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6,067 results in Investment Fraud
cnet.com
**Gold Bar Scam** Scammers impersonating government officials convince senior citizens to withdraw their life savings and purchase gold bars, then pose as couriers to steal the gold and disappear. The FBI reported victims lost $219 million to gold bar scams in 2024, with increasing incidents reported in 2025, as record-high gold prices and gold's reputation as a trustworthy investment make it an attractive target for criminals who exploit the difficulty of tracing the precious metal.
nasdaq.com
Pump-and-dump stock schemes, which have existed for centuries, involve fraudsters accumulating low-priced "penny stocks," artificially inflating their value through misleading promotional campaigns (via email, social media, or encrypted messaging), and then selling their shares at the peak, leaving other investors unable to sell as prices collapse. These schemes exploit fear of missing out (FOMO) and take advantage of low-priced stocks with minimal public information and limited trading liquidity. Investors can protect themselves by avoiding unsolicited investment advice from strangers and being cautious of social media investment promotions.
finra.org
Pump-and-dump schemes are long-standing financial scams where fraudsters accumulate low-priced "penny stocks," artificially inflate their price through promotional tactics (including social media campaigns and encrypted messaging), then sell their shares at the peak, causing prices to collapse and leaving other investors with losses. These schemes exploit fear of missing out (FOMO) and take advantage of low-priced stocks with limited public information and illiquid markets where fraudsters can control available shares. Investors can protect themselves by avoiding unsolicited investment advice from strangers and being cautious of social media investment advertisements.
6abc.com
In 2024, seniors lost $4.8 billion to scams, part of a total $16.6 billion in fraud losses across the United States—a 33% increase from 2023. The FBI identified investment scams as a major threat, resulting in nearly $6 billion in losses, alongside business email compromise scams ($2 billion) and technology support scams (over $1 billion). Officials noted that actual losses may be higher due to underreporting from embarrassed victims.
bostonglobe.com
Boston police issued a warning about a surge in online romance scams that use fake dating and social media profiles to deceive victims across all ages and genders. Scammers pose as romantic partners and fabricate emergencies—such as medical bills, travel expenses, or legal fees—to extort money, with tactics increasingly involving cryptocurrency investment schemes and sextortion. The department advised residents never to send money or personal information to people they haven't met in person and to report incidents to local police and the Federal Trade Commission.
cybersecuritydive.com
The FBI's 2024 Internet Crime Complaint Center report found that Americans lost $16.6 billion to cyber fraud and internet crimes, a 33% increase from 2023, with investment scams causing the most financial damage at $6.6 billion despite being only the fifth most commonly reported crime type. Phishing, spoofing, and extortion generated the most complaints, while business email compromise (BEC) and other persuasion-based scams proved most costly, indicating that social engineering exploits cause greater financial harm than technical vulnerabilities.
doralfamilyjournal.com
The FBI's 2024 Internet Crime Complaint Center report documented a 33% increase in online scams, with 859,532 complaints totaling over $16 billion in losses. Adults over 60 were hit hardest, filing 147,000 complaints and losing $4.8 billion (43% increase from 2023), with investment scams being the leading fraud type at $6.5 billion in losses overall, followed by compromised business emails, tech support scams, and romance scams.
abc7.com
In 2024, seniors lost $4.8 billion to scammers, part of a total $16.6 billion in U.S. fraud losses representing a 33% increase from 2023, according to an FBI report. Investment scams were the leading fraud type affecting seniors, with $6 billion lost across 47,919 complaints, followed by business email compromise scams ($2 billion) and technology support scams ($1 billion). The FBI noted these figures likely underrepresent actual losses due to victim underreporting and emphasized that each number represents a real person whose financial security and trust were compromised.
aol.com
Seniors lost nearly $4.8 billion to scams in 2024, according to an FBI report, with major fraud types including business email compromise scams ($2 billion), technology support scams ($1 billion), and investment fraud ($6 billion across all ages). Americans aged 60 and above comprised the majority of victims, though those aged 50-59 also suffered significant losses of $2.5 billion, and the FBI notes actual losses may be higher due to underreporting.
