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in Crypto Investment Scam
justice.gov
· 2025-12-08
The Justice Department filed a civil forfeiture complaint against $868,247 in Tether cryptocurrency that was allegedly stolen through investment scams operated by the LME Crypto Group, which impersonated the London Metal Exchange and defrauded at least four victims across DC, Texas, Illinois, and Florida between September 2022 and February 2025. The scheme involved criminals establishing trust through misdirected text messages, then directing victims to fake investment platforms that displayed false profits before locking victims out of their accounts and stealing their funds, with one victim losing $1.3 million and another losing $30,000. The FBI recovered and is forfeiting the laundered cryptocurrency funds that were transferred through
gulfnews.com
· 2025-12-08
A 49-year-old pharmaceutical business owner in Kochi lost ₹247.6 million ($3 million) between March 2023 and August 2025 in an online trading fraud, where a Telegram contact named Daniel lured him with promises of high returns through a fake trading platform (wwwl.capitalix.com) that displayed inflated profits to encourage larger deposits. The victim discovered the scam only when attempting to withdraw funds and was denied access; police registered an FIR and believe the operation was run by an international syndicate, with investigations ongoing to trace the money trail across multiple bank accounts and coordinate with global agencies.
yahoo.com
· 2025-12-08
A Caring.com report found that Indiana has the second-highest rate of senior fraud in the nation, with 76.9 complaints per 100,000 residents among people over 60, who collectively lost $4.8 billion to fraud nationally. Indiana experienced a 240% increase in fraud cases against older adults over three years, attributed partly to the state's growing elderly population projected to reach 20.1% by 2030. The report recommends seniors and families guard against pressure tactics, tech support scams (the most common type with over 17,000 cases in 2023), and cryptocurrency fraud schemes.
pcmag.com
· 2025-12-08
Cryptocurrency scams resulted in $9.3 billion in reported losses in 2024, with $5.8 billion specifically from investment fraud schemes; seniors over 60 suffered approximately $2.8 billion in losses. Scammers increasingly use AI-generated deepfakes of celebrities and trusted contacts to convince victims to invest in fake cryptocurrencies or surrender wallet access. The article advises investors to verify the legitimacy of coins and sources, never share private wallet information, use multi-factor authentication, and carefully examine exchange website URLs before investing.
themarketperiodical.com
· 2025-12-08
A Venus Protocol user lost $27 million in cryptocurrency through a phishing scam that tricked them into approving a malicious token transfer, prompting the decentralized finance platform to pause operations for security review and investigation. Phishing scams have caused over $1 billion in losses in 2024 alone, with crypto theft and hacks exceeding $2.7 billion in the first half of 2025, surpassing the prior year's total losses of $2.42 billion. Venus Protocol clarified the incident resulted from user error rather than a smart contract vulnerability and stated it would remain paused to prevent further fund transfers to the attacker.
freepressjournal.in
· 2025-12-08
A 53-year-old resident of Thane lost Rs 39 lakh (approximately $47,000 USD) in a cryptocurrency investment scam between June and December when fraudsters promised lucrative trading returns and convinced him to transfer funds through multiple transactions on a fake website. The scammers, who posed as trading advisors and a fund manager, initially displayed false earnings on the platform but disappeared when the victim requested his returns.
kcaw.org
· 2025-12-07
A Sitka elder lost $40,000 after receiving a fraudulent call from someone claiming to be a Wells Fargo fraud investigator who convinced her to mail cash to him. Police Chief Chad Goeden emphasized that legitimate financial institutions never request payment via cash, gift cards, or cryptocurrency, and advised residents to hang up suspicious calls, independently verify the caller's identity, and discuss these scams with elderly family members.
