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in Money Mules / Laundering
moneywise.com
· 2026-09-08
Over 200 U.S. seniors lost more than $250 million in a coordinated fraud scheme in which scammers called posing as bank or federal officials, convincing victims to withdraw savings and buy gold, bitcoin, or cash that couriers then collected. The stolen funds were funneled through shell companies to a Florida refinery where gold was melted down and converted to cryptocurrency before being sent out of the country; Muzamil Ahmed, 35, of New Jersey was arrested as a central figure in the operation with more than 40 indictments issued by early September.
money.ca
· 2026-09-08
A 41-year-old Ontario man allegedly defrauded five women out of over $1 million through a romance scam that began in 2020, meeting victims in person at a gym and dog training business before gradually building trust over years and requesting money for investments and emergencies. Salvatore Malandrino reportedly used funds from one victim to make payments to others, extending the deception, and now faces multiple fraud and money laundering charges. The case highlights that romance fraud isn't limited to online dating apps and can occur through ordinary in-person relationships where skepticism naturally fades over time.
escudodigital.com
· 2026-09-08
The US and UK have signed a memorandum of understanding to coordinate investigations and share intelligence against Southeast Asian scam centers that operate investment fraud and romance scams, often staffed by trafficked labor. The partnership, which includes a joint operation planned for October in London, has already identified overlapping cases and secured significant seizures, including £100 million in frozen assets and approximately $15 billion in cryptocurrency linked to the Cambodia-based Prince Group. This marks the first international alliance specifically targeting cryptocurrency investment fraud and other digitally-enabled financial crimes run by transnational criminal networks.
verizon.com
· 2026-09-08
The article provides guidance for parents on protecting children from five common online scams: gaming scams (where scammers promise in-game currency or items then disappear), phishing/smishing attacks (fake messages requesting personal information), AI-generated impersonation (realistic deepfake voices and videos), account takeover through credential sharing, and "easy money" referral scams on social media. According to Verizon research, 63% of Americans have experienced cyber threats in the past year, and 80% of parents worry about their children being targeted by online scams, though parents can help by teaching kids to pause and ask critical questions before clicking links, sending money, or sharing information.
mha.gov.sg
· 2026-09-08
Singapore's scam situation improved in 2025-2026 with cases falling 14.4% and losses declining 17.9% in the first half of 2026 (to approximately 16,800 cases and $411 million respectively), though the country still experiences an average of 90 reported scam cases and $2 million in losses daily. The proposed Scams (Countermeasures) and Other Matters Bill aims to strengthen anti-scam efforts through three mechanisms: facilitating information exchange between police and service providers via the National Scams List platform, enhancing legal tools to combat online platform scams, and strengthening police capabilities to disrupt scam accounts and infrastructure
ladbible.com
· 2026-09-08
A 68-year-old British pensioner in Bangkok lost his entire life savings and monthly pension (approximately £2,200) to romance scammers using AI-generated photos of a woman named "Emily Smith" who promised him a $3 million inheritance requiring upfront fees to activate. After transferring money eight times and depleting his savings, Hill became homeless and was found sleeping in a hotel lobby until the Bangkok Community Help Foundation assisted him in returning to the UK. The scammers were traced to Nigeria, with the stolen funds routed through Thai money mule accounts, and the money is unlikely to be recovered.
yellow.com
· 2026-09-08
Daren Li, a 42-year-old dual national, received a maximum 20-year prison sentence in absentia for orchestrating a $73 million cryptocurrency fraud involving Cambodia-based scam compounds that targeted American victims through fake romantic relationships, spoofed trading platforms, and tech support impersonation. Li fled in December 2025 after cutting off his ankle monitor, and at least $59.8 million in victim funds were laundered through U.S. shell companies into cryptocurrency accounts under his control. This "pig butchering" case is among the largest prosecuted in the U.S., with eight co-conspirators having pleaded guilty as law enforcement continues searching for the fugitive.
