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marbleheadcurrent.org
· 2025-12-08
Two elder fraud attempts were reported in Marblehead during December 5-17, 2024. On December 5, a resident received a fraudulent DocuSign/Norton Antivirus email and granted scammers remote computer access; they fabricated fake subscription charges ($299.99 and $399.99) and a false $3,999.99 credit to pressure the victim into buying CVS gift cards, but the resident recognized the scam before losing money. On December 13, another resident fell victim to a fraudulent travel documentation scheme via a fake "UK-ETA.com" website, submitting passport information before realizing the site was fraudulent; the victim pro
digit.in
· 2025-12-08
**Summary:**
A 61-year-old retired senior bank manager from Canara Bank lost Rs 20 lakh to fraudsters posing as stock market experts who contacted him via WhatsApp in September 2024. The scammers, operating under names Kruti, Ravi Agarwal, and Namit, built trust by promising high investment returns and extracted Rs 13 lakh between October-November 2024, then an additional Rs 7 lakh through a second investment group before disappearing when the victim demanded his money back. The article advises verifying investment sources, being skeptical of unrealistic returns, researching investments thoroughly, protecting personal financial information, an
presstelegram.com
· 2025-12-08
Bank insiders, particularly lower-paid employees, are leaking sensitive customer account information to scammers, creating a significant vulnerability in financial institutions' security controls. This internal data breach has emerged as a critical risk factor enabling sophisticated scams that target Americans' life savings and poses substantial security gaps in the banking industry.
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.
thestar.com.my
· 2025-12-08
A Toronto-Dominion Bank employee in New York used her access to customer data to distribute sensitive information to criminals via Telegram, a case that exemplifies a broader pattern of low-paid bank employees selling customer details to fraudsters across the United States. Detectives found images of 255 customer cheques and personal information on approximately 70 others on her phone, with similar schemes documented at major financial institutions and credit unions. This insider vulnerability is particularly concerning given that US retirees face record elder fraud losses exceeding $28 billion annually, as scammers with inside knowledge of customers' finances can target victims more effectively.
seattletimes.com
· 2025-12-08
A Toronto-Dominion Bank employee in New York used her access to customer data to distribute sensitive information to criminals on Telegram, a pattern that reflects a broader vulnerability in US banking where low-paid staff members are selling customer details to fraudsters. The scheme is particularly concerning given that US retirees face over $28 billion in estimated annual elder fraud losses, and con artists with insider information about wealthy customers can more effectively target victims. Banks have resisted stronger regulatory requirements to protect customers despite years of warnings about insider data breaches, with some cases involving sophisticated fraud rings operating on the dark web and social media platforms.
siasat.com
· 2025-12-08
In 2024, India experienced a surge in digital scams targeting individual citizens, with reported losses of approximately Rs 1,750 crore (about $210 million USD) across over 740,000 complaints, according to the Indian Cyber Crime Coordination Centre. Major scam types included digital arrest fraud (affecting 92,323 victims who were threatened by impersonators claiming to be law enforcement), TRAI fraud calls, online investment scams, and dating fraud schemes that exploited victims through social media and dating apps. The Indian government predicts losses could reach Rs 1.2 lakh crore ($14.4 billion USD) in 2025
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.
lexology.com
· 2025-12-08
DeepFake technology—AI-generated audio, video, and images that convincingly impersonate real people—has already caused an estimated $12 billion in fraud losses and can be created for under $15 in less than 10 minutes. Scammers use DeepFakes to impersonate executives for financial fraud (one employee transferred $25.6 million after a fake CFO video call), manipulate employees via fake voice calls to access company data, and spread political misinformation. Users should verify online connections before sharing personal or financial information, as the technology makes traditional visual and audio verification unreliable.
wcpo.com
· 2025-12-08
Christy Taylor lost nearly $10,000 in life savings after receiving a phone call from someone posing as her bank, who instructed her to transfer funds to a prepaid debit card for "security purposes." According to FTC data, Americans lost a record $10 billion to scams in 2023, with imposter scams, online shopping fraud, and investment scams being the most commonly reported; experts warn that emerging AI technology is making scams increasingly difficult to detect and that consumers should protect personal information and remain vigilant about unsolicited requests for money or sensitive data.
daijiworld.com
· 2025-12-08
A 72-year-old resident of Udupi, Francis Castelino, lost Rs 49 lacs after fraudsters added his son's number to a WhatsApp group called "Stock Market Navigation" and convinced the family to invest in fake stock market opportunities with promised high returns. The scammers requested further investments when the family attempted to withdraw funds, ultimately delivering neither returns nor principal, and a case has been registered with the Udupi CEN Police Station. The article advises vigilance against such schemes, warning never to share banking details or fall for threats of "digital arrest," which do not exist under Indian law.