states.aarp.org
· 2025-12-07
In 2024, consumers lost over $1.4 billion to cryptocurrency scams, according to the FTC, prompting AARP Pennsylvania to alert residents to fraud schemes involving fake investment opportunities and romance scams that direct victims to deposit money into crypto ATMs. Scammers contact victims via text, email, or social media claiming guaranteed profits or threatening legal action, then direct them to send cryptocurrency through ATMs or other untraceable methods. AARP urges consumers to verify investment sources, resist pressure to act quickly, and never send money or cryptocurrency to unknown contacts.
tribunact.com
· 2025-12-07
Jackie Crenshaw, a Connecticut resident, lost nearly $1 million to a cryptocurrency romance scam in which a fraudster built emotional trust to manipulate her into making false investments. She testified before the Connecticut legislature in support of House Bill 6990, which passed and was signed into law, establishing a legal framework for law enforcement to seize virtual currency used in criminal offenses—legislation designed to help recover stolen funds from future victims. Crenshaw's advocacy highlights how romance scams, which exploit emotional connections for financial gain, have become increasingly prevalent, with the FTC estimating true annual fraud losses at $137 billion despite only $9 billion being reported.
inkfreenews.com
· 2025-12-07
Indiana ranks second nationally for senior fraud complaints at 76.9 per 100,000 residents, with seniors age 60+ losing $4.8 billion to fraud nationwide in 2023. The state experienced a sharp 240% increase in elderly fraud complaints over three years, driven partly by its growing senior population expected to exceed 20% by 2030. The most common scams involved tech support impersonation, while cryptocurrency fraud proved most costly, with victims averaging losses exceeding $108,000 per case.
butlereagle.com
· 2025-12-07
AARP of Pennsylvania is warning seniors about cryptocurrency scams that cost Americans $1.4 billion in 2024, typically involving fraudsters who contact victims via text or social media and direct them to deposit money into Bitcoin ATMs with threats or promises of quick returns. Once deposited, the funds cannot be recovered. AARP encourages victims to report scams to local law enforcement or contact them directly at 1-877-908-3360.
wcnc.com
· 2025-12-07
In 2023, older Americans lost over $3.4 billion to scams, with the problem escalating in 2024 when individuals over 60 represented the largest group of cybercrime victims in the U.S., losing more than $1 billion since the start of the year through increasingly sophisticated schemes including tech support fraud, romance scams, investment fraud, and government impersonation. Experts recommend seniors protect themselves by never sharing personal information unsolicited, using strong passwords with two-factor authentication, consulting family before financial decisions, and recognizing red flags such as urgent requests for money via gift cards or wire transfers, pressure to act quickly, and threats from callers.
amarillo.com
· 2025-12-07
An Amarillo resident fell victim to an employment scam in August 2025 after depositing fraudulent checks from a fake remote personal assistant job posting and transferring the funds through a Bitcoin ATM. Amarillo Police Department's Financial Crimes Unit tracked the cryptocurrency across digital wallets and exchanges, successfully freezing the funds within four days and recovering the majority through legal processes by September 1. The case demonstrates the importance of rapid reporting and specialized financial crimes investigation in cryptocurrency-related scams.
cointelegraph.com
· 2025-12-07
Phishing scams targeting cryptocurrency users cost over $12 million in August 2024, a 72% increase from July, impacting 15,230 victims with one user losing over $3 million, according to Web3 anti-scam service Scam Sniffer. A particularly dangerous variant exploiting EIP-7702 Ethereum signatures drained an additional $5.6 million across three attacks, highlighting the escalating sophistication of crypto fraud schemes that have stolen $163 million in total malicious activity during the month.
trmlabs.com
· 2025-12-07
This resource is a law enforcement guide for investigating cryptocurrency-enabled scams, which have caused at least $53 billion in losses since 2023, with figures likely underreported due to delayed victim reporting. The guide provides investigators with essential terminology, investigation methodologies, and blockchain forensics techniques to trace fraudulent cryptocurrency transactions and identify the real-world controllers behind pseudonymous addresses. It serves as a practical manual for police and law enforcement professionals to understand and combat crypto-related investment scams, phishing schemes, and other cryptocurrency fraud.