thediplomat.com
· 2026-09-07
Indian call centers operating primarily from rural regions like Jamtara and Mewat generate approximately $10 billion in annual losses globally through technical support scams, government impersonation, and "digital arrest" schemes targeting victims in the US, UK, Australia, and Canada. The scam infrastructure relies on VoIP networks, money mule accounts, and underground remittance systems, with cryptocurrency pig-butchering schemes alone exceeding $3.6 billion in losses in 2024. Local politicians in economically disadvantaged areas provide scammers protection in exchange for votes, creating systemic complicity that enables the fraud networks to operate with minimal legal consequences.
dailymail.com
· 2026-09-07
A 68-year-old retired British pensioner in Thailand lost his entire income and savings to a romance scam after being targeted by cyber predators posing as an American woman named Emily Smith who claimed to need inheritance fees paid upfront. Over five months, Simon Charles Hill transferred approximately £500 monthly from his state pension plus his personal savings, eventually becoming homeless and sleeping in a Bangkok hotel lobby when he ran out of money. A local charity helped him avoid immigration detention and funded his return to the UK where he is now recovering.
thepaypers.com
· 2026-09-07
This article announces a three-part investigative series examining how banks approach fraud prevention, exploring what separates institutions successfully preventing fraud from those merely reporting better numbers. Rather than focusing solely on fraud tactics and problems, the investigation aims to identify best practices from financial institutions that excel at recognizing risk, connecting information, and intervening before losses occur. The piece emphasizes that effective fraud prevention requires industry collaboration and a willingness to share knowledge across the financial crime community.
thefintechtimes.com
· 2026-09-07
VerityX's whitepaper identifies money mule networks as a $206 billion annual compliance burden for financial institutions, revealing that traditional rule-based systems fail to detect coordinated fraud schemes because they analyze accounts in isolation and misclassify diverse mule archetypes from coerced victims to professional criminals. The paper proposes an AI-driven architecture combining behavioral profiling, entity graph analytics, and real-time session monitoring to detect the distinctive receive-hold-disburse pattern of money laundering, demonstrating a case study where a large Asian bank increased daily mule account detection from 3 to over 250 accounts within three months of implementation. The analysis highlights UAE's regulatory advantage through Central Bank requirements
aldailynews.com
· 2026-09-07
A network of young men in their late teens and early 20s stole over $240 million in bitcoin from a Washington, D.C. resident through a sophisticated social engineering scheme in August 2024, then exposed themselves by embarking on an extravagant spending spree purchasing sports cars, private jets, and renting luxury mansions. The alleged ringleader, 22-year-old Malone Lam from Singapore, was arrested along with 17 others after investigators traced the stolen cryptocurrency through careless operational security, including an unmasked IP address used to create an exchange account. The case exemplifies the surge in cryptocurrency fraud complaints to the FBI, which rose nearly 50% in
abcnews.com
· 2026-09-07
A 22-year-old Singaporean man named Malone Lam orchestrated a $240 million cryptocurrency theft targeting a Washington, D.C. resident through a sophisticated social engineering scheme in August 2024, duping the victim into revealing security codes that allowed the theft of over 4,100 bitcoin. Lam and his network of young accomplices were caught after they went on a lavish spending spree purchasing sports cars, private jets, and renting luxury mansions, with Lam spending over $569,000 in a single night at an LA nightclub before FBI arrests followed within a month. Lam has a plea agreement hearing scheduled and faces charges alongside 17 others
gadget.co.za
· 2026-09-07
Authorized push payment (APP) fraud, where scammers manipulate victims into voluntarily transferring money to fraudster-controlled accounts, cost South African bank Absa and its customers R129 million in the first half of 2026, primarily through social engineering and digital fraud tactics. These scams operate through various channels including phone calls, emails, and fake ads, with fraudsters using AI-generated credibility and urgency to establish trust and convince victims to make payments that are subsequently laundered through mule accounts. Banks are increasingly deploying behavioral intelligence systems that analyze transaction patterns, customer interactions, and beneficiary signals to detect suspicious activity and intervene before funds are transferred, since traditional authentication methods alone cannot prevent fraud when
thedailystar.net
· 2026-09-06
Six Chinese nationals and one Taiwanese national were arrested in Cox's Bazar, Bangladesh in September after police raided hotels and uncovered nearly 2,000 iPhones, dozens of computers, and a facility for managing hundreds of online identities, believed to be part of a major cyber-fraud operation involving investment scams and "pig-butchering" schemes. An estimated 250-300 additional suspects, mostly Chinese and Taiwanese nationals, remain at large, and investigators suspect Bangladesh may be developing conditions for a transnational criminal ecosystem similar to those established in Cambodia and Myanmar.
