech scams such as fraudulent payment requests through Cash App using fake company logos and fake digital ads directing customers to non-company websites to steal personal information. Georgia Power provided guidance to customers on legitimate payment methods, verification procedures, and reporting mechanisms to protect against scammers impersonating company representatives.
etvbharat.com
· 2025-12-08
The "pig butchering scam" is a long-term romance and investment fraud where cybercriminals build trust with victims over weeks or months through dating apps and social media before convincing them to invest in fraudulent cryptocurrency schemes and stealing their money. Notable victims include an Indian software professional in the US who lost $450,000, a Malaysian nurse who accumulated $270,000 in debt, and a San Francisco man who lost over $1 million; the scam predominantly targets students, unemployed youth, homemakers, and financially vulnerable individuals. India's Ministry of Home Affairs recently issued a warning about the rising prevalence of these scams in the country.
pbs.org
· 2025-12-08
"Pig butchering" investment scams have cost victims worldwide an estimated $75 billion over the last four years, with Americans alone losing $4.6 billion in 2023. The scheme typically begins with a fake wrong-number text leading to conversations with fake profiles (often posing as attractive women) who build romantic relationships and convince victims to invest in cryptocurrency, showing false dashboards of returns until victims exhaust their savings. The scammers perpetrating these schemes are often human trafficking victims forced by crime syndicates in Asia to run the operations, making this a dual victimization crisis.
dlnews.com
· 2025-12-08
Hong Kong authorities dismantled a criminal syndicate that used deepfake technology and dating apps to defraud victims across Taiwan, Singapore, and Malaysia of over HK$34 million. The operation involved 31 arrested individuals who created fake online personas using AI-generated images to establish romantic relationships with victims, then manipulated them into investing in fraudulent cryptocurrency platforms where withdrawal attempts were blocked by fake fees. This "pig butchering" scam operation is part of a global trend that siphoned $4.4 billion in 2023, with authorities seizing HK$100 million in suspected criminal assets.
hongkongfp.com
· 2025-12-08
Hong Kong police arrested 31 people operating a deepfake-enabled romance and cryptocurrency investment scam that targeted victims in Taiwan, Malaysia, and Singapore, resulting in losses exceeding HK$34 million. The syndicate recruited local youth to pose as attractive women on dating apps using deepfake technology, building trust with victims before convincing them to invest in fake cryptocurrency platforms. Five leaders were charged with conspiracy to defraud and money laundering, while authorities plan international cooperation to pursue further investigations.
tampafp.com
· 2025-12-08
Florida's Cyber Fraud Enforcement Unit dismantled six major cybercrime schemes in three months, seizing nearly $2.4 million in stolen cryptocurrency with over $100,000 returned to victims and $2.2 million pending restitution. Three schemes specifically targeted seniors, including a bank employee stealing from 13 elderly victims, a grandparent scam, and a fraudulent cryptocurrency trading website. Additional cases involved identity theft operations and mail interception schemes, with perpetrators prosecuted for stealing from individuals and businesses across the state.
wcvb.com
· 2025-12-08
Boston police warned residents about a text message scam falsely claiming recipients owe unpaid parking fees of $4.35 with threatened late fees of $35, directing them to a fraudulent website (parking_dash.boston.com). The scam used the city's official logo and came from a Montreal-based phone number, successfully deceiving many residents into paying, though the exact number of victims is unclear. Residents are advised that the City of Boston never sends parking ticket notices via text and to use only the official boston.gov website to pay legitimate violations, which are normally sent by U.S. mail.