toronto.citynews.ca
· 2025-12-07
In 2025, anti-fraud consultant Vanessa Iafolla highlights the often-overlooked emotional and psychological impact of financial fraud on victims, noting that shame, loss of self-worth, and mental health deterioration can be as damaging as the financial losses themselves. With over 17,000 Canadians falling victim to fraud so far that year, totaling $342 million in losses, Iafolla is pursuing counseling therapy certification to provide specialized mental health support to fraud victims and help destigmatize their experiences. She emphasizes that victims often avoid coming forward due to shame and societal judgment, which increases their vulnerability to being scammed again.
finance.yahoo.com
· 2025-12-07
World Liberty Financial's WLFI token, associated with the Trump family, launched on September 1st and experienced significant volatility, initially reaching $0.46 before plummeting to $0.16 within days amid accusations of being a "scam" from users, analysts, and Elon Musk's AI chatbot Grok, with the project freezing 272 wallets including TRON founder Justin Sun's allegedly linked to phishing scams. Despite the controversy and lack of concrete evidence of insider fraud, WLFI has since recovered to trade at $0.238 with a $5.9 billion market cap, though it remains 48.5
dailyhodl.com
· 2025-12-07
The Federal Reserve Bank of Kansas City reported that U.S. consumers lost $8.9 billion to scams in 2024, more than tripling from $2.6 billion in 2020, with investment scams and imposter fraud accounting for 60% of losses. Investment scams experienced the most dramatic growth with losses increasing nearly twelvefold, while scammers shifted to more effective digital contact methods like social media and mobile apps, and increasingly use cryptocurrency (40% of investment fraud payments) and bank transfers. Financial institutions and payment providers are urged to develop tools that quickly identify and intercept scam payments before they reach fraudsters.
coconutcreektalk.com
· 2025-12-07
Coconut Creek Police warned residents of a cryptocurrency scam targeting Bitcoin and Coinbase users after a local woman was deceived via text message into surrendering access to her Coinbase account when scammers falsely claimed her password had been changed. The incident is part of a broader trend where criminals contact victims through email, text, or phone calls using urgent language to extract sensitive information. Police advise residents to disregard suspicious messages and never share account details with unsolicited contacts claiming to represent financial or cryptocurrency institutions.
ainvest.com
· 2025-12-07
Singapore reported S$456 million in fraud losses during the first half of 2025, a decline from the previous year, though cryptocurrency scams remained a significant concern accounting for S$81.6 million (18% of total losses), with Tether, Bitcoin, and Ethereum being the primary targets. Victims were predominantly aged 30-49 and fell prey to investment scams, job fraud, and phishing schemes, while authorities recovered S$56.7 million in fraudulent funds and prevented S$179 million in potential losses through collaborative efforts.
oag.dc.gov
· 2025-12-07
The DC Attorney General sued Athena Bitcoin, Inc., one of the largest Bitcoin ATM operators in the U.S., for charging undisclosed fees (up to 26%) on deposits and failing to implement adequate anti-fraud safeguards while maintaining a strict no-refund policy for scam victims. According to the investigation, 93% of Athena BTM deposits in DC were scam-related, with victims having a median age of 71 and median loss of $8,000 per transaction (one victim lost $98,000 across 19 transactions). The lawsuit alleges Athena knowingly facilitates fraud, illegally profits from hidden fees, and violates
wusa9.com
· 2025-12-07
The D.C. Attorney General sued Athena Bitcoin ATMs after one victim lost nearly $100,000 in a week to crypto ATM scams, with 93% of all D.C. deposits linked to fraud. Scammers used phone calls impersonating government or bank officials to pressure elderly victims into depositing money into crypto ATMs, which cannot be recovered, while Athena profited from undisclosed fees up to 26% and failed to stop fraudulent transactions despite knowing about them. The investigation found a median loss of $8,000 per scam transaction, with the company accused of violating consumer protection and elder abuse laws.