coincentral.com
Americans lost $9.3 billion to cryptocurrency fraud in 2024, a 66% increase from 2023, with people over 60 suffering disproportionately—accounting for $2.8 billion in losses (30% of total crypto fraud) despite representing only 17% of the population, averaging $83,000 per victim. Investment fraud was the largest scam category affecting seniors, while crypto ATM fraud complaints nearly doubled year-over-year, with elderly victims losing $107 million through these schemes alone. The FBI's "Operation Level Up" initiative has identified and notified potential victims, saving an estimated $285 million since its January 2024 launch.
ibtimes.com
Elderly Americans aged over 60 suffered the largest cryptocurrency scam losses in 2024, accounting for over $2.8 billion of the $9.3 billion in total crypto fraud losses reported by the FBI's Internet Crime Complaint Center. Scammers disproportionately target seniors through investment scams, fraudulent crypto ATMs, and tech-support schemes, exploiting their vulnerabilities by creating artificial urgency around false security threats. The 2024 losses represented a 66% increase compared to 2023, with elderly victims being three times more likely to be scammed than younger demographics.
americanbazaaronline.com
Online scammers stole a record $16.6 billion in 2024, a 33% increase from $12.5 billion in 2023, according to the FBI's Internet Crime Complaint Center, with 859,532 total complaints filed and elderly victims representing over 147,000 complaints. Investment scams caused the largest losses at $6.5 billion, followed by business email compromise at $2.7 billion and tech support scams at $1.4 billion, while phishing remained the most commonly reported cybercrime. The figures represent only reported cases and underscore how the digitalization of daily life has expanded criminal opportunities since 2020.
wwltv.com
FBI data reveals that scammers stole over $16.6 billion in 2023, a 33% increase despite heightened public awareness, with victims losing an average of $19,000 each. Adults over 60 were disproportionately targeted, filing the most complaints and losing the most money at $4.8 billion total (averaging $80,000 per victim), with investment scams, romance scams, and tech support scams being the leading fraud types.
the-independent.com
Seniors aged 60 and older lost nearly $4.8 billion to scams in 2024, according to an FBI report, with major fraud types including business email compromise scams ($2 billion), technology support scams ($1 billion), and investment fraud ($6 billion across all ages). Americans overall lost $16.6 billion from scams in 2024—a 33 percent increase from 2023—with Texas, California, and Florida experiencing the highest losses, though the FBI notes actual figures may be higher due to underreporting by victims.
neherald.com
A Thai woman working in the United States lost $300,000 to an Asia-based criminal network that conducted an elaborate scam involving false claims of identity theft, an international money laundering investigation, and threats of criminal prosecution. The scammers, posing as Thai embassy and Central Investigation Bureau officials, convinced her to wire money over three months as "proof of innocence," exploiting psychological manipulation and careful timing to prevent her from verifying their claims. According to the UN Office on Drugs and Crime, this type of sophisticated transnational organized crime scheme is increasingly common and expanding globally, with victims experiencing severe financial and emotional consequences.
justice.gov
**Hardik Jayantilal Patel, a ringleader of an international telemarketing fraud scheme, was sentenced to 46 months in federal prison and ordered to pay $3.2 million in restitution to 85 elderly victims.** From 2019-2020, Patel coordinated a network of "money mules" across the United States who picked up hundreds of cash packages sent by victims responding to scams originating from call centers in India, where fraudsters impersonated government officials claiming victims were under investigation. The scheme victimized primarily elderly individuals nationwide and resulted in millions of dollars in losses, with seven total conspirators sentenced an
planadviser.com
Representative Zachary Nunn introduced the bipartisan GUARD Act, which would provide federal grant funding to local law enforcement agencies to investigate financial fraud against retirees, including tools for tracing blockchain technology and resources for specialized staff training. The legislation is prompted by significant elder fraud losses, including over $42.6 million in Iowa alone in 2023 and $3.4 billion nationally among those aged 60+ in that same year, with particular focus on "pig butchering" investment scams involving cryptocurrency. If passed, federal agencies would be required to report on fraud trends and enforcement efforts, and financial institutions would be encouraged to appoint liaisons to improve data sharing with law enforcement.