etvbharat.com
· 2025-12-08
In 2024, Cyber Police Kashmir recovered Rs 4.72 crore from victims of various online frauds and dismantled criminal networks by cracking down on 1,833 fake SIM cards and recovering 150 stolen phones. The unit resolved 577 complaints through the National Cyber Crime Reporting Portal, registered 30 FIRs, and charge-sheeted 10 cases, while also conducting public awareness workshops across schools, universities, and government offices. Officials highlighted that investment scams (pig butchering schemes) remain prevalent, targeting vulnerable groups through social media platforms, and emphasized that public education is critical to preventing cybercrime.
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
dvidshub.net
· 2025-12-08
An estimated $10 billion was lost to online fraud in the United States last year, with scammers targeting seniors through romance scams, government imposter schemes, tech support fraud, and investment scams that exploit emotions and fear rather than technical sophistication. Common tactics include posing as romantic interests to solicit travel costs, impersonating government agencies demanding immediate payment via gift cards or cash, displaying fake virus alerts on computers, and offering unrealistic investment returns before disappearing with victims' funds. Experts recommend verifying unexpected contacts independently, keeping emotions in check during high-pressure situations, and confirming urgent requests from family members by hanging up and calling them back directly.
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.
bbc.com
· 2025-12-08
A single mother in Surrey lost a £280 deposit on a fake holiday rental property advertised on social media after the scammer stopped responding before her family trip to Cornwall; she recovered the money through her bank. Action Fraud reports a sharp rise in holiday scams, with 6,457 cases reported in 2022/23 resulting in £15.3 million in losses—nearly double the previous year—as criminals increasingly use social media clones of legitimate travel websites and AI-generated content to advertise unrealistically cheap deals that victims don't discover are fraudulent until the last minute.
cbc.ca
· 2025-12-08
A Perth County senior lost $320,000 in a computer pop-up scam that began in November 2024 when she clicked a malicious pop-up claiming to be Microsoft and was convinced her finances were compromised. The scammer directed her to withdraw cash and purchase gold bars, which suspects then picked up from her home under the pretense of depositing them at the "Bank of Canada" for safekeeping. Police are seeking to identify the suspects described as men aged 25-35 years old driving a white Lexus sedan and dark-colored sedan.
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.
ncsl.org
· 2025-12-08
Fraudsters steal over $10 billion annually from Americans through evolving scams including identity theft, impersonation schemes, and investment fraud, with scammers increasingly using targeted tactics across email, text, social media, and chatbots rather than indiscriminate methods. Federal agencies including the FTC, FCC, and CFPB are responding with stronger enforcement tools, such as new rules against impersonation scams and data breach settlements, while increasing collaboration with state officials and emphasizing consumer education. Key initiatives focus on combating medical debt exploitation and financial crimes targeting older Americans.
cbc.ca
· 2025-12-08
A senior from Perth County lost $320,000 in a computer pop-up scam that began in November 2024 when she clicked on a malicious pop-up claiming to be Microsoft and was instructed to withdraw cash and purchase gold bars for "safekeeping." Suspects later picked up $80,000 in cash and over $240,000 worth of gold bars from her home, claiming they would deposit the items at the "Bank of Canada" for her protection. Ontario Provincial Police are seeking help identifying the male suspects, described as men aged 25-35 with short dark hair driving white and dark sedans.
hindustantimes.com
· 2025-12-08
A 78-year-old woman in Mumbai lost ₹1.5 crore to scammers posing as Delhi Special Investigation Team (SIT) officers in a "digital arrest" fraud, where they falsely claimed she was under investigation for money laundering and threatened her with criminal action. The fraudsters manipulated her through staged video calls with fake warrants and pressured her into transferring ₹1.15 crore to their accounts before she discovered the scam through conversation with a relative and reported it to police.
michigan.gov
· 2025-12-08
Michigan Attorney General Dana Nessel issued consumer alerts on travel club and health club memberships as part of her 2024 holiday scam campaign, warning consumers to carefully review contracts before signing, understand cancellation and refund policies, and avoid long-term prepaid agreements that may result in financial loss. The guidance recommends consumers budget carefully, inquire about additional fees, request month-to-month payment options when possible, and review all contract terms including fine print before committing to memberships.
justice.gov
· 2025-12-08
Rebecca C. Lutzko announced her resignation as U.S. Attorney for the Northern District of Ohio, effective January 3, 2025, with First Assistant U.S. Attorney Carol M. Skutnik assuming the role. During her tenure leading approximately 175 prosecutors and staff, Lutzko's office oversaw prosecutions involving violent crime, organized gang activity, financial crime, public corruption, drug trafficking, child exploitation, and cybercrime, while also recovering tens of millions of dollars in healthcare fraud and civil cases across Ohio's 40 northern counties.