dailyhodl.com
· 2026-09-05
Over 200 elderly victims across Texas and the nation lost more than $250 million in a gold theft scam where perpetrators posed as bank officials and federal agents, directing seniors to withdraw savings and purchase gold bars, bitcoin, or prepare cash for pickup. The stolen assets were moved through shell companies in New Jersey to a Florida refinery, then converted to cryptocurrency and transferred overseas, with one victim alone losing over $2 million. Authorities have secured more than 40 indictments, seized over $130 million in gold, and arrested suspect Muzamil Ahmed, 35, of New Jersey on charges including organized criminal activity, elder financial abuse, and money laundering.
the420.in
· 2026-09-05
A 63-year-old businessman in Noida lost ₹1.45 crore after being subjected to a 26-day "digital arrest" scam where fraudsters impersonated Delhi Police, ATS, and NIA officials, threatening him with terrorism and money-laundering charges while isolating him from family. The scammers made four transfers from the victim's account between August 7-21 using psychological manipulation and fake official documentation, with police now tracing the beneficiary accounts and money trail. "Digital arrest" is a cyber fraud technique where criminals impersonate law enforcement to create panic and psychological control, convincing victims they are under surveillance and must send money to prove innocence.
coingabbar.com
· 2026-09-05
FinCEN identified approximately $12.7 billion in suspected digital asset scams operated by organized networks based in Southeast Asia, reviewing 33,904 Bank Secrecy Act filings from September 2023 to December 2025. The schemes primarily used fake identities and fraudulent investment platforms to deceive victims of all ages through romance baiting and pig butchering tactics, with stolen funds laundered through money mules, stablecoin transfers, and overseas exchanges. Victims were found across nearly every U.S. state and territory, prompting FinCEN to alert banks to monitor suspicious activity and coordinate with international financial intelligence units to intercept fraudulent transfers.
financefeeds.com
· 2026-09-05
FinCEN identified $12.7 billion in cryptocurrency transactions linked to overseas scam centers between September 2023 and December 2025, with most activity connected to transnational criminal organizations operating in Southeast Asia. The scams primarily involved pig butchering, romance schemes, and cryptocurrency investment fraud, where victims are manipulated through social engineering on social media and dating platforms before being directed to fraudulent investment platforms. The scale of this activity demonstrates that crypto-enabled fraud has become an industrial-scale problem, with criminals exploiting cryptocurrency's ability to transfer funds internationally while evading traditional banking oversight and making asset recovery difficult.
cryptonews.net
· 2026-09-05
The U.S. and U.K. established a first-of-its-kind joint prosecution framework to combat transnational cryptocurrency and investment scams, particularly targeting "pig butchering" schemes operated by criminal compounds in Southeast Asia that use coerced labor to defraud victims. In 2025, internet crime losses reached $20.88 billion, with cryptocurrency investment fraud alone accounting for $7.2 billion, prompting authorities to pursue financial disruption strategies including the restraint of over $700 million in crypto assets. The partnership aims to coordinate investigations, intelligence sharing, and disruption operations across the Five Eyes alliance to dismantle international scam networks and their money laundering infrastructure.
hokanews.com
· 2026-09-05
FinCEN identified approximately $12.7 billion in financial activity linked to suspected cryptocurrency investment scams between September 2023 and December 2025, with criminal organizations based in Southeast Asia targeting victims across all 50 U.S. states using schemes such as "pig butchering," romance baiting, and fake investment platforms. The scammers used fake identities and social engineering to establish relationships with victims before directing them to fraudulent digital asset platforms, with FinCEN urging financial institutions to strengthen monitoring of transactions associated with overseas scam operations.