abcnews4.com
South Carolina seniors suffered disproportionately in 2024 cybercrime, with 2,295 victims over age 60 losing over $58.5 million—more than a third of the state's total $146 million in reported internet crime losses. The most costly scams targeting seniors were tech support scams, government impersonation schemes, and investment fraud, each accounting for nearly $10 million in losses, while confidence/romance scams cost seniors almost $3 million. The FBI's 2024 Internet Crime Report documented a 33% nationwide increase in cybercrime losses to over $16 billion, with extortion, phishing, and personal data breaches
nbcnews.com
Cybercriminals stole a record $16.6 billion in 2024, according to the FBI's Internet Crime Complaint Center, a 33% increase from $12.5 billion in 2023. People age 60 and older were the biggest victims, losing $4.8 billion total, with $2.8 billion involving cryptocurrency and $1.8 billion lost to investment scams including "pig butchering" schemes where criminals pose as romantic partners to convince victims to invest in fake cryptocurrency ventures. The report, based on 859,532 complaints filed, is considered an undercount of actual cybercrime losses.
cbsnews.com
In 2024, scammers stole a record $16.6 billion from over 250,000 victims, representing a 33% increase from 2023, with an average loss of $19,000 per victim. People over 60 filed the most complaints (147,000) and suffered the greatest losses at $4.8 billion (average of $83,000 per person), while investment scams ($6.5 billion), compromised business emails ($2.7 billion), and tech support scams ($1.4 billion) were the leading fraud types. The FBI notes that cryptocurrency was the most common payment method used by scammers, and reporte
abcnews.go.com
Seniors lost $4.8 billion to scammers in 2024, contributing to a total of $16.6 billion in losses across all age groups in the United States—a 33% increase from 2023, according to the FBI's annual internet crime report. Investment scams were the most prevalent fraud type, with 47,919 complaints and $6 billion in losses, followed by business email compromise scams ($2 billion) and technology support scams ($1 billion). The FBI received an average of 836,000 cyber fraud reports annually, with California, Texas, and Florida experiencing the highest losses.
aarp.org
Anna Rowe, a 52-year-old teacher in England, was victimized by a romance scam involving "love bombing" and catfishing when she met a man named Antony on a dating app who used a fake identity and flooded her with excessive attention and affection over 14 months. After discovering Antony was married and had defrauded at least 16 other women (possibly up to 200), Rowe founded two nonprofits to help romance scam victims and now assists approximately 100 people weekly, as dating app romance scams have increased significantly with 40 percent of dating app users reporting being targeted. Love bombing is a multi-
caughtindot.com
The Boston Police Department is warning of increased online romance scams targeting people across dating apps and social media, where scammers build fake emotional relationships and request money for emergencies, military expenses, or fraudulent cryptocurrency investments. These scams also employ sextortion tactics, threatening to release explicit photos unless victims pay, and victims should never send money to people they haven't met in person and should report incidents to local police, the FTC, or FBI's IC3. Red flags include requests to move conversations to private messaging apps, frequent cancellations of in-person meetings, demands for money or explicit photos, and attempts to isolate victims from friends and family.
vice.com
In 2024, seniors aged 60+ lost nearly $5 billion to online scams, filing 147,127 complaints representing a 46 percent increase in complaints and 43 percent increase in losses compared to 2023, according to the FBI's Internet Crime Report. The elderly were most commonly victimized by investment scams, tech support fraud, and romance scams, with an average loss of $83,000 per person, while cryptocurrency fraud also surged with seniors losing over $2.8 billion to such schemes. Overall, Americans reported over $16 billion in online fraud losses across 859,532 complaints in 2024, a 33 percent increase from
gottheimer.house.gov
U.S. Congressman Josh Gottheimer introduced bipartisan legislation called the GUARD Act to combat financial fraud and "pig butchering" scams targeting older Americans by providing state and local law enforcement with federal grant funding and blockchain tracing tools. "Pig butchering" scams involve fraudsters convincing retirees to invest in fake opportunities, with victims over 70 suffering median losses of $9,000 compared to $2,400 for all age groups, and these scams causing over $1 billion in losses in 2022 alone. The bill is supported by multiple organizations including AARP and law enforcement associations.
independent.co.uk
Seniors lost nearly $4.8 billion to scams in 2024, representing a significant portion of the $16.6 billion in total fraud losses reported by the FBI—a 33% increase from 2023. The most common scams targeting older Americans included business email compromise ($2 billion), technology support scams ($1 billion), and investment fraud ($6 billion), with victims aged 60 and above making up the majority of complaints. Texas, California, and Florida reported the highest losses, though the FBI notes actual figures may be higher due to underreporting by victims.
