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in Crypto Investment Scam
koamnewsnow.com
· 2025-12-08
Oklahoma Attorney General Gentner Drummond warned consumers about a rising wave of cryptocurrency ATM scams targeting elderly victims, where scammers convince people their banks are failing and convince them to withdraw funds and deposit them into virtual currency kiosks, with the crypto then sent irreversibly to the scammer's wallet. The advisory also detailed other related scams including romance scams, pig butchering schemes, fake investment platforms, computer antivirus scams, and impersonation of government agencies, all designed to trick victims into making cryptocurrency payments. Drummond advised Oklahomans to never pay anyone demanding advance cryptocurrency payments and to contact relatives or the Oklahoma Attorney General's office if victimized.
kstp.com
· 2025-12-08
**Summary:**
The Blaine Police Department is warning residents about a Bitcoin scam in which fraudsters impersonate bank security and Microsoft support to trick victims into withdrawing thousands of dollars and converting them to Bitcoin at gas station kiosks. The scammers, who possess victims' account balances and bank ID information, instruct victims not to contact police, but once funds are transferred to the scammer's digital wallet, the transactions cannot be reversed. Officials recommend contacting your bank directly rather than responding to unsolicited notifications about suspicious account activity.
ncdoj.gov
· 2025-12-08
The Guilford County Sheriff's Office warned of a rising phone scam in which callers impersonate deputies using real officer names and spoofed phone numbers to demand immediate payment of fines under threat of arrest. The article provides guidance that legitimate law enforcement will never call to threaten arrest, victims should independently verify callers' identities, and payments via gift cards, wire transfers, or cryptocurrency are red flags indicating fraud.
sundayworld.com
· 2025-12-08
The Black Axe gang, a West African organized crime network with approximately 1,100 members in Ireland, has amassed a fortune primarily through cyber fraud rather than drug trafficking. The gang specializes in investment scams, romance fraud, and Business Email Compromise (BEC) schemes, with 226 Irish victims of investment fraud losing an average of €40,000-€50,000 each in the past year, while €7 million has been stolen through romance fraud targeting vulnerable women over the past five years. Irish law enforcement has made over 377 arrests as of last June and continues weekly operations under Operation Skein, which contributes to Interpol's international Operation
tradingview.com
· 2025-12-08
Cryptocurrency fraud surged to a record $4.6 billion in 2023, with U.S. crypto investment scam losses reaching $3.94 billion—a 53% increase from 2022. The rise correlates with Bitcoin's price increases, as fraudsters capitalize on heightened market interest through schemes including pump-and-dump tokens, romance scams (up 85-fold since 2020), and social engineering tactics, with approximately 80% of targeted Americans losing an average of $3,800.
u.today
· 2025-12-08
In 2023, cryptocurrency fraud reached alarming levels, with scams generating at least $4.6 billion in revenue and U.S. crypto investment scam losses surging 53% to $3.94 billion. The most prevalent schemes included pump-and-dump token manipulation and romance scams (which increased 85-fold since 2020), with approximately 80% of targeted Americans losing money, with a median loss of $3,800. SEC Chair Gary Gensler warned that fraud and abuse in the crypto space are correlated with Bitcoin's price increases, highlighting risks from inadequate disclosures by intermediaries pooling digital assets.
blogto.com
· 2025-12-08
Toronto residents are experiencing a surge in scams targeting seniors and vulnerable citizens, including fraudulent speeding ticket texts, rental listing scams (with victims losing up to $3,600), 407 ETR toll highway payment scams via text message, and grandparent scams that have defrauded over 200 Toronto victims of more than $1 million since 2021. Recent cases include an 87-year-old who lost $10,000 when scammers falsely claimed her grandson needed bail money for drug possession charges, highlighting how fraudsters exploit urgency and trust in authorities to manipulate victims.