en.cryptonomist.ch
· 2026-09-04
FinCEN analysis reveals $12.7 billion in suspicious financial activity linked to crypto investment scams operated from Southeast Asian compounds targeting Americans across all states, based on 33,904 suspicious activity reports filed between September 2023 and December 2025. Crypto money services businesses filed 55% of reports flagging $5.5 billion, while banks filed 41% of reports but flagged larger sums of $6.4 billion, indicating scammers convert victim funds into stablecoins like USDT before moving money through offshore exchanges. Contrary to assumptions, elderly Americans represent about 25% of victims—roughly proportional to their share of the U.S. population—
crypto.news
· 2026-09-04
FinCEN identified approximately $12.7 billion in suspicious financial activity linked to cryptocurrency investment scams, primarily operated from Southeast Asia, based on analysis of nearly 34,000 Bank Secrecy Act reports filed between September 2023 and December 2025. These sophisticated fraud schemes, often called "pig butchering," use fake identities and relationships to manipulate victims—including many Americans across all 50 states—into fraudulent crypto investments, with proceeds typically converted to stablecoins like USDT and routed through offshore exchanges. Older adults comprised roughly 25% of reported victims, and the monthly volume of suspicious activity filings increased significantly, rising from $485.7
cryptobriefing.com
· 2026-09-04
FinCEN identified $12.7 billion in suspected fraudulent transactions linked to "pig butchering" scams—long-con social engineering schemes where scammers pose as romantic interests or friends to lure victims into fake cryptocurrency investment platforms—operating primarily from compounds in Cambodia, Myanmar, and Laos between September 2023 and December 2025. The scams are growing at an average monthly rate of 18%, affecting victims across all US states and territories and all demographics, with funds laundered through stablecoins (particularly Tether's USDT), shell companies, and money mules. The FBI reported that US victims lost $7.2 billion to digital asset investment fraud in
documentedny.com
· 2026-09-04
A Chinese immigrant woman in Queens lost $130,000 over three months in a "pig butchering" scam, where a fraudster posing as someone she knew built trust over eight months before convincing her to invest in cryptocurrency, ultimately collecting cash in person through street handoffs. These confidence schemes, which originated in China and have spread globally, are increasingly targeting Chinese American immigrants through in-person cash exchanges in immigrant neighborhoods, making them harder to trace than purely online fraud. Experts note the scams exploit victims' limited English proficiency and unfamiliarity with evolving online fraud tactics, though exact victim numbers remain unclear as the FBI does not collect demographic data on cybercrime victims.
thepaypers.com
· 2026-09-04
Incognia reports that 81% of financial institutions have experienced a rise in mule account handover fraud, where organized networks recruit individuals to open legitimate accounts that are later transferred to overseas operators for money laundering and scam operations. These sophisticated "scam cities" primarily operating in Southeast Asia function like commercial enterprises, using large compounds with hundreds or thousands of devices to conduct sextortion, pig-butchering schemes, and other fraud, with 64% of institutions confirming or suspecting cross-border mule account transfers. The challenge for financial institutions is detecting these coordinated networks, as individual accounts appear legitimate but reveal fraudulent patterns when analyzed collectively across multiple devices, locations, and behavioral signals.
cryptotimes.io
· 2026-09-04
The US Treasury's FinCEN identified nearly $13 billion in suspected illicit activity linked to "pig butchering" cryptocurrency investment scams operated by transnational criminal organizations based in Southeast Asia, based on analysis of 33,904 suspicious transaction reports filed between September 2023 and December 2025. These scams use fake personas and social engineering to deceive victims across all US states into fraudulent crypto investments, with proceeds laundered through money mules, shell companies, and stablecoin transfers to offshore exchanges. FinCEN is urging financial institutions to report suspicious transactions and notes that many scam operations in Myanmar, Cambodia, and Laos employ trafficked workers coerced into
legit.ng
· 2026-09-04
The FBI has placed four Nigerian men—Richard Izuchukwu Uzuh, Felix Osilama Okpoh, Nnamdi Orson Benson, and Micheal Olorunyomi—on its cybercrime wanted list for operating a Business Email Compromise (BEC) scheme that defrauded over 70 U.S. businesses of more than $6 million. The suspects, believed to be residing in Nigeria, sent spoofed emails requesting fraudulent wire transfers, operated romance scams targeting elderly individuals, and supplied fraudulent bank accounts to receive stolen funds. All four face federal charges including wire fraud, conspiracy, identity theft, and access device fraud
durhamregion.com
· 2026-09-04
A Durham resident, Salvatore Malandrino, 41, was arrested in connection with an alleged romance scam that defrauded at least five victims of approximately $1 million over five years. The suspect met victims through in-person interactions at a dog-training business and local gym, presenting himself as a successful entrepreneur and romantic partner to gain their trust and convince them to provide financial assistance. Police believe there may be additional victims and are urging anyone with information or who suffered losses to come forward.