newsweek.com
· 2025-12-07
In 2024, the FBI recorded 147,127 scam reports involving Americans age 60 and over, resulting in nearly $5 billion in stolen funds. Arizona had the highest rate of fraud complaints among seniors (88.3 per 100,000 people age 60+), followed by Indiana and Nevada, with imposter scams and tech support scams being the most common types. Experts note that seniors should be alert to unsolicited contacts, unusual payment methods, and pressure to act urgently, as scam attempts and underreporting vary significantly by state.
aljazeera.com
· 2025-12-07
The United States sanctioned nearly 20 companies and individuals in Myanmar and Cambodia for operating multibillion-dollar scam centers that victimize Americans and exploit trafficked workers. Americans lost over $10 billion to these Southeast Asian scam operations in the previous year, with the schemes—known as "pig-butchering"—targeting victims through fake investment opportunities while many scam operators are themselves enslaved trafficking victims. The sanctions targeted key figures in Myanmar's Shwe Kokko city and Cambodian scam compounds, with estimates suggesting approximately 150,000 trapped victims in Cambodia and 100,000 in Myanmar.
staysafeonline.org
· 2025-12-07
Social Security scams, among the most common frauds targeting Americans, involve criminals impersonating SSA, OIG, or DOJ officials through phone, email, text, or social media to steal money or personal information. Red flags include claims of suspicious activity or benefit increases, pressure to act immediately, and requests for payment via gift cards, cryptocurrency, or wire transfers—methods the SSA will never use. Victims should hang up, avoid clicking links, never send money through untraceable methods, and report scams to SSA OIG, USA.gov, or the FBI's IC3 to protect themselves and others.
ainvest.com
· 2025-12-07
A cryptocurrency user lost approximately $180,000 through a phishing scam, part of a broader August 2025 trend where phishing attacks cost crypto users over $12 million and affected 15,230 victims, with a particularly sophisticated variant called EIP-7702 signature scams responsible for $5.6 million in losses. Scammers used deceptive emails and communications mimicking legitimate services to trick victims into signing fraudulent transactions that drained their funds. Protection measures include verifying URLs, using two-factor authentication, never sharing seed phrases or passwords, and remaining vigilant about suspicious communications.
thealabamabaptist.org
· 2025-12-07
Romance scams, increasingly prevalent on social media platforms like Facebook and Instagram, target vulnerable older adults—particularly widows and widowers—by creating fake identities to extract money and financial information. According to Advocating Against Romance Scammers (AARS), perpetrators use fabricated stories (such as being stranded overseas or in jail) to convince victims to send money, with one documented case involving a widow losing over $40,000. Scammers typically initiate contact on public platforms, move conversations to encrypted messaging apps to avoid law enforcement detection, and exploit emotional vulnerabilities and declining cognitive health in their victims.
cheapism.com
· 2025-12-07
In 2024, Americans lost $12.5 billion to scams, with adults over 60 being frequent targets due to their savings, limited digital experience, and trust in official-sounding messages. Modern scammers employ sophisticated tactics like AI voice cloning and deepfake videos to impersonate loved ones and government agencies. The article provides ten practical tips for seniors to avoid scams, including not answering unknown numbers, never sharing personal information over the phone, recognizing pressure tactics, avoiding unusual payment methods, verifying identities through trusted sources, and enabling two-factor authentication on accounts.
states.aarp.org
· 2025-12-07
Americans lost $12.5 billion to fraud in 2024, a 25% increase from the previous year, with older adults facing particular vulnerability. North Carolina's "Fraud Free Fridays" program offers free monthly educational sessions (broadcast live on Facebook and YouTube) covering emerging scams including cryptocurrency, AI fraud, and holiday schemes, while AARP's Fraud Watch Network provides resources, alerts, and guidance to help people recognize and report fraud in their communities.