classaction.org
· 2025-12-08
Three California residents filed a class action lawsuit against Apple in December 2024, alleging the company failed to adequately vet cryptocurrency trading apps on its App Store that were actually "pig butchering" scams designed to defraud investors. One plaintiff lost over $1.2 million after downloading the fraudulent app Digicoins, which froze his assets in February 2024, and the suit claims Apple misrepresented that its App Store vets apps for security, legitimacy, and legal compliance. The lawsuit seeks to represent all users who downloaded the scam apps Digicoins, SolLuna, or Forex5 from the Apple App Store
lovellchronicle.com
· 2025-12-08
Scams are becoming increasingly frequent, sophisticated, and successful, with law enforcement reporting a notable uptick in impersonation schemes where scammers pose as government officials or law enforcement to threaten arrest and extort money. Phishing—the collection of personal information through unsolicited communications—is being used as an initial phase to make scams appear legitimate, with one recent Big Horn County victim losing over $20,000 after being convinced by a scammer posing as a government agent that they owed money. The FBI reported that online fraud complaints doubled from 2019 to 2023, with financial losses exceeding $12.5 billion, and law enforcement advises citizens to verify suspicious
cnbctv18.com
· 2025-12-08
Bitcoin has been plagued by a series of major scams and security breaches costing billions globally, including the BitConnect Ponzi scheme ($2.4 billion), the FTX exchange collapse (billions lost), and over $3.7 billion in crypto-related scams in 2022 alone through phishing attacks and romance scams. The United States, United Kingdom, and Australia have been prime targets for Bitcoin fraud, particularly fake investment opportunities exploiting the cryptocurrency's pseudonymous nature. Beyond fraud, Bitcoin's decentralized structure has facilitated illicit activities on the dark web, while its extreme price volatility and energy-intensive operations present additional risks to investors and the environment.
westerniowatoday.com
· 2025-12-08
The Iowa Attorney General's Office and Department of Public Safety issued a warning about a resurgent wave of "grandparent scams" targeting older Iowans throughout the state. In these scams, criminals pose as grandchildren claiming to be in accidents, jailed, or stranded abroad, then request money that is wired abroad and rarely recovered. Authorities recommend verifying caller identity through independent contact with family members, resisting pressure to act quickly, and reporting suspicious calls to local law enforcement and the Iowa Attorney General's Office at 1.888.777.4590.
dps.iowa.gov
· 2025-12-08
**Grandparent Scam Warning - Iowa (January 3, 2025)**
Iowa Attorney General Brenna Bird issued a warning about a resurgence of grandparent scams targeting older Iowans, in which fraudsters impersonate grandchildren in distress (claiming accidents, hospitalization, or jail) and request money sent via wire transfer, prepaid cards, or cryptocurrency. The scammers often use social media information to build credibility and may pose as supporting figures like attorneys or police officers, with money typically transferred abroad and difficult to recover. Authorities recommend verifying caller identity through trusted family contacts, resisting pressure to act quickly, and reporting suspicious calls
atlantanewsfirst.com
· 2025-12-08
Georgia Power is warning customers about escalating scams as tax season and new year bills arrive, including fake calls, emails, and door-to-door visits impersonating utility representatives demanding immediate payment or personal financial information. The utility also flagged fraudulent Cash App accounts, cryptocurrency payment demands, and fake websites mimicking Georgia Power's official site to steal billing and credit information. Customers should verify any communication by calling Georgia Power's official customer service line at 888-660-5890 and use only legitimate payment methods through the company's official website at www.GeorgiaPower.com.
jdsupra.com
· 2025-12-08
A 79-year-old customer who lost $1,511,700 to an internet scam involving fake hacking threats failed in his lawsuit against his bank for failing to prevent seven wire transfers to fraudster accounts in Hong Kong. On December 18, the U.S. District Court for the Southern District of New York dismissed the breach of contract complaint, ruling that Article 4-A of the New York Uniform Commercial Code preempts common law claims against banks for processing authorized wire transfers, even when customers are victims of fraud, and that the bank's agreements with the customer adequately disclaimed liability for customer-authorized transactions.
ky3.com
· 2025-12-08
The Better Business Bureau's 2025 Scam Tracker Risk Report identifies investment and cryptocurrency scams as the riskiest for consumers, followed by employment and online purchase scams, with online-based scams comprising nearly 70% of all reports and social media scams increasing over 56% year-over-year. The BBB recommends consumers adopt fraud-prevention resolutions including avoiding money transfers to strangers, researching businesses before shopping, being cautious with unsolicited emails, protecting personal information, using strong passwords, employing social media privacy settings, keeping computers secure with antivirus software, monitoring financial accounts regularly, obtaining written agreements, and staying informed about current scams.
techbullion.com
· 2025-12-08
The Nigerian Economic and Financial Crimes Commission (EFCC) arrested 792 people involved in cryptocurrency romance scams, including 148 Chinese nationals, 40 Filipinos, and local accomplices, following a raid on a suspected fraud operation. The arrests came after authorities charged a Nigerian man with defrauding 139 Australians of $5 million through crypto schemes that used phishing links to steal victims' login credentials and drain both fiat and cryptocurrency accounts. The operation targeted citizens worldwide, primarily from the United States, Canada, Mexico, and Europe, with foreign kingpins recruiting Nigerian accomplices to prospect for victims online.
