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au.finance.yahoo.com
Meta received a Shonky Award for failing to protect Australians from scams, as social media fraud losses reached $95 million in 2024, with a Queensland retiree losing $110,000 in a fake celebrity investment scam that remained on Facebook for six to eight weeks. Scams on Meta platforms (Facebook, Instagram, WhatsApp) account for 76% of all reported social media scam losses, and CHOICE found that Meta's response times to reported fraudulent ads were inconsistent, with some remaining live for at least four days. The Australian government has introduced legislation imposing fines up to $50 million on social media platforms and other companies that
thehindu.com
A 74-year-old woman in Hyderabad lost ₹37.9 lakh in retirement savings to a fake money laundering account scam, while a 63-year-old man lost ₹50 lakh to a WhatsApp stock trading fraud—part of a rising trend of sophisticated cyber crimes targeting India's elderly population. Research and expert analysis reveal that older adults are particularly vulnerable because they often underestimate their cognitive decline, experience reduced cognitive flexibility and increased impulsivity, and may be unaware of these changes, while scammers deliberately target lonely seniors and exploit emotional manipulation and false profit promises. India's estimated 3.8 million people living with dem
justice.gov
Four Nigerian citizens were sentenced to federal prison for operating international romance scams targeting U.S. victims from 2017 to 2021, with sentences ranging from 30 to 60 months. The defendants created fake identities on dating sites and social media to build romantic relationships with victims, then solicited money for emergencies, with losses ranging from thousands to over $400,000 per victim. The defendants functioned as "money mules," laundering proceeds through multiple bank accounts and shell companies to conceal the scheme's origins.
actionnews5.com
Four Nigerian citizens were convicted of operating romance scams across the United States between 2017 and November 2021, defrauding victims out of thousands to hundreds of thousands of dollars each by creating fake identities on dating websites and social media to build false romantic relationships and solicit emergency financial assistance. The defendants acted as "money mules," laundering stolen funds through multiple bank accounts and shell corporations to obscure the money trail; one victim in Tennessee alone lost over $400,000. The four received federal prison sentences ranging from 30 to 60 months, with sentencing occurring between April and October 2024.
localmemphis.com
Four Nigerian citizens were sentenced to federal prison for operating romance and investment scams between 2017 and 2021, using fake identities on social media and dating platforms to build relationships with victims before requesting money transfers. The scheme affected multiple victims across the U.S., with one West Tennessee victim losing over $400,000, and the defendants acted as money mules moving proceeds through bank accounts and shell companies. Sentences ranged from two-and-a-half to five years in federal prison.
insidebitcoins.com
Shizuku Ida, a 27-year-old woman, defrauded approximately 100 men of roughly 100 million yen ($656,000) through an elaborate romance scam conducted on social media and dating apps. Using the alias "Yuu," Ida posed as a hostess and fabricated emotionally compelling stories—including claims of lost money, unpaid debts, and suicidal ideation—to manipulate victims into sending money, which she spent on internet casinos and entertainment. She was arrested after defrauding a Yamagata man of 346,000 yen in October, with experts noting that the lack of face-to-
mcknightsseniorliving.com
From July 2023 to June 2024, the Department of Justice pursued over 300 enforcement actions against 700+ defendants who stole nearly $700 million from 225,000 elder fraud victims, while recovering $31 million and providing services to 230,000+ older adults. Investment scams caused the highest losses at $1.2 billion, followed by tech support scams ($590 million), business email compromise ($382 million), romance scams ($357 million), and government impersonation scams ($180 million), with the DOJ's National Elder Fraud Hotline receiving over 50,000 calls in the past year.
local.aarp.org
Family caregivers play a crucial role in protecting older adults from fraud, as seniors lose billions annually to scams including tech support, lottery, grandparent, investment, imposter, and romance schemes. AARP recommends caregivers maintain open communication with loved ones, educate them about common fraud tactics, establish protective financial measures, and monitor for signs of social isolation that increase scam vulnerability. Resources and guidance are available at www.aarp.org/fraud to help families prevent and respond to fraud targeting older adults.
m.malaysiakini.com
Malaysia's Communications and Multimedia Commission released a draft Code of Conduct requiring internet messaging and social media service providers to remove harmful content—including financial scams (phishing, romance scams, investment scams), child sexual abuse material, and other illegal content—with dedicated moderation teams and prompt law enforcement cooperation. Service providers must establish systems for identifying and removing such content, take action against violators, and submit half-yearly safety reports to demonstrate compliance. The code applies to platforms with at least eight million Malaysian users that obtain a Class Licence by January 1, 2025, though the author raises concerns about potential overreach and arbitrary enforcement given the regulatory framework's vague provisions and annual license renewal requirements.