thestar.com.my
· 2025-12-08
Police warn that lonely and retired seniors are susceptible to investment and love scams, with victims losing substantial sums including one retiree who lost RM2 million in a cryptocurrency investment scheme and a 60-year-old widow who transferred RM200,000 to a fake online romantic interest. Scammers exploit victims' lack of cybersecurity awareness and isolation by posing as investment opportunities or authority figures on social media, with victims often refusing to believe they've been defrauded. Authorities recommend frequent family contact, cybersecurity education, and vigilance against online relationships that involve requests for money or gifts.
usatoday.com
· 2025-12-08
A pharmacist fell victim to an elaborate impersonation scam when scammers spoofed the Ohio Board of Pharmacy's number, falsely claiming her license was linked to a narcotics investigation and threatening arrest unless she paid a $500,000 bond. Over three months, the scammers manipulated her into moving $500,000 of her savings and retirement funds into a "protected account" and taking out two additional loans totaling $250,000, all of which went directly to the fraudsters. The article notes that scams are rising nationally, with Americans losing over $159 billion in 2023, and that professionals with specialized licenses and higher incomes—such as pharmacists
clickondetroit.com
· 2025-12-08
Pig butchering is a rapidly growing cryptocurrency investment scam originating in Southeast Asia where fraudsters create fake profiles on dating apps and social media to build romantic or personal relationships with victims. Scammers gradually introduce cryptocurrency investment opportunities through fake platforms, encouraging victims to invest small amounts initially (showing modest returns to build trust) before manipulating them into depositing hundreds of thousands of dollars, after which the scammer disappears with all funds. Victims are advised to avoid strangers requesting cryptocurrency investments, be wary of those refusing video calls, and verify investment platforms match official websites before depositing money.
helpnetsecurity.com
· 2025-12-08
Scams are becoming increasingly sophisticated and costly, with consumers losing more money despite fewer individual reports, according to Visa research. Key threats include pig butchering scams (targeting 10% of adults via fake cryptocurrency schemes), inheritance scams (affecting 15% of adults), humanitarian relief scams, and triangulation fraud (costing merchants up to $1 billion monthly), all leveraging generative AI and emerging technologies to deceive victims more effectively. Additionally, threat actors are exploiting organizational vulnerabilities, with PRA fraud attacks rising 83% and ransomware cases increasing 300% year-over-year, while over one-third of scam victims do not report their losses, indicating actual
canberratimes.com.au
· 2025-12-08
In 2023, Western Australian scam victims lost over $20 million across 1,398 reported incidents, with investment scams (primarily cryptocurrency) accounting for $12.1 million and dating/romance scams causing $3.7 million in losses. Facebook-based scams topped reported cases, up 62% from 2022, including fake classifieds, rental listings, job offers, and cryptocurrency schemes, with authorities recommending consumers use secure payment methods and verify legitimacy before sharing personal information or funds online.
thetimes.co.uk
· 2025-12-08
Holidaymakers lost over £12 million to travel fraud last year, with victims averaging £1,851 in losses, according to Action Fraud. Common scams include fake booking websites and clone airline/villa sites, counterfeit ATOL licenses, phishing emails impersonating Booking.com, bogus visa and insurance service fees, and fraudulent airport parking services. To protect themselves, travelers should verify website authenticity, check ATOL certificates at atol.org, pay by credit card for protection, and avoid unsolicited payment requests from booking companies.
investopedia.com
· 2025-12-08
Pig butchering scams are a sophisticated investment fraud scheme in which scammers create fake online identities to build trust with victims before stealing their money, often through fraudulent cryptocurrency investments. The scams use social engineering, AI-generated content, and emotional manipulation to exploit victims' vulnerabilities, with billions of dollars in global losses reported. To protect yourself, ignore unsolicited messages, verify financial advice independently, and immediately report any suspected scam to your bank and law enforcement.