goodmorningamerica.com
Seniors lost $4.8 billion to scammers in 2024, part of a total $16.6 billion in U.S. fraud losses that year—a 33% increase from 2023. Investment scams were the most costly fraud type, resulting in nearly $6 billion in losses, followed by business email compromise scams ($2 billion) and technology support scams ($1 billion). The FBI received 836,000 cyber fraud reports annually and noted that actual losses likely exceed reported figures due to victim underreporting.
localmatters.co.nz
New Zealanders, particularly older adults, are increasingly targeted by "pig butchering" scams, where organized criminal networks operating from Southeast Asia build trust with victims over weeks or months before convincing them to invest in fake cryptocurrency or forex opportunities, then disappearing with their money. Netsafe estimates New Zealanders lost $2.3 billion to scams in 2024, with these schemes employing sophisticated emotional manipulation tactics and following a predictable formula of unexpected contact, false relationship-building, and pressure to invest. The article provides five warning signs to recognize these scams and advises victims to immediately stop contact, alert their bank, preserve evidence, and report the fraud to Netsafe
news.un.org
A Thai woman working in the United States lost $300,000 to an Asia-based criminal network that impersonated Thai embassy and Central Investigation Bureau officials in a sophisticated scam spanning three months. The scammers convinced her she was a suspect in an international money laundering scheme and demanded she transfer money to prove her innocence, exploiting psychological manipulation and careful timing to prevent her from verifying their claims. The UN Office on Drugs and Crime reports this scam type is increasingly used by transnational organized crime groups expanding operations across Asia and globally.
newsmeter.in
Hyderabad Cyber Crime Police arrested 23-year-old Prateek Shukla from Uttar Pradesh for defrauding a 68-year-old Hyderabad resident of Rs 52.29 lakh through a stock investment scam involving fake investment apps and WhatsApp groups. The accused posed as representatives of bogus companies (5paisa Capital Ltd, Barclays, and SHANDA Capital Group Ltd), lured the victim with fake profit screenshots and promises of high returns, and blocked withdrawals once larger amounts were invested. Shukla, involved in nine cases across India, had four cheque books and stamps of two shell companies seize
success.com
Smishing (text-based phishing) attacks cost Americans $470 million in reported losses in 2024, more than five times the 2020 total, with the actual amount likely much higher due to underreporting. The article identifies three trending scams in 2025: fake unpaid toll notices (particularly targeting metropolitan areas), package delivery issues and "brushing scams" using QR codes, and fake job opportunities (losses increased from $90 million in 2020 to $501 million by 2024). Key prevention strategies include never clicking links or responding to unexpected texts, verifying alerts directly through official websites, and reporting suspicious messages to your phone provider an
justice.gov
**Summary:** Two Texas men, Stanley Anyanwu (41) and Vitalis Anyanwu (42), were convicted of wire fraud, bank fraud, and money laundering conspiracy for their roles as "money mules" in a scheme that defrauded the City of Memphis of $773,695.45 through a business email compromise (BEC) scam in February 2022, as well as romance scam victims. The conspiracy quickly laundered the stolen funds through a network before the city could recover them, and sentencing is scheduled for July 18, 2025.
actionnews5.com
Two men, Stanley Anyanwu, 41, and Vitalis Anyanwu, 42, were convicted of defrauding the City of Memphis of $773,695 through a business email compromise (BEC) scam in February 2022, in which funds intended for a contractor were redirected to their accounts and quickly laundered. The brothers were found guilty of conspiracy to commit wire fraud, bank fraud, and money laundering, and were also identified as "money mules" processing funds from romance scams targeting individual victims. Both defendants are scheduled for sentencing on July 18, 2025.
yahoo.com
Transnational organized crime groups based in East and Southeast Asia are expanding their scam operations globally in response to increased law enforcement crackdowns, according to a UN report. These criminal syndicates, which operate hundreds of industrial-scale scam centers generating nearly $40 billion annually through romance scams, fraudulent investments, and illegal gambling schemes, have been reported operating in Africa, Latin America, the Middle East, and Pacific islands, with notable operations discovered in Nigeria, Brazil, and Peru. The report warns that as Asian-led groups expand geographically and adopt new technologies like AI and deepfakes, governments face intensifying challenges requiring coordinated responses.