rotary.org
· 2025-12-08
Americans lost a record $10 billion to fraud in 2023, with impostor scams and email impersonations being increasingly common threats to individuals and organizations like Rotary clubs. Scammers are leveraging artificial intelligence tools and multiple communication channels (text, email, social media) to impersonate trusted contacts and request money, making fraud harder to detect and investigate. To protect yourself and your network, verify suspicious requests through alternative contact methods, report fraud promptly, and share alerts with your community, as most fraud goes unpunished and victims rarely recover their money.
justice.gov
· 2025-12-08
The U.S. Attorney's Office for the Northern District of Ohio forfeited $7.7 million in criminal assets during fiscal year 2024, with over $50 million in additional assets pending forfeiture orders from 214 cases involving cash, cryptocurrency, vehicles, real estate, and jewelry. In FY24, $11.1 million of forfeited funds were returned to crime victims as restitution, and $10.5 million was shared with 83 local law enforcement agency partners who assisted federal investigations. Asset forfeiture serves as a tool to punish criminals, deter criminal activity, and compensate victims harmed by fraud and other crimes.
abc11.com
· 2025-12-08
In 2025, scammers are expected to escalate their targeting of consumers' money and identities, with the Global Anti-Scam Alliance reporting over $1 trillion in losses during 2024. Key emerging threats include AI-generated scams creating increasingly realistic fake websites and impersonation content, cryptocurrency investment scams using manipulated websites to simulate earnings, and text-based impersonation scams posing as job recruiters, banks, or family members—all made harder to detect as AI improves grammar and personalization. The FBI advises consumers to avoid quick reactions, scrutinize images for imperfections, and never send money via gift cards, cryptocurrency, or cash apps, as
nypost.com
· 2025-12-08
This educational piece identifies four anticipated online scams for 2025: Facebook Marketplace scams where fraudsters offer goods at attractive prices then disappear after payment; impersonation scams targeting victims via email, text, or phone by posing as banks, police, or tax authorities; cryptocurrency scams encouraging rushed investments in fake platforms with promises of high returns before the scammers exit and crash the market; and counterfeit concert ticket schemes. Fraud experts recommend verifying legitimate requests before sharing financial information, paying for marketplace items upon collection, using trusted cryptocurrency platforms, and conducting thorough research before online transactions.
crypto.news
· 2025-12-08
Vietnamese police dismantled a $1.17 million cryptocurrency scam operated by a company called "Million Smiles" that defrauded over 400 individuals and 100 businesses through a fake Quantum Financial System (QFS) coin claiming to be backed by ancient family treasures and promising exclusive financial benefits. The scammers, led by the company's general director and seven associates, were arrested after police seized evidence and prevented a planned conference that would have attracted 300 additional victims. The fraudulent scheme used luxurious office spaces to create legitimacy and collected investments ranging from approximately $190 to $1,350 per person or business.
toronto.citynews.ca
· 2025-12-08
During the holiday season, common scams include fake merchandise, phishing emails and texts, charity fraud, romance scams, and gift card scams where fraudsters place stolen barcodes on unpurchased cards. As of October 2024, Canada reported over 40,000 fraud incidents totaling $500 million in losses, with experts recommending shoppers verify merchants, check gift card barcodes, and avoid sharing personal information with unverified sources. Recovery of fraudulent funds is difficult, particularly when cryptocurrency is involved, and authorities estimate only 5-10% of fraud victims report incidents.
orissapost.com
· 2025-12-08
Rourkela police arrested a suspect from Uttar Pradesh as part of a major investigation into an international cybercrime syndicate operating from Southeast Asia, with 14 arrests made between January and August 2024. The investigation began after a senior Central government official reported a Rs67.7 lakh fraud involving a fake trading app impersonating SEBI-registered INDIRA Securities, and uncovered a network encompassing stock market fraud, dating app scams, cryptocurrency fraud, and human trafficking. Authorities identified over 1,000 Indian nationals trafficked to Cambodia and trapped there with seized passports, prompting involvement from India's Home Ministry and other Central security agencies.