nbcconnecticut.com
· 2025-12-08
State police are warning the public about "pig butchering" scams, where fraudsters build trust with victims through dating apps and social media over weeks or months before luring them into fake cryptocurrency or investment schemes that result in financial loss. Cryptocurrency investment fraud grew over 53% in 2023 to approximately $4.5 billion, and Connecticut's Cryptocurrency Working Group recovered nearly $4 million in assets for victims in 2023. Authorities advise people to be cautious of unsolicited investment advice from online contacts, verify that investment companies are registered with regulatory bodies, watch for pressure to invest quickly, and never use unconventional payment methods like wire transfers or cryptocurrency without proper verification.
boredpanda.com
· 2025-12-08
A 16-year-old boy was scammed by an online "girlfriend" he had never met in person, who pressured him into purchasing $50-$100 in in-game items by threatening to break up with him if he refused. His father discovered the unauthorized charges, paid them off, and confiscated the son's credit card while requiring reimbursement. The incident highlights how teenagers' emotional vulnerability and lack of online safety education make them susceptible to financial manipulation and exploitation by online predators.
doingitlocal.com
· 2025-12-08
Transnational criminal organizations are conducting "pig butchering" investment scams targeting Americans, with older Connecticut residents at particular risk. These scams involve fraudsters building trust with victims through dating apps and social media before directing them to fake trading platforms promising high returns on cryptocurrency or forex investments; cryptocurrency fraud alone reached approximately $4.5 billion in 2023, though total losses since 2021 may exceed $75 billion. Connecticut State Police recovered nearly $4 million in assets for victims in 2023, and residents are advised to watch for warning signs including unsolicited contact, promises of guaranteed returns, pressure to invest quickly, and requests for personal information.
bai.org
· 2025-12-08
Visa's Spring 2024 Threats Report reveals that while the number of individual scam reports decreased from June to December 2023, total monetary losses increased, indicating fraudsters are executing more effective and costly schemes. Emerging scams include "pig butchering" (fake cryptocurrency investment schemes targeting 10% of surveyed adults), inheritance scams (affecting 15% of adults), and triangulation fraud (costing merchants up to $1 billion monthly), with fraudsters increasingly leveraging generative AI and other technologies to create more convincing campaigns. Organizational threats are also escalating, including a 300% increase in ransomware cases and an 83% rise in purchase return authorization frau
abc.net.au
· 2025-12-08
A retired Melbourne police officer lost $479,500 to a romance scam after being contacted online by a woman claiming to be named Dianna, who persuaded him to invest in cryptocurrency through fake platforms. Despite Paul disclosing concerns about the scam to ING Bank and later Macquarie Bank, both institutions failed to adequately warn him or prevent further transfers, with ING's scam team reassuring him he "should be OK" without conducting proper fraud verification. Paul is now awaiting a ruling from the financial complaints watchdog regarding the banks' responsibility in the losses.
vancouversun.com
· 2025-12-08
British Columbians lost at least $46.4 million to online investment scams in 2023, with losses skyrocketing from $8.5 million in 2021, according to the B.C. Securities Commission. These "pig butchering" scams typically begin with unsolicited social media contact that evolves into a relationship, after which scammers direct victims to fraudulent investment websites, encourage them to invest via cryptocurrency, and then disappear with the money. The B.C. Securities Commission warns the public to be suspicious of unsolicited online messages, avoid investing based on advice from online contacts, and reject promises of quick, large returns.
cavazossentinel.com
· 2025-12-08
This educational article from the U.S. Army Criminal Investigation Division provides guidance on identity protection and outlines common scams targeting soldiers, veterans, and their families. Key recommendations include using strong passwords, password managers, two-factor authentication, and separating work and personal accounts, while growing threats include impersonation scams (where scammers pose as military officials), romance scams targeting those over 50, credit repair fraud, cryptocurrency schemes, social media account takeovers, and two-factor authentication exploitation. Supervisory Special Agent Deric Palmer emphasizes that data brokers sell personal information for as little as $20, enabling social engineering attacks, and warns that impersonation scams cause reputational
arstechnica.com
· 2025-12-08
Fake cryptocurrency wallet apps in Ubuntu's Snap Store deceived users into surrendering their digital assets, with one bitcoin investor losing approximately $490,000 through a fraudulent "Exodus Wallet" app that transferred funds after the user entered their recovery phrase. The Snap Store labeled these malicious apps as "Safe," creating confusion since the security designation referred only to technical sandboxing rather than legitimacy verification. Following months of attacks and reporting by security researchers, Ubuntu implemented manual review processes for new app uploads to prevent similar scams going forward.