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.
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
webwire.com
· 2025-12-08
Barclays' 2024 research found that one in five British consumers fell victim to a scam in the past year, with 93 percent occurring online, while investment scams generated the highest financial losses (averaging £15,564 per claim and representing one-third of total claim value) despite being only 4 percent of reported incidents. Purchase scams were most common by volume (74 percent of claims), with fake delivery, HMRC, and "Hello Mum" WhatsApp scams ranking as the top three most encountered scams. The research indicates that 52 percent of Britons feel overwhelmed by evolving scam tactics, with 75 percent
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
justice.gov
· 2025-12-08
The U.S. Attorney's Office for the Northern District of Ohio highlighted its 2024 elder fraud prosecutions as part of the Department of Justice's Elder Justice Initiatives, noting that senior citizens lose billions annually to schemes exploiting their trust. Notable cases included a caregiver who forged power of attorney documents and stole $46,064 from a nursing home resident, a Ponzi scheme that defrauded 72 investors of $8.5 million, and various impersonation and money-mule schemes targeting elderly victims, with sentences ranging from 16 months to 37 months in prison and restitution orders totaling hundreds of thousands of dollars.
heraldscotland.com
· 2025-12-08
This educational piece emphasizes that scams occur year-round through various methods including doorstep schemes, phishing calls, romance scams, and blackmail, exploiting personal charm and false authority to steal money. The article advises vigilance and awareness, noting that increased cross-agency collaboration among police, Action Fraud, and consumer organizations helps fight scams and support victims. Key recommendations include reporting all scams to authorities, seeking support from agencies like Citizens Advice Scotland, and recognizing that victims should not feel shame—only perpetrators bear responsibility.
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.
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.
gbcode.rthk.hk
· 2025-12-08
Police dismantled a deepfake-enabled investment scam syndicate operating from Kowloon Bay, arresting 31 suspects aged 20-34 who used AI face-swapping technology to pose as attractive individuals, build romantic relationships with victims, and persuade them to invest in fake platforms. The scam targeted people internationally—primarily in Taiwan, Singapore, Malaysia, and the United States—resulting in losses exceeding HK$34 million over more than a year of operation, with police recovering HK$10 million in suspected criminal proceeds and charging five core members with conspiracy to defraud.
scmp.com
· 2025-12-08
Hong Kong police arrested 31 members of a syndicate that used deepfake technology to conduct romance and investment scams targeting victims in Taiwan, Singapore, and Malaysia, defrauding them of over HK$34 million (US$4.37 million). The operation utilized two premises in Kowloon Bay where recruited members, including students, were trained to use dating apps and fake images of attractive women to lure victims into fraudulent schemes. This marks the second major deepfake-based fraud operation dismantled in Hong Kong.
scmp.com
· 2025-12-08
Hong Kong police arrested 31 members of a syndicate that used deepfake images of attractive women to conduct romance and investment scams targeting victims in Singapore, Malaysia, and Taiwan, defrauding them of over HK$34 million (US$4.37 million). The operation ran from two premises in Kowloon Bay where recruits, including students, were trained to use dating apps to lure victims and extract money through romantic or investment schemes. This marks the second time local authorities have dismantled a deepfake-based fraud operation.
news.rthk.hk
· 2025-12-08
Police dismantled a sophisticated investment scam syndicate operating from Kowloon Bay that used deepfake and AI face-swapping technology to impersonate attractive individuals and build romantic relationships with victims online. The 31 arrested members (aged 20-34) defrauded victims primarily from Taiwan, Singapore, Malaysia, and the United States of over HK$34 million over more than a year before being persuaded to invest in a fake platform. Police recovered HK$10 million in suspected criminal proceeds and charged five core members with conspiracy to defraud, while investigating possible connections to a similar case from October.
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.