makeuseof.com
· 2025-12-08
This educational article identifies six prevalent scams to watch for in 2025: IRS impersonation scams using phishing emails and calls; credit card fraud through skimmers and data breaches; cryptocurrency scams exploiting market hype and fake giveaways; employment scams (which surged 118% in 2023) targeting job seekers; post-holiday prize draw scams requesting payment or personal information; and package delivery scams using phishing links. The article recommends monitoring financial statements, verifying message sources, avoiding clicking suspicious links, and learning to identify fraudulent communications to protect yourself against these evolving threats.
thestar.com.my
· 2025-12-08
Young Cambodian women from underprivileged backgrounds are being targeted by online romance scammers posing as foreign men seeking marriage partners, resulting in significant financial and emotional harm. The scam typically begins with romantic messaging and promises of inheritance or gifts, escalating to demands for shipping fees or customs payments that victims must pay upfront. One victim, Sreyrath, lost over $900 in savings and borrowed funds after being manipulated into paying multiple "shipping fees" for gifts that never arrived.
paymentsjournal.com
· 2025-12-08
**Summary:**
Pig butchering scams—where criminals gradually manipulate victims into investing in fake cryptocurrency schemes—resulted in $3.6 billion in stolen assets from crypto investors in 2024, with ethereum being the primary target due to its irreversible smart contracts. The scams, often initiated through social media platforms like Facebook and Instagram, affected victims across all financial literacy levels, including a Kansas bank CEO who lost $47 million and "Shark Tank" star Mark Cuban who lost $870,000.
abc.net.au
· 2025-12-08
New South Wales has the highest reported rates of dating and romance scams in Australia, with victims—predominantly aged 50-80—losing hundreds of thousands of dollars to fraudsters posing as romantic interests. One victim lost $400,000 over years of repeated scams, while a private investigator's clients have collectively lost $2.9 million, though cyber fraud remains significantly under-reported with victims often reluctant to come forward due to embarrassment and denial. Families frequently intervene on behalf of affected loved ones, and support from trusted people is crucial in encouraging victims to report scams to authorities.
gmtoday.com
· 2025-12-08
The Mequon Police Department issued a warning about a spike in fraud cases in its community, noting that scams have become increasingly sophisticated and are targeting vulnerable populations through various methods including phishing, impersonation, tech support fraud, investment schemes, and cryptocurrency-related scams. Victims often lose thousands of dollars through wire transfers, gift cards, or cryptocurrency with little chance of recovery, and emotional distress frequently prevents reporting. The department recommends residents remain vigilant, verify unsolicited offers, protect personal information, and anticipate that scams will continue to evolve with advancing technology, including AI-driven schemes.
the420.in
· 2025-12-08
This curated cybercrime report documents multiple fraud schemes affecting victims globally. Notable cases include: 21 arrested in India for defrauding 16,000 people of Rs 125 crore through fake identities and impersonation; a Mumbai family losing Rs 7.50 crore in a SIM swap attack; and an international crypto and romance scam resulting in 792 arrests involving 148 Chinese nationals. Key advisory: counterfeit products (particularly cosmetics) sold via platforms like Temu pose serious health risks, and vulnerable populations should verify OTPs and account access to prevent unauthorized transactions.
leadertelegram.com
· 2025-12-08
This overview article describes prevalent scams targeting individuals across Wisconsin and the region, including impersonation scams (fake DSPS, IRS, and Microsoft representatives), grandparent scams, and romance scams that exploit personal information and emotional manipulation to extract money from victims. Between January 2022 and June 2024, approximately $3.54 million in scam losses were reported to Wisconsin's Department of Financial Institutions, though law enforcement suspects the actual total is significantly higher due to underreporting. Scammers commonly target lonely individuals and elderly people, particularly widowed men, using emotional manipulation, personal details from public sources, and fabricated scenarios to convince victims to send money or gift cards
npr.org
· 2025-12-08
Criminals are using artificial intelligence tools to create increasingly convincing scams during the holiday season, with phishing attacks being the most common threat. To protect yourself, experts recommend: verifying suspicious emails for subtle red flags (misspellings in domain names, logo variations), establishing secret code words with family members to verify identity during emergency calls, securing social media accounts by setting them to private and limiting personal information, and carefully checking website URLs and encryption before entering sensitive information, as scammers can use AI to create fraudulent websites that appear legitimate.