comsuregroup.com
· 2026-09-04
Seychelles has implemented strict new crypto regulations through the Virtual Asset Service Providers Act 2024, requiring exchanges operating in the jurisdiction to become licensed and freezing unlicensed operations, with major platforms like Huobi, BitMEX, KuCoin, and OKX previously operating through loosely regulated corporate entities. Seychelles courts have begun treating cryptocurrency as recoverable property, successfully freezing and returning stolen digital assets to victims through injunctions and proprietary declarations, including cases where courts ordered the return of millions of dollars worth of Bitcoin and USDT to fraud victims. The shift from a lightly regulated crypto haven to an enforcing jurisdiction has enabled foreign law enforcement and private plaintiffs to
crypto.news
· 2026-09-04
The United States and United Kingdom have formed a joint law enforcement alliance to investigate and dismantle cryptocurrency investment fraud scam centers, with U.S. authorities estimating such schemes cost Americans approximately $10 billion annually. The agreement, signed in September, represents the first international cooperation pact specifically designed to target cyber-enabled investment fraud, and builds on a May enforcement initiative that disrupted over 1.4 million fraudulent accounts and froze $3.8 million in stolen cryptocurrency. Reported losses from cyber-enabled investment fraud in the U.S. climbed 89% from $4.57 billion in 2023 to $8.65 billion in 2025, prompting intensified
amlintelligence.com
· 2026-09-04
The U.S. Treasury's FinCEN identified nearly $13 billion in suspicious transactions linked to digital asset investment scams operated by transnational criminal organizations based primarily in Southeast Asia between September 2023 and December 2024. The scammers used fake personas and social engineering tactics to target victims across all 50 U.S. states, posing as romantic partners or business contacts to manipulate them into fraudulent investments. FinCEN found an extensive criminal ecosystem supporting these operations, including money launderers, shell companies, and "guarantee marketplaces" that facilitate money laundering through traditional financial systems and stablecoin transfers.
cbsnews.com
· 2026-09-04
A Boulder woman lost approximately $200,000 in gold bars and a Boulder man lost approximately $500,000 in gold bars in separate scams totaling $700,000, where suspects impersonated federal agencies (FTC, IRS, Apple, and Geek Squad) and convinced victims their accounts were compromised or involved in illicit activity, instructing them to liquidate savings and purchase gold bars for handoff to undercover "agents." Police are searching for a suspect identifying himself as "Jason" described as an Asian male aged 25-35, believed to be driving a silver or grey Hyundai Ioniq 5, and warn that law enforcement will never demand payment in gold, cryptocurrency,
businesstimes.com.sg
· 2026-09-04
Generative AI is enabling sophisticated scams at scale, including deepfake videos, fake job offers, and AI-generated accounts with authentic-looking profiles, making detection increasingly difficult for platforms and law enforcement. Meta has disrupted major scam networks, including a Cameroon-based animal rehoming fraud involving 12,000 accounts and operations impersonating Japanese women to target users across multiple countries, while developing AI detection systems to identify fraudulent patterns. Experts emphasize that combating these transnational crimes requires real-time cross-sector intelligence sharing between tech companies, banks, and police, as no single institution can detect scams operating across multiple countries and platforms.
yellow.com
· 2026-09-03
Ukrainian authorities shut down a Kyiv-based cryptocurrency fraud ring that operated fake investment platforms and drained wallets across over 20 countries, moving up to $1 million monthly at its peak. The 25-year-old organizer and 46 recruited associates lured victims through Telegram by promoting fictitious crypto projects, then used hidden drainer code to steal funds after victims connected their wallets and approved test transactions. Police identified 62 victims and seized over 100 computers, 100 phones, and other assets during 34 searches in the region.