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.
vietnamnet.vn
· 2025-12-08
The Department of Information Security warned of scammers in ASEAN "fraud camps" shifting from Telegram to Signal to conduct various frauds, including counterfeit currency schemes during Tet, fake investment and romance scams, and impersonation of bank employees requesting personal or financial information. Victims are advised to verify identities through official channels, avoid transacting with unknown individuals on social media, and report fraudulent activity to authorities rather than risk involvement in illegal transactions.
finextra.com
· 2025-12-08
A Barclays Bank survey of 2,000 consumers found that one in five fell victim to a scam in 2024, with 93% of losses occurring online; investment scams caused the highest financial damage despite being only 4% of reported cases, averaging £15,564 per claim and accounting for one-third of all claimed losses. The research revealed that one in five respondents had parents who were scammed and 8% had grandparents targeted, while 75% of scams originated on social media and tech platforms, leaving half of Brits feeling overwhelmed by evolving fraudster tactics.
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.
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.
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
foxnews.com
· 2025-12-08
The FBI warns that criminals are increasingly using generative AI and deepfakes to exploit victims through 17 common techniques, including voice cloning, fake video calls impersonating authority figures, and phishing emails designed to manipulate people into revealing personal information or transferring funds. These tactics exploit emotional manipulation during crises and use AI-generated content that mimics trusted individuals and public figures. Individuals should remain vigilant by verifying identities through independent contact methods and remaining skeptical of unsolicited urgent requests for money or sensitive information.
vpnranks.com
· 2025-12-08
Elder fraud losses reached $3.4 billion in 2023 with over 101,000 victims aged 60 and older reporting fraud, representing an 11% increase in losses and 14% increase in complaints compared to 2022. Tech support scams are the most commonly reported fraud type affecting seniors, while investment scams cause the highest financial damages at over $1.2 billion. Projections estimate elder fraud losses could rise to $4.47 billion by 2025 with approximately 121,229 victims, underscoring the need for stronger awareness and protective measures.
wsvn.com
· 2025-12-08
Cristine Petitfrere, a 30-year-old from Miramar, Florida, was sentenced to 30 months in federal prison for laundering over $2.7 million in proceeds from romance scams that defrauded American victims. She pleaded guilty to money laundering conspiracy and was ordered to forfeit $203,815.59 in personal profits after funneling victim funds to overseas co-conspirators through schemes involving fake online personas used to solicit money for false emergencies and investment opportunities.
nasdaq.com
· 2025-12-08
Cristine Petitfrere, a Florida resident, was sentenced to 30 months in prison for laundering over $2.7 million from romance scams, earning hundreds of thousands in fees while working with a co-conspirator. Romance scams caused Americans $1.14 billion in losses in 2023, with elderly and vulnerable individuals disproportionately affected by both the financial losses and emotional harm.
cbsnews.com
· 2025-12-08
Cristine Petitfrere, a 30-year-old South Florida woman, was sentenced to 30 months in federal prison for laundering over $2.7 million from romance scam victims, keeping a portion for herself while transferring the remainder to overseas conspirators. Romance scams involve fraudsters establishing fake online relationships to manipulate victims into sending money under false pretenses such as emergencies or investment opportunities. Petitfrere was ordered to forfeit $203,815.59 in personal proceeds.
straitstimes.com
· 2025-12-08
Singapore passed the Protection from Scams Bill, which grants police powers to issue restriction orders (ROs) that freeze or limit bank account transactions of scam victims who continue sending money to scammers despite warnings from authorities and family. The law applies to both remote scams and in-person cheating cases, with ROs lasting up to 30 days (extendable up to six months) while allowing victims access to funds for essential expenses; safeguards include police consultation with victims and families, and appeals to the Commissioner of Police. Singapore took this action after data showed that from January to September 2024, 86% of scams involved victims willingly transferring money, with cases like a
beincrypto.com
· 2025-12-08
A 24-year-old Dutch law student was arrested for operating a cryptocurrency Ponzi scheme that defrauded approximately 300 victims of €4.5 million ($4.6 million), with investigators finding he continued recruiting new investors even as the scheme collapsed. The student required minimum investments of €5,000 and took 50% profit fees while using new investor funds to pay earlier participants. The arrest reflects a broader trend of escalating crypto fraud, with 2024 losses reaching $2.3 billion—a 40% increase year-over-year—driven by bull market conditions and increasingly sophisticated scams including fake tokens, phishing schemes, and AI-enabled deepf
regtechtimes.com
· 2025-12-08
Cristine Petitfrere, a 30-year-old from Miramar, Florida, was sentenced to 30 months in prison for conspiring to launder over $2.7 million stolen from romance scam victims. She helped funnel money from these schemes to international criminals and kept $203,815.59 for herself, which she was ordered to forfeit as part of her sentence. Romance scams—where fraudsters create fake online personas to deceive victims into sending money—disproportionately affect vulnerable populations including the elderly who lose savings and retirement funds.