northfortynews.com
**Summary:** This is an educational awareness piece from Larimer County Sheriff's Office highlighting current scam trends affecting Northern Colorado residents, particularly seniors. Chief Scambuster Barbara Bennett presents 20+ active scams including romance schemes, impersonation frauds (bank, IRS, law enforcement), tech-based scams (DocuSign phishing, hacked Facebook accounts), and marketplace fraud, while proposing a confidential support group for scam victims and their families to address shame and isolation barriers to reporting.
insight.scmagazineuk.com
The United Nations Office on Drugs and Crime (UNODC) reports that Southeast Asian cyber fraud networks operating billion-dollar scams are expanding globally through "one-stop-shop" digital marketplaces, establishing new hubs across Africa and collaborating with South American drug cartels despite law enforcement takedowns in Laos, Myanmar, and the Philippines. These industrialized criminal enterprises increasingly target individuals worldwide with sophisticated social engineering and emotional manipulation tactics, including romance scams and fake investment schemes that exploit human vulnerabilities. Experts warn that technological defenses alone are insufficient; comprehensive user education and cybersecurity awareness training are critical to combating these expanding criminal operations.
news18.com
A stamp vendor in Sant Kabir Nagar, Uttar Pradesh, lost Rs 2.05 lakh after fraudsters borrowed his mobile phone under the pretense of making a call, then used it to port his SIM card to another company and withdraw funds from his bank account via OTP within 10 minutes. Police registered a case against four suspects aged 25-30 and launched an investigation, while experts advised against sharing phones with strangers and recommended regularly changing passwords to prevent such SIM swap attacks.
states.aarp.org
In June 2024, Mary Ellen Strange, a retired nurse from Indiana, fell victim to an elaborate impersonation scam in which fraudsters posing as Amazon, FTC, and federal agents convinced her she faced serious federal crimes including money laundering and child pornography. The scammers used a fake "alternative dispute resolution" process to manipulate Strange into withdrawing large amounts of cash from her bank under the false premise that she would receive restitution and clearance letters from government officials. This case illustrates a common elder fraud tactic combining authority impersonation, fear-based manipulation, and false promises of resolution.
local.aarp.org
Mary Ellen Strange, a retired nurse from Indiana, fell victim to an elaborate impersonation scam in June 2024 where fraudsters posing as Amazon, FTC, and federal officials falsely accused her of money laundering, drug trafficking, and other federal crimes. The scammers convinced her to withdraw cash from her bank accounts under the guise of an "alternative dispute resolution" process, exploiting her fear of legal consequences and promises of eventual restitution. This case illustrates how sophisticated fraud schemes manipulate victims through authority impersonation and psychological manipulation, with the victim's story being shared as part of AARP's awareness campaign to encourage fraud victims to speak publicly about their
aol.com
Charlie Javice, founder of the fintech startup Frank, was convicted in March of fraud and conspiracy for deceiving JPMorgan Chase into acquiring her company for $175 million by falsifying user data. Javice fabricated millions of fake user accounts (paying a data scientist $18,000 to generate them) to inflate Frank's actual customer base of less than 10% of the claimed 4 million users, which JPMorgan failed to independently verify during due diligence. The case has drawn comparisons to the Elizabeth Holmes/Theranos fraud scandal and highlights critical lessons about investor due diligence and the dangers of over-reliance on company-provided data without independent cor
people.com
JPMorgan Chase is pursuing additional lawsuits against customers who exploited an "infinite money glitch" discovered in August 2024, which allowed users to deposit fraudulent checks via ATM and withdraw funds before the checks bounced. The bank has filed suits in Georgia, Florida, New York, and Texas against individuals accused of stealing amounts up to $75,000 each, and has sent demand letters to over 1,000 customers since October 2024, with a representative stating the bank will pursue cases "for as long as it takes to hold fraudsters accountable."