aspistrategist.org.au
· 2026-09-03
Southeast Asian crime groups operating sophisticated scam factories in Cambodia, Myanmar, Laos, and the Philippines have cost Australians approximately A$3 billion in 2022, with sophisticated operations including AI-driven fraud, banking trojans, and forced labor schemes. Major compounds like the Chinatown complex in Sihanoukville produce remote-access malware, impersonate government agencies, and recruit workers internationally who are coerced into conducting scams targeting Australian bank accounts and cryptocurrency. Scammers increasingly use AI to impersonate police officers and create realistic communications, making traditional fraud detection increasingly difficult as the operations grow more sophisticated.
thestar.com.my
· 2026-09-03
From January to June 2024, Malaysia recorded over 5,000 "quishing" scam cases involving nearly RM30 million in losses, with QR codes being exploited by syndicates to direct victims to fake websites and payment gateways. The scam has surged dramatically since 2023, when only 223 cases were reported; by 2025, cases jumped eightfold to 5,907 with losses reaching RM40.85 million. Selangor, Johor, and Kuala Lumpur reported the highest number of incidents, correlating with high levels of digital transactions and e-commerce activity in these regions.
realestate.com.au
· 2026-09-02
A 67-year-old Miami handyman was sentenced to 20 years in prison for financially exploiting a 94-year-old woman by stealing approximately $20,000 in cash and redirecting her Social Security benefits, while fraudulently altering her home's title to make himself a joint tenant with survivorship rights. The victim, who lived independently in her El Portal home valued at over $888,000, was declared legally incompetent in 2021, which Diaz Torriente exploited by posing as her son and eventually moving into her home after changing the locks. The case was prosecuted by Miami-Dade County's Elder and Vulnerable Adult Exploitation Task Force following a
yahoo.com
· 2026-09-02
Utah Attorney General Derek Brown launched a new Financial Crimes Intelligence Center to combat fraud in the state, where Utahns have lost approximately $450 million since 2020, with $60 million lost in 2025 alone. The center will investigate identity theft, bank fraud, elder fraud, romance scams, money laundering, and cryptocurrency scams by tracing funds, connecting cases, and helping authorities hold perpetrators accountable. The center aims to address increasingly sophisticated and organized financial crimes by providing investigators a centralized hub and training resources to police and financial institutions statewide.
theconversation.com
· 2026-09-02
Daejon Love, 35, and an accomplice were federally charged with defrauding over two dozen women of approximately $1.3 million through an online romance scam in which Love posed as a wealthy professional athlete or real estate investor to gain their trust before soliciting money for fictitious investments. The case exemplifies the broader problem of online romance scams, which the Federal Trade Commission reported affected nearly 70,000 Americans in 2022 with losses exceeding $1.3 billion, highlighting how scammers use calculated emotional manipulation and social engineering tactics rather than direct money requests. Research shows these scams follow distinct stages of planning and adaptation, with scammers leveraging social norms
cryptopotato.com
· 2026-09-02
Two Thai businessmen are suing Tether for $42.4 million in USDT that was frozen in October 2025 after an informal Department of Homeland Security request, claiming the freeze occurred without a warrant, court order, or notice. The funds were allegedly connected to a pig-butchering romance and investment scam investigation, and were later subject to a court-ordered burn and remint to a government wallet in February 2026. The plaintiffs are not disputing the scam connection but are challenging Tether's authority to freeze and destroy the tokens, alleging conversion, unjust enrichment, and seeking damages and punitive relief.
taipeitimes.com
· 2026-09-02
A husband and wife in Taiwan led a romance scam ring that defrauded over 20,000 victims of NT$900 million (US$28.34 million) using AI voice-altering technology to impersonate women on dating sites. The operation, active since 2022, employed the "pig butchering" technique, gradually escalating requests from small purchases to large sums for fabricated expenses, with 57 defendants now indicted. Authorities seized luxury vehicles, watches, and NT$300 million in real estate, with prosecutors seeking 25 and 18-year sentences for the ringleaders.