dfpi.ca.gov
· 2025-12-08
This educational resource outlines common investment scams including Ponzi schemes, boiler room scams, pump-and-dump schemes, advance fee fraud, crypto scams, and affinity fraud that exploit trust within specific communities. Key red flags to avoid include guaranteed returns, artificial urgency, unclear information, unsolicited offers, and promises that seem too good to be true. Consumers are advised to conduct independent research, request verified financial statements, and report suspected scams to authorities.
aarp.org
· 2025-12-08
Scammers posing as federal agents convinced Alaina Weisman, a woman in her late 70s, to deposit $11,000 into a cryptocurrency ATM at a cannabis dispensary in Santa Fe, New Mexico, by falsely claiming her bank accounts were compromised and the money would protect them. This initial scheme was the first of multiple frauds perpetrated by the same criminals that ultimately cost Weisman $159,000. Crypto ATMs are increasingly becoming the payment method of choice for scammers targeting victims through government impostor scams, romance scams, grandparent scams, and other schemes, as traditional methods like gift cards and payment apps face growing prot
1011now.com
· 2025-12-08
A 73-year-old Lincoln, Nebraska resident lost $29,000 in a computer scam after a pop-up prompted her to call a fraudulent number posing as Geek Squad support, which resulted in the scammer gaining remote access to her computer and instructing her to withdraw cash and deposit it into a Bitcoin ATM. Lincoln Police reported that fraud cases have been rising with elderly people as primary targets, and advised residents to verify identities of callers, discuss scam awareness with loved ones, and hang up when in doubt.
greenwichfreepress.com
· 2025-12-08
Cryptocurrency investment fraud grew 53% in 2023 to $4.5 billion (potentially $75 billion since 2021), primarily driven by "pig butchering" scams where fraudsters build trust with victims through dating apps and social media before directing them to fake investment platforms. Once victims see fabricated profits, scammers pressure them to invest more before disappearing with the funds; the Connecticut State Police recovered nearly $4 million in 2023, though this represents a fraction of total losses. Key warning signs include unsolicited contact, promises of guaranteed high returns, pressure to invest quickly, unregistered investments, and requests for personal information or unconventional payment methods like cryptocurrency
english.jagran.com
· 2025-12-08
Over 5,000 Indians were lured to Cambodia under false employment pretenses (primarily data entry jobs) and forced to conduct cyber fraud operations, including dating scams, investment schemes, cryptocurrency fraud, and courier scams targeting victims in India. The Indian External Affairs Ministry reported rescuing and repatriating approximately 250 Indians (75 in the preceding three months) and stated it was working with Cambodian authorities to dismantle the trafficking and fraud networks responsible for these schemes.
states.aarp.org
· 2025-12-08
Massachusetts Attorney General Andrea Joy Campbell established a new Elder Justice Unit to combat the frequent and pervasive fraud targeting older residents, with director Mary Freeley coordinating resources across multiple bureaus to enhance prosecution and education. In 2023, Massachusetts consumers reported over 87,000 fraud cases resulting in $142.3 million in losses, though experts note significant underreporting due to shame and lack of awareness. Common scams include impostor fraud targeting bank and government agency impersonation, grandparent scams, and cryptocurrency schemes, with prevention experts recommending victims slow down and avoid emotional reactions that bypass logical thinking.