radio.wpsu.org
· 2025-12-08
The FBI warns that criminals are increasingly using artificial intelligence tools to create more sophisticated and convincing scams, particularly phishing attacks and voice-cloning schemes that target victims during the holiday season. Key vulnerabilities include AI-generated emails and texts that mimic legitimate communications, deepfake voice calls impersonating loved ones (especially "grandparent scams"), and fraudulent websites that appear authentic. Experts recommend creating family code words, securing social media accounts, carefully verifying web addresses and email domains, and screening unfamiliar calls to protect against these evolving AI-enabled frauds.
financial-planning.com
· 2025-12-08
This article discusses the SEC's record $8.2 billion in financial penalties during fiscal 2024, with major enforcement actions including a $4.5 billion case against cryptocurrency firm Terraform Labs, as well as cases addressing AI-related fraud claims, communication tracking failures, and firms' inadequate protections for elderly clients from fraud. The piece notes that with the Trump administration's anticipated arrival, regulatory deregulation is expected, marking a shift from the enforcement-heavy approach of outgoing SEC Chair Gary Gensler.
kiplinger.com
· 2025-12-08
An elder woman successfully identified and thwarted two "grandparent scam" calls by asking the caller which grandchild they were pretending to be, causing them to hang up. The article emphasizes that while older adults are often targeted by such scams, younger generations (Gen X, millennials, Gen Z) actually lose money to fraud at 34% higher rates than those over 60, typically through online shopping, investment, and job scams. The piece advises families to discuss financial safety during holiday gatherings and recommends being caller-aware, questioning suspicious calls, and verifying directly with the person or institution allegedly contacting you.
aol.com
· 2025-12-08
This article provides six free strategies for protecting finances from fraud, particularly during high-risk periods like the holiday season. The recommended safeguards include staying informed about trending scams (adoption, romance, grandparent, and elder fraud), freezing credit with major bureaus when not applying for loans, enabling multi-factor authentication on accounts, using password managers to create strong unique passwords, avoiding clicking links or calling numbers in unsolicited communications, and monitoring accounts regularly for suspicious activity. These preventive measures require no financial investment but can significantly reduce vulnerability to identity theft and fraud year-round.
grandrapidsmn.com
· 2025-12-08
This educational piece outlines how digital scams are becoming increasingly sophisticated and widespread across all age groups. Key tactics include phishing emails and texts impersonating banks or employers, phone scams posing as government agencies or tech support, and online shopping fraud, all enabled by advances in technology like AI-generated messages and deepfakes. The article emphasizes that staying informed about these evolving fraud methods is essential for protecting personal finances and information in an increasingly digital world.
punchng.com
· 2025-12-08
On December 16, 2024, Nigerian authorities arrested 792 suspects involved in romance scam syndicates, including 148 Chinese nationals, 40 Filipinos, and other foreign nationals along with Nigerian accomplices operating from a Lagos building. The foreign scammers paid their Nigerian recruits between N300,000 monthly and N80,000 weekly to conduct fraud activities on rotating shifts, with some workers earning N100,000 for just 10 days of work plus accommodation. The EFCC conducted a massive raid using over 30 buses and blocking all building exits, resulting in the arrest of the operation's core network engaged in online fraud schemes.
presidentialprayerteam.org
· 2025-12-08
Reports of job fraud, particularly "task scams," quadrupled in 2024, with the FTC recording 20,000 reports in the first half of the year compared to zero in 2020. Victims are lured with unsolicited job offers, paid small amounts for initial tasks to build trust, then pressured to invest their own money before losing funds entirely, with cryptocurrency being the preferred payment method. Task scams accounted for nearly 40 percent of job scam complaints in 2024 and contributed to $220 million in reported job scam losses during the first six months of the year.
timesofindia.indiatimes.com
· 2025-12-08
A 56-year-old businessman from New Delhi lost Rs 23 lakh ($27,600 USD) to a fake stock trading platform after scammers built trust through a WhatsApp group offering market tips, then directed him to a fraudulent website where they showed false profits to prevent his withdrawal attempts. Delhi Police arrested a 21-year-old Kolkata resident who supplied bank accounts to the fraudsters and identified accomplices including a woman who rented her account to the scam ring, with investigations ongoing to apprehend the main perpetrators operating from abroad.