globalinitiative.net
This article discusses the growing threat of online fraud and cybercrime involving India and the United States, highlighting how scammers exploit weak data security and leverage generative AI. India serves as both a hub for scam operations targeting Western victims through fake tech support and loan schemes, and increasingly, a source of victims itself, with Indian nationals being trafficked to scam compounds in Cambodia and exploited to defraud others. The article calls for the US and India to strengthen cooperation against these transnational fraud networks, particularly regarding data breaches—such as the 2023 theft of 815 million Indian citizens' personal information—that provide scammers with the databases they need to target vulnerable populations
aljazeera.com
A UN report warns that Asian-based cybercrime syndicates operating primarily from Myanmar, Cambodia, and Laos have caused an estimated $37 billion in losses across East and Southeast Asia through fake investment, cryptocurrency, and romance scams, with operations now expanding to Africa, South America, the Middle East, and Pacific island nations. The criminal networks, which often employ trafficked workers, have adapted by establishing international money laundering partnerships with drug cartels and mafia organizations while using encrypted digital ecosystems and cryptocurrency to evade law enforcement. Despite temporary disruptions from recent crackdowns that freed approximately 7,000 trafficked workers, UN officials warned that the syndicates quickly migrate operations to new regions
euronews.com
Transnational organized crime groups from East and Southeast Asia are expanding scam operations globally, with the UNODC estimating hundreds of industrial-scale scam centers generating nearly $40 billion in annual profits through romance scams, fake investments, and illegal gambling schemes. These operations are spreading to Africa, Latin America, the Middle East, and Pacific islands as authorities intensify crackdowns in Southeast Asia, while emerging technologies like AI, deepfakes, and cryptocurrency facilitate "crime as a service" models that enable rapid adaptation and money laundering networks.
aarp.org
An AARP report found that approximately 41 percent of American adults (110.1 million people) have experienced fraud or had sensitive information stolen and used fraudulently, a dramatic increase from an estimated 15 percent a decade ago. The report reveals that Americans reported a record $12.5 billion stolen in 2024 according to the FTC, though actual losses are likely much higher when accounting for underreporting; older adults lose more money on average than younger victims, and Black respondents reported the highest victimization rate at 50 percent. Adults 50 and older express significantly higher worry about fraud (64 percent rating their concern 6-10 on a scale)
thenigerianvoice.com
Many Nigerians lost over N1.3 trillion in the collapsed CBEX Ponzi scheme due to insufficient education about scam detection and fraud prevention, according to internet safety expert Rotimi Onadipe. Onadipe emphasized that scammers use increasingly sophisticated tactics to deceive victims, and stressed that proper fraud awareness education is the strongest defense against such schemes. He noted that the financial losses could have been prevented through better public understanding of how to identify and avoid fraudulent investment platforms.
goldrushcam.com
In 2024, consumers lost $470 million to text message scams—five times the amount reported in 2020—with fake package delivery alerts and bogus job opportunities being the most common types reported to the FTC. Other frequent scams included fake fraud alerts from banks, fake toll payment warnings, and "wrong number" scams that often escalate into romance scams involving investment requests. Consumers are advised to forward suspicious texts to 7726, report through their phone's messaging app or the FTC website, avoid clicking links in unsolicited messages, and verify any claims through official company contact information.
yahoo.com
The U.S. Secret Service seized the website NFT-UNI.com, which was used in a "pig butchering" cryptocurrency scam that defrauded victims of over $4.5 million from November 2023 to March 2024, including a New York victim who lost $172,405.61. In pig butchering scams, fraudsters build trust with victims through fake online relationships before directing them to fraudulent crypto investment platforms where funds are laundered and disappear. Older Americans are particularly targeted, with the FBI reporting that individuals over 60 lost $3.4 billion to investment fraud in 2023, with cryptocurrency schemes representing $2
kashmirdotcom.in
Former Minister and MLA Bandipora Usman Majid has alleged that a Drug De-Addiction Centre, One-Stop Centre, and Senior Citizens' Home in Bandipora are being operated under corrupt control by government employees and contractors, with funds from the Central Ministry of Social Justice allegedly being embezzled rather than used for their intended purposes. He claims unqualified employees—many relatives of top officials—have occupied positions for over three years without proper oversight, and staff frequently absent themselves except during official inspections. Majid has called for an immediate government investigation and stringent action against those responsible for what he characterizes as exploitation of public funds and central welfare schemes.
missioncityrecord.com
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