states.aarp.org
· 2025-12-08
San Diego County Deputy District Attorney Scott Pirrello leads an Elder Abuse Unit that has partnered with the FBI and other agencies through the Elder Justice Task Force to combat elder financial fraud, which resulted in approximately $97 million in losses in San Diego County alone in 2023. The unit prosecutes cases ranging from grandparent scams to tech-support fraud, such as a 2023 case where a 22-year-old man stole over $200,000 from a 65-year-old woman through a fake Microsoft pop-up and fraudulent Chase Bank calls. While reported losses nationwide exceeded $1.6 billion in 2022 for adults
ftc.gov
· 2025-12-08
A new Federal Trade Commission rule targeting government and business impersonation scams took effect, as data revealed these frauds generated $1.1 billion in reported losses in 2023—more than three times 2020 losses. The five most common tactics include fake account security alerts, phony subscription renewals, bogus giveaways, fabricated legal threats, and false package delivery issues, with scammers increasingly using text and email rather than phone calls and preferring bank transfers (40% of losses) and cryptocurrency (21% of losses) as payment methods.
ftc.gov
· 2025-12-08
In 2023, impersonation scams targeting consumers reported more than 330,000 business and nearly 160,000 government impersonation cases to the FTC, resulting in combined losses exceeding $1.1 billion—more than triple the losses from 2020. Scammers have evolved their tactics, shifting from phone calls to text and email communications, increasingly requesting payment through bank transfers and cryptocurrency, and often impersonating multiple organizations within a single scam. The five most common impersonation scams include fake account security alerts, bogus subscription renewals, fraudulent giveaways or government money offers, false legal threats, and fake package delivery notifications—all designed to
1011now.com
· 2025-12-08
A 54-year-old Lancaster County woman lost $25,000 in a cryptocurrency scam after clicking on a fraudulent Microsoft security pop-up that directed her to a fake credit union website; she was told to transfer money to Bitcoin to prevent alleged Russian theft from her account, and the scam was reinforced by a caller impersonating the sheriff with a fake case number. The funds were irretrievable once transferred. Lancaster County authorities reported a similar scam in which another victim lost $8,000 and recommend people hang up and contact their bank or law enforcement directly rather than following instructions from unsolicited pop-ups or callers.
fox13memphis.com
· 2025-12-08
Employment scams involving cryptocurrency and fake work-from-home opportunities surged in 2023, with reports increasing 54.2% year-over-year and victims losing $367 million in 2022 according to the FTC. A Memphis man named Chip Cherry nearly lost $300 after encountering a scam promising $300 for three hours of work but requiring cryptocurrency payment to withdraw earnings; he recovered his money with bank assistance. The Better Business Bureau warns job seekers to avoid opportunities requiring upfront payments, offers of unusually high pay, and interviews conducted only via email or text, as scammers may also steal personal information beyond financial losses.
cointelegraph.com
· 2025-12-08
Ethereum layer 2 Base experienced an 18-fold increase in cryptocurrency losses from phishing scams, with approximately $3.35 million stolen in March 2024 compared to just $169,000 in January, driven largely by a memecoin craze and fake X account phishing links targeting the chain's growing user base. Across all blockchain networks, phishing scams resulted in $71.5 million in losses from over 77,500 victims in March, though overall crypto hacking theft declined 48% to $187.2 million during the same period.
moneyweek.com
· 2025-12-08
Between January 2020 and December 2023, investment scammers stole £2.6bn from nearly 100,000 people in the UK, averaging £13m per week and £26,773 per victim, according to research by the Pensions Management Institute. Boiler room fraud (fake stockbroker schemes) and Ponzi schemes were the most prevalent, accounting for £553m and £499m respectively, while 2023 was particularly severe with 26,740 people losing £527m to investment fraud.