en.themooknayak.com
Tamil Nadu Police reported a surge in cybercrimes across the state in 2024, with Chennai registering 1,679 cases (1,589 involving financial fraud) resulting in approximately Rs 189 crore in losses, and Coimbatore experiencing Rs 93 crore in cybercrime losses. Common scams include online share trading fraud, "Digital Arrest" scams, job and matrimonial frauds, and authorities have frozen Rs 49.25 crore of Rs 98 crore in reported losses. Police urge victims to report cases immediately to the National Cyber Crime Reporting Portal (1930 helpline) within 24 hours, as
states.aarp.org
Fraud targeting veterans, service members, and their families cost $477 million in 2023, with over 85% of veterans encountering service-related scams in the past year. Scammers commonly impersonate the VA to threaten benefit cuts or demand payment of bogus fees, or pose as veterans offering fraudulent investment opportunities with special deals. The VA and White House launched fraud prevention resources including Vsafe.gov and a call center (833-388-7233) to help veterans identify and report scams.
singaporelawwatch.sg
I cannot provide a meaningful summary of this content. The material appears to be a news feed or index listing from Singapore legal and business publications, containing only headlines and dates without article text or substantive details. While some headlines reference legal matters (bribery, fraud schemes, enforcement actions), there is insufficient information about any specific elder fraud, scams, or elder abuse incidents to create a summary for the Elderus database. To properly summarize content for this resource, please provide the full article text.
jamaica-gleaner.com
This educational article outlines key strategies for protecting oneself from cyberscams, emphasizing the "three S's": stay suspicious, stop to think, and stay protected. Common scam tactics exploit fear, urgency, and money as bait, with particular vulnerability among seniors and isolated individuals through romance scams, job scams, robocalls, and impersonation schemes; experts recommend verifying contacts through official channels and using reverse-image searches to identify fake profiles.
indiatvnews.com
India experienced a significant cybercrime surge in 2024, with approximately Rs 120.3 crore lost to "digital arrest" scams from January to April alone, where criminals impersonate law enforcement via video calls to coerce victims into paying money under threat of arrest. The Telecom Regulatory Authority of India (TRAI) warned of related scams involving fake service disconnection threats, while the National Cybercrime Reporting Portal recorded 7.4 lakh complaints in Q1 2024, reflecting a steep increase from previous years. Victims should report suspicious calls through official portals and avoid making payments when threatened with legal action or service interruptions.
legalserviceindia.com
India's Securities and Exchange Board of India (SEBI) has prohibited transactions through "mule accounts"—bank or brokerage accounts used to conceal the true identity of individuals conducting illegal financial activities such as market manipulation, insider trading, and money laundering. The regulatory action targets a growing threat to market integrity, as rising digital trading platforms have made it easier for criminals to create mule accounts using fake or stolen identities to artificially inflate or deflate stock prices and mislead investors. This 2024 amendment strengthens SEBI's enforcement framework to enhance transparency, accountability, and investor protection in Indian securities markets.
abc7chicago.com
The Better Business Bureau warned of seven major holiday scams targeting consumers during the shopping season, including misleading social media ads, illegal gift exchange schemes (pyramid schemes), fraudulent holiday apps, phishing texts claiming account compromises, free gift card scams, employment fraud targeting seasonal job seekers, and fake look-alike websites. Consumers are advised to research businesses before purchasing, check privacy policies, avoid clicking links in unsolicited messages, and contact companies directly rather than through links in suspicious emails or texts.
boston25news.com
Boston Police Department warned the public of a scam targeting seniors in which fraudsters impersonate government officials or tech support workers, claiming bank accounts have been compromised and directing victims to withdraw cash or purchase precious metals like gold and silver. The scammers then arrange for a "courier" to collect the funds in person using a code word, disappearing with the money and never returning. Police advised the public to avoid unsolicited requests to buy metals, never meet strangers to hand over cash, and refrain from clicking links or calling numbers from unknown senders.