yahoo.com
· 2025-12-07
An 85-year-old grandmother nearly fell victim to an imposter scam when scammers posing as her bank claimed she owed $50,000 in fraudulent charges, then connected her with someone impersonating an FTC official who pressured her to purchase prepaid debit cards for payment. According to the FTC, fraud losses for seniors have surged dramatically, with losses of $10,000 or more quadrupling between 2020 and 2024, as scammers exploit fear and use untraceable payment methods like gift cards, cryptocurrency, and prepaid cards. Key protective measures include recognizing red flags such as unexpected contact from institutions, requests for unusual payment
sebastopoltimes.com
· 2025-12-07
A Sebastopol resident, Shai Plonski, fell victim to a romance scam in 2022 that began on Facebook and involved a fake cryptocurrency trading app, resulting in financial loss. The scam is part of a larger trafficking operation where workers from underdeveloped countries are smuggled across borders, imprisoned, and forced under threat of violence to perpetrate romance scams (known as "pig butchering") to repay their traffickers. Plonski is now publicly sharing his experience through a YouTube video to help prevent others from becoming victims of these operations, which are often linked to organized crime and generate millions by exploiting both the trafficked workers and their romance scam victims
forbes.com
· 2025-12-07
In February 2024, former U.S. Ambassador Cindy Dyer testified to the Senate about the connection between human trafficking abroad and romance scams targeting older Americans, noting that scam centers in Southeast Asia—particularly Cambodia—force trafficking victims to defraud Americans out of millions of dollars and life savings. The FTC estimated that Americans lost $158 billion to all fraud in 2023, with older Americans reporting $277 million in romance scam losses that year, though actual figures are likely much higher due to underreporting. Experts stress that international cooperation is essential to combat these overseas-based scams, but such efforts have been hindered by reduced foreign aid and weakened international all
aol.com
· 2025-12-07
Americans lost $12.5 billion to scams in 2024, with adults over 60 being frequent targets due to their savings, limited digital experience, and trust in official-sounding communications. The article provides 10 protective strategies for seniors, including not answering unknown numbers, rejecting unsolicited calls from government agencies, never sharing personal information over the phone, resisting pressure tactics and unusual payment requests (gift cards, wire transfers, cryptocurrency), verifying impersonators through independent sources, consulting trusted contacts before responding to suspicious requests, and enabling two-factor authentication on accounts.
law360.com
· 2025-12-07
I don't have access to the full article content—only the header and subscription information are visible. To provide an accurate summary for the Elderus database, I would need the complete article text describing the specific allegations against the crypto ATM operator, details about which seniors were affected, the amounts involved, and the outcome of DC's case. Could you please share the full article?
upworthy.com
· 2025-12-07
A Canadian bank teller prevented a senior citizen from losing $9,000 in a cryptocurrency investment scam. The elderly customer had clicked on a Facebook advertisement months earlier, deposited a few hundred dollars, and was now being told he needed to pay $9,000 upfront to access supposedly generated earnings of $90,000 USD—a classic advance-fee cryptocurrency fraud. The alert teller recognized the scam, showed the customer evidence from Reddit's scam community, and successfully convinced him not to proceed, limiting his actual loss to the initial small deposits.
ag.ny.gov
· 2025-12-07
New York Attorney General Letitia James warned of the "Phantom Hacker" scam, a three-phase coordinated fraud targeting seniors that has stolen over $1 billion since 2024 by impersonating banks and government agencies to gain remote computer access and convince victims to transfer retirement savings via wire, cash, or cryptocurrency. The scam begins with a fake security alert prompting victims to download malware, followed by impersonators claiming to be from the victim's bank and a government agency, creating a false sense of legitimacy to steal funds. The AG advises New Yorkers to avoid clicking unsolicited links, calling provided numbers, granting remote computer access, or transferring
aol.com
· 2025-12-07
Idaho's Attorney General warned of a surge in cryptocurrency ATM scams targeting seniors, with reported losses jumping from $19 million in 2023 to over $35 million in 2024. Scammers use fake tech support calls and government imposter schemes to trick victims into depositing cash at cryptocurrency ATMs located in gas stations and convenience stores, where transactions are untraceable and recovery is nearly impossible. One alert convenience store employee prevented two seniors from losing over $30,000 in a single week by unplugging the machine and calling police.