moneyweek.com
· 2025-12-08
Online purchase scams are increasing significantly, with Santander customers losing £7.3 million in 2023 (a 32% increase from 2022) to fraudsters posing as sellers on online marketplaces, with an average loss of £500 per victim. To protect yourself, remain vigilant for red flags such as pushy sellers, fake or missing images, prices that seem too good to be true, and unprotected payment methods, as sophisticated scammers increasingly use AI to create convincing fraudulent listings for high-demand items like smartphones, gaming consoles, and collectibles.
techlicious.com
· 2025-12-08
In 2023, U.S. consumers lost $10 billion to fraud, with investment scams topping the list, often orchestrated by cyber-scam factories in Southeast Asia that force trafficked victims into perpetrating schemes targeting wealthy nations. Common scams include "pig-butchering" cryptocurrency fraud, romance scams, and impersonation schemes, with authorities making arrests but struggling to shut down operations that rapidly relocate. Protection strategies include remaining suspicious of unsolicited contact, refusing remote computer access to unverified sources, ignoring threatening calls claiming to be government officials, and reporting scams to the FTC.
states.aarp.org
· 2025-12-08
IRS impostor scams peak during tax season, with consumers reporting $5.8 million in losses in 2023, typically initiated through robocalls using spoofed caller IDs that appear legitimate. Scammers demand payment via wire transfer, gift cards, or cryptocurrency for alleged back taxes under threat of arrest, or pose as the IRS offering refunds to steal personal information like Social Security numbers and bank details. The key defense is to never trust unsolicited IRS contact, regardless of personal information the caller may possess, and instead verify any tax-related communication through official IRS channels or trusted contact information.
thepointsguy.com
· 2025-12-08
Advances in technology and social engineering are enabling sophisticated scams that cost consumers billions of dollars annually. Visa's 2024 Threats Report identifies four major scams on the rise, including pig butchering (romance) scams where fraudsters use AI and deepfake technology to build trust with victims over weeks or months before convincing them to invest in fake cryptocurrency platforms—affecting 10% of surveyed adults and resulting in billions in losses. The report notes that beyond financial victims, these scams often involve human trafficking victims forced to participate in the fraud operations.
news18.com
· 2025-12-08
A 22-year-old Pune product designer and cryptocurrency trader lost Rs 2.5 lakh (approximately $3,000) after a fake employer contacted him on Twitter with a job offer, then directed him to download what was presented as an internal communication app but was actually spyware that drained his cryptocurrency wallet. The scammer, using the handle 'crankybugatti,' initially built credibility by conducting design interviews on Discord before sending a malicious app link through a fake HR representative. The victim has since raised awareness about the scam on social media and advised others to verify employment offers and avoid downloading applications from unverified sources.
cryptotimes.io
· 2025-12-08
A 22-year-old investor in Pune lost approximately $3,000 in cryptocurrency after fraudsters posing as recruiters lured him to download malware under the guise of a job interview for a web3 company. The malicious software drained his Phantom wallet and liquidated his staked assets on a Solana-based DeFi platform. This incident is part of a broader wave of cryptocurrency scams targeting Indian investors, with authorities intensifying regulatory action against such fraud schemes.
the420.in
· 2025-12-08
Google filed its first-ever lawsuit against cryptocurrency scammers based in China and Hong Kong for distributing 87 fraudulent trading apps on the Google Play Store that were used to conduct "pig butchering" romance scams. The scheme targeted over 100,000 victims who lost between $100 and tens of thousands of dollars each after being manipulated into downloading fake apps that displayed false investment returns but prevented fund withdrawals. Google is seeking damages, financial compensation exceeding $75,000 in investigation costs, and a court order to bar the developers from future fraudulent activity.
sandiegouniontribune.com
· 2025-12-08
New York City authorities disrupted an online "pig butchering" cryptocurrency fraud operation that stole millions of dollars by gaining victims' trust through dating apps and social media, then directing them to fake investment platforms. Brooklyn District Attorney Eric Gonzalez seized 21 web domains used in the scheme; reported victims in Brooklyn alone lost over $4 million, with individual losses ranging from $22,680 to $118,000, though actual losses likely total billions nationally due to underreporting. Investigators traced stolen funds through multiple cryptocurrency addresses to foreign exchanges, with at least one perpetrator operating beyond U.S. jurisdiction.