yakimaherald.com
· 2026-09-02
A former worker named Wind was lured from China to the Philippines with promises of a $1,500/month office job but was forced into scamming operations instead, earning only $50 and sold multiple times between companies for up to $34,000 each. Rescued from a major 2024 raid on a scam compound operated by former mayor Alice Guo (now serving life for human trafficking), Wind remains in a detention facility awaiting repatriation along with hundreds of other workers from across 66 countries. The Philippines government launched a crackdown on industrial-scale cyberscam operations in July 2024, which the UN estimates employ over 300,000 people forced to work
dailymail.com
· 2026-09-02
A Georgia woman lost thousands of dollars to a romance scammer she met on the Muslim dating app Muzz after he gained her trust and convinced her to transfer money through multiple platforms to Bitcoin. When she reported the scam to police, she was informed she may have committed a crime herself by acting as a "money mule" by moving the funds across different payment systems. The FBI notes that romance scam victims are particularly vulnerable to unwittingly becoming co-conspirators, and the FTC estimates $1.2 billion is lost annually to these scams with victims losing a median of $2,000.
cryptorank.io
· 2026-09-02
Two Thai businessmen sued Tether in New York federal court after the company froze $42.4 million in USDT across ten Ethereum addresses in October 2025, allegedly following an informal request from Homeland Security Investigations without a court warrant. The freeze was reportedly connected to a pig-butchering fraud investigation, and a North Carolina court later issued a seizure warrant in February 2026 directing Tether to burn and reissue the tokens to a government-controlled wallet. The plaintiffs challenge Tether's authority to blacklist and freeze their funds before judicial authorization and seek unfreezing of the assets, damages, and recovery of reserve yield earned while their funds were frozen.
kucoin.com
· 2026-09-02
Two Thai businessmen are suing Tether for freezing $42.4 million in USDT after the company received an informal request from U.S. Department of Homeland Security agents investigating a pig-butchering romance and investment scam, claiming Tether acted without a warrant or court order at the time of the freeze. The plaintiffs acknowledge the funds may be connected to stolen money from scam victims but argue they purchased the USDT on the secondary market and challenge Tether's authority to unilaterally freeze, burn, and reissue the tokens. They are seeking damages, interest earned during the freeze, and punitive damages, while Tether defends the action as necessary cooperation
yen.com.gh
· 2026-09-01
The FBI is actively searching for four Nigerian nationals—Richard Izuchukwu Uzuh, Felix Osilama Okpoh, Nnamdi Orson Benson, and Micheal Olorunyomi—indicted for a Business Email Compromise scheme that defrauded over 70 American businesses of more than $6 million. Uzuh orchestrated the fraudulent emails and wire transfers, Okpoh provided hundreds of bank accounts to launder proceeds exceeding $1 million, Benson assisted in the conspiracy, and Olorunyomi additionally ran a separate romance scam targeting elderly and widowed individuals that extracted over $1 million.
legit.ng
· 2026-09-01
The FBI has publicly identified four Nigerian nationals as suspects in a Business Email Compromise (BEC) scheme that defrauded over 70 American businesses of more than $6 million through spoofed emails and fraudulent wire transfers. The suspects coordinated a complex operation involving money laundering, romance scams targeting elderly victims for over $1 million, and the use of hundreds of bank accounts to receive stolen funds. All four men remain at large in Nigeria with federal arrest warrants issued against them.
premiumtimesng.com
· 2026-09-01
Nigerian national Adebola Adekunle was extradited to the United States to face prosecution for sextortion of a minor in Mississippi, a financially motivated crime that resulted in the victim's death. Adekunle, arrested in Nigeria in August 2023, faces a three-count federal indictment including sexual exploitation of a minor resulting in death, production of child sexual abuse material, and interstate threats to extort, with potential sentences including a mandatory 30-year minimum prison term.
businesslive.co.za
· 2026-09-01
AI is drastically reshaping banking fraud tactics, with criminals using deepfakes, synthetic identities, and automated scam bots to conduct sophisticated scams at scale and lower costs. Customer fraud accounts for approximately 98% of banking fraud incidents, primarily through account takeovers and authorized push payment fraud such as romance and impersonation scams. While traditional banks have strong security measures, vulnerabilities in the broader financial ecosystem—including digital wallets, remittance companies, and payment aggregators—are being exploited by criminals to move stolen funds.