news18.com
The Enforcement Directorate filed a writ petition with the Jharkhand High Court alleging that the state government failed to respond to 47 FIRs and multiple corruption complaints involving at least three ministers and four IAS officers over alleged scams in land, mining, sand, coal, and MGNREGA sectors between September 2022 and September 2024. The ED claims the state deliberately stonewalled investigations into what it characterizes as systematic corruption, while the ruling JMM party counters these are politically motivated allegations by the BJP ahead of assembly elections.
keysnews.com
A California financial advisor, Paul Horton Smith, was convicted in January of operating a $24 million Ponzi scheme called "Northstar" from 2000 to 2020, defrauding hundreds of elderly victims who believed they were investing in annuities or real estate. Elder fraud reports nationally increased 14% in 2023 with losses exceeding $3 billion annually, taking forms ranging from investment scams and romance scams to government impersonation, with emerging threats including AI-generated voice impersonation. To protect themselves, seniors should verify advisor credentials through BrokerCheck and IAPD databases, work with transparent advisors who maintain client fund access,
dfpi.ca.gov
This is an educational resource providing guidance on reporting elder financial abuse. It directs victims and concerned parties to contact local Adult Protective Services offices or law enforcement, and provides specific reporting forms (SOC 341 for general reporters and SOC 342 for financial institution employees) along with additional support resources including the Bar Association of San Francisco's referral service, Seniors Against Investment Fraud, and the National Elder Care Locator.
thehindu.com
**Summary:**
An Associate Professor at a Government Medical College in India lost ₹76.5 lakh ($92,000 USD) to an online trading scam after encountering a YouTube advertisement for trading guidance that led him to a WhatsApp group posing as legitimate investors. The scammers built his confidence through fake investment screenshots and tutorials before directing him to a fraudulent website where they promised 30% returns on Indian and U.S. stocks; he discovered the fraud when a withdrawal was blocked and he was told he owed a ₹50-lakh fee to a fake "Qualified Institutional Buyers Association." Tamil Nadu police have registered a case and are investigating suspects believed to be operating
occrp.org
German and Cypriot authorities arrested four men and dismantled 13 fake investment platforms operating an $11 million investment fraud scheme that targeted approximately 170 German investors. The organized crime group used sophisticated fake websites, fabricated celebrity endorsements, and a call center posing as professional traders to convince victims their money was generating high returns, though all funds were stolen and never invested. Officials seized cash, luxury watches, and vehicles across 13 raid locations in this operation coordinated by Eurojust.
mpacorn.com
Debbie Deem, a retired FBI victim specialist, volunteers as a fraud intervention coach in Camarillo, California, providing free counseling and education to community members who have fallen victim to scams and fraud. She emphasizes that fraud disproportionately affects older adults (particularly those aged 70-79) and isolated individuals, with victims in her caseload losing anywhere from $500 to $5 million, and some losing their homes entirely. Emerging technologies like artificial intelligence and cryptocurrency are making sophisticated scams—including romance investment fraud, charity fraud, and romance scams—increasingly difficult to combat and devastating to victims often living on fixed incomes.
irishtechnews.ie
This educational piece discusses the prevalence and types of online scams targeting seniors, drawing parallels between modern cyber-scammers and historical fraud schemes. In 2023, the Canadian Anti-Fraud Centre processed 62,365 fraud reports totaling over $554 million in losses, with seniors especially vulnerable due to their trust and familiarity with traditional communication. Common scams include phishing emails, tech support pop-ups, fraudulent government calls threatening legal action, and romance scams, with the article emphasizing that skepticism, verification of requests, and avoiding hasty responses are key protective measures.
wydaily.com
Online scams caused an estimated $1 trillion in global losses in 2023, with Americans over 60 experiencing more than $3.4 billion in losses that year, primarily through tech support scams and investment schemes involving cryptocurrency. Experts are convening at the Global Anti-Scam Summit in November 2023 to develop cross-industry and international strategies to combat increasingly sophisticated scams that operate across multiple countries. The FBI advises people to consult trusted friends and family before responding to suspicious communications and warns of scammers exploiting the 2024 election for fraud.