beincrypto.com
· 2025-12-08
Google filed a lawsuit against two individuals from China and Hong Kong accused of creating 87 fraudulent apps on its Play Store that defrauded over 100,000 users of more than $75,000 through romance scams involving fake cryptocurrency exchange and investment apps. The scammers used romantic messaging and YouTube narratives to build trust before directing victims to fraudulent platforms, sometimes recruiting victims to promote the apps for commission. Google's legal action, citing breach of terms of service and racketeering laws, represents an unprecedented effort to hold these actors accountable amid an eighty-fivefold increase in crypto romance scams since 2020.
theverge.com
· 2025-12-08
Google is suing two app developers based in China and Hong Kong who allegedly uploaded 87 fraudulent cryptocurrency trading and investment apps to the Google Play Store, defrauding over 100,000 users of between $100 to tens of thousands of dollars each through "pig butchering" romance scams since at least 2019. The scheme involved fake initial contact messages that led victims to download the fraudulent apps, which displayed fake investment balances but prevented users from withdrawing their money. Google claims it suffered over $75,000 in damages investigating the fraud and is seeking to hold the developers accountable and recover unspecified damages.
abc11.com
· 2025-12-08
The FBI in North Carolina is warning consumers about a surging cryptocurrency investment scam that has cost North Carolina victims over $65 million in 2023, with investment fraud involving crypto rising 53% nationally from $2.57 billion in 2022 to $3.944 billion in 2023. Scammers use social media research and fake websites/apps to build trust with victims, displaying fake profits to encourage larger investments, then disappear with all funds when victims attempt major withdrawals. The FBI advises victims not to be embarrassed and to report scams quickly, though recovery is difficult since cryptocurrency is unregulated.
aarp.org
· 2025-12-08
A Hong Kong finance worker lost $25.6 million after being deceived in a video conference where the CFO and executives were entirely computer-generated deepfakes, representing a sophisticated AI-enabled fraud scheme. Criminals are increasingly weaponizing generative AI tools like ChatGPT and DALL-E to create convincing fake voices, videos, and identities for various scams including celebrity endorsement frauds, romance schemes, sextortion, and phishing emails. Experts warn that AI technology has dramatically lowered the barrier for fraud perpetration, enabling an "industrial revolution for fraud criminals" with potentially endless victims and losses.
wbur.org
· 2025-12-08
"Pig-butchering" is a major online scam operation that has generated approximately $75 billion and involves criminals targeting vulnerable people through digital currency exploitation, human trafficking, and international crime networks operating from compounds in Southeast Asia. The scam uses sophisticated social engineering tactics and digital currency to defraud victims, with victims losing substantial sums while perpetrators operate across borders with connections to organized crime groups.
finextra.com
· 2025-12-08
Google filed a lawsuit against two app developers based in China and Hong Kong who uploaded 87 fraudulent investment apps to the Google Play Store, deceiving over 100,000 victims since 2019. The scam, a variant of pig-butchering romance fraud, lured victims through romantic messages or YouTube videos to download fake apps, then convinced them to invest money with promises of returns before blocking withdrawals and demanding fees. Victims collectively lost between $100 to tens of thousands of dollars each, and Google spent over $75,000 investigating the fraud.
mondaq.com
· 2025-12-08
The FTC reported 64,003 romance scams in 2023 resulting in $1.14 billion in losses (median $2,000 per victim), advising consumers never to send money, cryptocurrency, or gift cards to online suitors. The FTC also announced enforcement actions against AI companies engaging in deceptive data practices, published a final rule prohibiting impersonation of government agencies and businesses, and secured a $20.3 million judgment against merchant cash advance company owner Jonathan Braun for defrauding small business owners through misleading practices and unlawful asset seizure.