securityboulevard.com
· 2025-12-07
The "Phantom Hacker" scam, which has stolen over $1 billion in the past year, uses a three-phase impersonation scheme targeting seniors and others by posing as tech support, financial institution, and government representatives to trick victims into transferring funds to fraudulent "safe" accounts via wire transfer, cryptocurrency, or cash. The scam's effectiveness lies in its elaborate layering of trusted personas, remote computer access, and official-looking communications that convince victims to move money while remaining silent about the transactions. Experts warn that artificial intelligence will make such scams increasingly convincing and scalable, requiring stronger security controls at the vendor and service provider level to protect vulnerable populations.
jdsupra.com
· 2025-12-07
On September 8, the District of Columbia's Attorney General filed a lawsuit against a bitcoin ATM operator for violations of consumer protection and elder abuse laws, alleging the operator charged excessive fees (up to 26 percent) and failed to protect vulnerable elderly customers from fraud. The complaint detailed how 93 percent of deposits during the operator's first five months were linked to fraud schemes targeting elderly residents with a median age of 71 and median losses of $8,000 per transaction, while the operator refused refunds despite awareness of the scams. The Attorney General sought injunctive relief, restitution, damages, civil penalties, and implementation of proper consumer protections and refund processes.
citationneeded.news
· 2025-12-07
**Type:** Cryptocurrency/Financial Fraud Alert
The Trump family's World Liberty Financial (WLFI) cryptocurrency project has raised significant concerns about conflicts of interest and market manipulation, with the project team blocklisting major investor Justin Sun from selling his tokens shortly after trading commenced, potentially to prevent price decline. The Trumps have profited approximately $412.5 million from early token sales and indirect payments, though media reports claiming $5 billion in gains are misleading since these represent unrealized "paper" profits and insider selling would likely cause market collapse. Congressional Democrats are pushing for stronger oversight language in proposed crypto legislation to prevent similar presidential conflicts of interest in financial ventures.
ca.news.yahoo.com
· 2025-12-07
A Boise, Idaho gas station clerk named Avalon Hardy intervened to stop at least seven cryptocurrency scams targeting elderly customers by questioning suspicious Bitcoin ATM transactions and unplugging the machine to prevent a 79-year-old from losing $15,000 and a 75-year-old from losing $19,000. Crypto fraud has become increasingly prevalent, with scammers using tactics like impersonation, fake government agencies, and AI-powered deepfakes to target older adults, who reported losses exceeding $1.6 billion in 2023 alone and are the most vulnerable demographic to these schemes.
buzzfeed.com
· 2025-12-07
This article is not about elder fraud, scams targeting seniors, or elder abuse. Instead, it's a compilation of personal anecdotes comparing the cost of living and quality of life between the United States and other countries (UK, Poland, Germany, Korea, Taiwan, Panama, and Australia), focusing on healthcare costs, housing prices, worker benefits, and general expenses. While some commenters use the term "scam" colloquially to describe perceived inefficiencies in American systems, this is not relevant to Elderus's focus on financial exploitation or abuse of elderly individuals.
royalexaminer.com
· 2025-12-07
This educational article identifies six major cryptocurrency scam tactics targeting consumers: demands for crypto payment, fake investment managers showing false account growth, romance scams involving crypto solicitation, AI-generated celebrity endorsement videos, corporate impersonation schemes, and pressure tactics promising unrealistic returns. The article advises cryptocurrency investors and curious consumers to recognize these red flags, verify sources independently, and avoid sending crypto payments to anyone applying pressure or making unrealistic promises, noting that legitimate businesses and government agencies never demand cryptocurrency payment.