indiatoday.in
Multiple victims in India lost significant sums—including a man from Udupi who lost Rs 14 lakh and a 63-year-old from Hyderabad who lost Rs 50 lakh—after being added to WhatsApp groups by scammers posing as financial advisors offering stock market tips and high returns. The scammers directed victims to download fraudulent investment apps (such as "Causeway" and "Skyrim Capital"), where victims initially saw fake profits but were then locked out when attempting to withdraw funds. The article advises protecting oneself by avoiding unknown contacts online, being wary of guaranteed or extremely high returns (a hallmark of fraud), an
indiatvnews.com
An Udupi man lost Rs 14 lakh and a 63-year-old Hyderabad man lost Rs 50 lakh in fake investment scams involving WhatsApp groups promoting bogus trading apps ("Causeway" and "Skyrim Capital") that promised unrealistic returns and locked victims out of their accounts after deposits. Scammers exploit seniors' unfamiliarity with technology by adding them to fraudulent investment groups and fake apps designed to appear legitimate, making it critical for users to verify apps through official stores, avoid unsolicited investment groups, and consult certified financial advisors rather than relying on messaging app recommendations.
justice.gov
Fraud in Utah has increased significantly, costing residents $55.2 million in the first half of 2024 compared to $36.4 million in 2023, with imposter scams ranking among the top fraud schemes in the state. The U.S. Attorney's Office for the District of Utah is prioritizing financial crime prosecutions, recently securing convictions and sentences including a 72-month sentence for a romance scam causing over $6 million in losses and a 50-month sentence for agricultural fraud totaling $1.2 million. Citizens are encouraged to report fraud to the Internet Crime Complaint Center (IC3) at ic3.gov or the FTC at
timesofsandiego.com
The San Diego Seniors Community Foundation and FBI are hosting free Elder Fraud Prevention seminars during International Fraud Week to educate seniors about recognizing and avoiding scams. In 2023, seniors over age 60 reported losses exceeding $3.4 billion to the Internet Crime Complaint Center, with tech support fraud being the most common crime type affecting this age group ($600 million in losses) and investment scams being the costliest ($1.2 billion). The seminars will cover common fraud schemes including romance scams, tech support fraud, cryptocurrency scams, and investment fraud.
kgun9.com
Arizona experienced a 36% surge in elder fraud cases from 2022 to 2023, prompting the Green Valley Council to host Fight Fraud Day at a local recreation center, where the Pima County Sheriff's Department warned residents about evolving scams including voice cloning, number spoofing, and romantic fraud schemes that increasingly target the retirement community. The presentation demonstrated how artificial intelligence and voice cloning technology are being weaponized to impersonate family members and create fraudulent stories, with Green Valley residents reporting 2-3 scam attempts daily ranging from telephone fraud to compromised bank accounts. The PCSD provided fraud prevention resources and encourages residents to remain skeptical of unsolic
nemasket.theweektoday.com
Two men, Roberto Munoz and Jason Rhodes, were arrested for serving as couriers in a multi-state "grandparent scam" that targeted elderly residents, including those in Lakeville, collecting approximately $230,000 from victims across Rhode Island and Massachusetts in early March. The scam involved fraudsters posing as family members, attorneys, or law enforcement officials to convince elderly victims their grandchildren needed bail money, which the couriers then collected in person. Both men faced federal charges of conspiracy to commit wire fraud and aggravated identity theft.
graphic.com.gh
Two Ghanaian nationals and one U.S. resident were convicted for operating a romance scam that defrauded elderly Americans between March 2019 and March 2022 by creating fake romantic relationships and convincing victims to send money. Sadia Alhassan and Mohammed Saaminu Zuberu, along with co-conspirator Shawn William Smith, were sentenced to prison terms and ordered to pay $581,261.67 each in restitution for their roles as money handlers and coordinators funneling victim funds to scammers based in Ghana. The operation involved receiving packages of cash from victims via postal services, converting funds to money orders
yahoo.com
Urvishkumar Vipulkumar Patel, 21, of South Boston was indicted on conspiracy to commit wire fraud charges for his role in a scheme that defrauded a 75-year-old Berkshire County man of approximately $500,000 between February and October. A co-conspirator posed as U.S. Treasury Department official "Sam Wilson" and convinced the victim to withdraw cash and place it in boxes for "safekeeping," with couriers (including Patel) collecting the funds using predetermined security procedures before authorities apprehended Patel in North Adams. The investigation is ongoing, and the conspiracy charge carries a potential sentence of
boston25news.com
A 21-year-old South Boston man, Urvishkumar Vipulkumar Patel, was indicted on wire fraud conspiracy charges for his role in a scheme that defrauded a 75-year-old Berkshire County victim of approximately $500,000 between February and October. The scam involved a co-conspirator impersonating a U.S. Treasury Department official who falsely claimed the victim was involved in money laundering and instructed him to withdraw cash and place it in marked boxes for couriers to collect; Patel was arrested after attempting to pick up one of these boxes in North Adams on October 7.