gbhackers.com
· 2025-12-08
**Summary:**
INTERPOL has advocated replacing the term "pig butchering" with "romance baiting" to describe scams where fraudsters emotionally manipulate victims into transferring money, often for fake cryptocurrency investments, before abandoning them with substantial financial losses. The organization argues that the new terminology is less stigmatizing and dehumanizing, encouraging victims to report crimes and seek support rather than remaining silent out of shame. This language shift is part of INTERPOL's broader Think Twice campaign to raise awareness about online scams and foster a justice system centered on victim dignity.
opindia.com
· 2025-12-08
On December 10, Nigeria's EFCC raided a sophisticated romance and cryptocurrency investment scam operation in Lagos, detaining 792 suspects including 148 Chinese, 40 Filipinos, and various other foreign nationals who trained Nigerian accomplices. The syndicate operated from a luxury call center equipped with high-end technology, targeting victims primarily in America and Europe through social media platforms by impersonating foreign females and luring them into fake cryptocurrency investments on a platform called Yooto-dot-com, with activation fees starting at $35 USD. The operation recovered approximately 500 SIM cards and involved specially trained Nigerian operatives who were rewarded in cash for their participation in the frau
infosecurity-magazine.com
· 2025-12-08
Interpol has advocated for replacing the term "pig butchering" with "romance baiting" when describing a type of cyber-enabled financial crime, arguing that the original terminology dehumanizes victims and discourages incident reporting. In this scam, fraudsters build romantic relationships with victims on dating sites before convincing them to invest in fake cryptocurrency schemes or fraudulent opportunities, ultimately stealing their money and disappearing. According to the FBI, romance and confidence fraud resulted in victim losses exceeding $652 million, while investment fraud overall generated over $4.5 billion for cybercriminals.
mashable.com
· 2025-12-08
**Scams Expected to Surge in 2025 with Advanced Technology**
Scammers are becoming increasingly sophisticated, using stolen personal data, AI-powered deepfakes, and auto-dialing software with AI chatbots to target victims with highly personalized schemes. Cryptocurrency scams—including "pig butchering" (romance baiting) and investment fraud—are expected to proliferate in 2025, with victims losing hundreds of thousands of dollars on average. Security experts advise approaching unsolicited requests with skepticism and distrust rather than assuming legitimacy, as scammers now have access to information from data breaches and social media to make their schemes appear cre
cftc.gov
· 2025-12-08
**Type:** Educational Advisory
**Source:** CFTC Customer Advisory (December 18, 2024)
The Commodity Futures Trading Commission released an advisory urging Americans to make "spotting scams" a 2025 New Year's resolution, as scammers are stealing billions through relationship investment fraud targeting those seeking trading education, wealth growth, or companionship. The advisory recommends three key resolutions: be cautious about trusting online sources (since fraudsters use fake profiles, websites, and testimonials), limit personal information shared on social media, and invest in learning about legitimate trading and market risks. The CFTC emphasizes that any investment promising easy
infosecurity-magazine.com
· 2025-12-08
A network of 792 people, including 148 Chinese, 40 Filipinos, and other foreign nationals, was arrested in Lagos on December 10 in connection with a large-scale cryptocurrency fraud and romance scam operation targeting victims in the US, Canada, Mexico, and Europe. The suspects operated from a sophisticated facility where they trained young Nigerians to conduct romance and investment scams using fake profiles, foreign phone numbers, and phishing techniques, directing victims to a fraudulent platform (yooto.com) where activation fees began at $35. The operation involved over 500 SIM cards and high-end equipment, with the foreign nationals exploiting Nigeria's reputation to establish their
thehackernews.com
· 2025-12-08
INTERPOL is advocating for the term "romance baiting" to replace "pig butchering" when describing online scams where fraudsters build fake romantic relationships with victims to manipulate them into investing in bogus cryptocurrency schemes. The agency argues that "pig butchering" dehumanizes victims and discourages them from reporting crimes, while the new terminology focuses accountability on perpetrators rather than shaming those defrauded. These sophisticated schemes, which originated in China around 2016, are often run by transnational organized crime groups operating from Southeast Asia and involve complex fake investment platforms designed to appear legitimate.
vice.com
· 2025-12-08
"Pig butchering" is a sophisticated online scam in which fraudsters use romance or investment opportunities to manipulate victims into losing significant sums of money, often involving cryptocurrency theft. Interpol is urging governments and organizations to replace the dehumanizing term with neutral language like "romance baiting" or "investment scam," as the stigmatizing terminology discourages victims from reporting the crime and seeking help.