kolotv.com
· 2025-12-07
The Truckee Police Department warns of growing imposter scams in which fraudsters pose as legitimate businesses or government agencies to extract money, financial account access, or personal information from victims. The department advises never paying anyone who demands cryptocurrency, wire transfers, or gift cards, as legitimate entities do not use these payment methods for unexpected demands.
leravi.org
· 2025-12-07
The FBI issued a warning about increasing scam calls and texts targeting smartphone users, primarily involving fake unpaid toll notices and impersonation of law enforcement officials demanding immediate payment via gift cards, cryptocurrency, or wire transfers. Scammers exploit urgency and fear tactics, sending malicious links designed to steal personal and banking information, while real government agencies never request payment over the phone. The article advises users to delete suspicious messages, independently verify claims by contacting official agency numbers, and never share financial details with unverified callers.
states.aarp.org
· 2025-12-07
Cryptocurrency ATMs are being exploited by scammers who deceive victims into withdrawing cash and converting it to digital currency, which is difficult to trace and recover. Criminals typically initiate contact posing as trusted sources or representatives of legitimate businesses, directing victims to crypto ATMs to address purported urgent financial problems. The scams succeed because crypto ATMs are poorly understood by the public; victims should verify any such requests independently and recognize that directions to use crypto ATMs are always fraudulent.
cnalifestyle.channelnewsasia.com
· 2025-12-07
Reshma Vasu, a senior product manager at Singapore's Open Government Products, led an AI-powered upgrade of the ScamShield app after her aunt lost her entire S$500,000 retirement savings to a sophisticated 2021 OCBC phishing scam. The upgraded ScamShield app, launched in August 2024 and downloaded 1.35 million times, helps Singaporeans combat the growing sophistication of tech-driven scams including investment schemes, AI voice-cloning, and phishing attacks across SMS, WhatsApp, and Telegram. Singapore saw reported scam cases fall 26% in the first half of 2025, though total losses
christianindex.org
· 2025-12-07
Romance scams on social media platforms like Facebook and Instagram are increasingly targeting vulnerable older adults, particularly widows and widowers, with fake identities designed to extract money and personal financial information. Scammers typically initiate contact, move conversations to encrypted messaging apps to avoid detection, and create elaborate stories (such as being stranded overseas or in jail) to justify requests for money, with victims losing thousands of dollars. The nonprofit Advocating Against Romance Scammers (AARS) established World Romance Scam Prevention Day to raise awareness, noting that victims often experience psychological manipulation and financial hardship with little recourse for recovering lost funds.
thebaptistpaper.org
· 2025-12-07
Romance scams targeting vulnerable older adults, particularly widows, are increasing on social media platforms like Facebook and Instagram, with scammers using fake identities and emotional manipulation to extract money and financial information. One victim lost at least $40,000 after meeting a scammer through a Words With Friends game who claimed to work on an offshore oil rig and requested funds for various emergencies. The nonprofit Advocating Against Romance Scammers (AARS) established World Romance Scam Prevention Day to raise awareness, noting that scammers typically initiate contact on social media, move conversations to encrypted messaging apps to avoid law enforcement, and employ elaborate stories about foreign locations or financial hardships to justify requests for
sg.finance.yahoo.com
· 2025-12-07
A Utah couple in their 70s lost approximately $500,000 in retirement savings and borrowed an additional $250,000 after the husband fell victim to a cryptocurrency investment scam initiated by a former coworker who promised high returns. The scammers convinced him to send additional funds to cover supposed fees, leaving the family with no recovery options since cryptocurrency transfers are irreversible; they now work multiple part-time jobs and have taken a reverse mortgage on their home to repay debts. This case reflects a broader trend: Americans 60 and older lost $2.8 billion to cryptocurrency fraud in 2024, making them the hardest-hit age group, as scamm