dhs.gov
Two men, Roberto Munoz (29) of Florida and Jason Rhodes (34) of New York, were charged federally in November 2024 with conspiracy to commit wire fraud and aggravated identity theft for operating as couriers in grandparent scams targeting elderly victims across multiple states. Operating in March 2024, Munoz and Rhodes collected approximately $230,000 from victims in over a dozen communities in Rhode Island and Massachusetts by posing as family members, attorneys, or law enforcement and directing seniors to pay fake bail or legal fees; they were arrested after police set up surveillance at a victim's home where one grandparent couple had already paid $18,000.
timesofindia.indiatimes.com
Police in Telangana's various districts conducted awareness programs alerting senior citizens to rising cybercrime threats, with particular focus on "digital arrest" scams where fraudsters pose as police officers and use video calls to intimidate victims into surrendering money by claiming they or their relatives are in legal trouble. Senior citizens were advised against clicking suspicious links, sharing OTPs, accepting video calls from strangers, and engaging with offers of quick money through jobs, stock trading tips, or fake health/insurance schemes. Authorities emphasized that legitimate police will never conduct "digital arrests" or make unsolicited video calls to residents.
newsbytesapp.com
India is experiencing a surge in online scams targeting elderly citizens, with a 63-year-old Hyderabad man losing ₹50 lakh after being deceived by a fake stock market scheme on WhatsApp that promised unrealistic returns through fabricated profits and false endorsements from a fraudulent platform called "Skyrim Capital." Scammers are also increasingly using deepfake videos of prominent business leaders to lure victims into trading platform scams, with two Bengaluru residents losing significant amounts after being convinced by manipulated videos purporting to show endorsements from Narayana Murthy and Mukesh Ambani. Authorities recommend that elderly individuals avoid unver
livemint.com
A 63-year-old man from Hyderabad lost ₹50 lakh after being recruited into a fraudulent stock market scheme via WhatsApp, where a scammer posing as financial advisor "Kunal Singh" promised exceptional returns and directed victims to invest through a fake platform called "Skyrim Capital." The article also documents two separate cases in Bengaluru where victims lost money (including ₹19 lakh) after being deceived by deepfake videos featuring prominent business figures promoting fraudulent trading platforms. Authorities advise elderly citizens to avoid joining unverified investment groups on messaging apps and recognize guaranteed high returns as a major red flag.
indiatoday.in
A 63-year-old man from Hyderabad lost Rs 50 lakh after joining a WhatsApp group called "Stock Discussion Group" where a scammer posing as financial advisor Kunal Singh promised returns as high as 500 percent and directed victims to invest through a fraudulent platform called Skyrim Capital. The victim was initially shown small profits to build confidence, then pressured to make increasingly larger investments across multiple accounts before discovering the scam when withdrawal requests were denied. The article advises elderly individuals to avoid investment groups on messaging platforms unless verified, to be wary of guaranteed high returns, and to consult certified financial advisors before investing.
indiatvnews.com
A 63-year-old man in Hyderabad lost ₹50 lakh after joining a fraudulent "Stock Discussion Group" on WhatsApp where a scammer posed as financial advisor "Kunal Singh," promised unrealistic returns, and funneled him to a fake platform called "Skyrim Capital." Simultaneously, scammers in Bengaluru used deepfake videos of prominent business figures Narayana Murthy and Mukesh Ambani to defraud elderly investors, with victims like Ashok Kumar losing ₹19 lakh. Authorities warn senior citizens to avoid unverified financial groups on social media, verify investment advisors
realclearmarkets.com
Truth Social users lost hundreds of thousands of dollars to various scams on the platform, primarily involving cryptocurrency schemes, highlighting broader fraud vulnerabilities across social media and digital payment systems. The article argues that Senator Elizabeth Warren's "Protecting Consumers from Payment Scams Act" would be ineffective and counterproductive, as it would force banks to reimburse users for authorized P2P payments made through platforms like Zelle and Venmo, potentially incentivizing scammers to target these services more aggressively while raising costs for legitimate users. The piece contends that while payment platforms have robust safety tools, Congress cannot legislatively prevent consumer mistakes in complex fraud schemes.
wral.com
North Carolina Attorney General Josh Stein warned voters to avoid multiple scams around Election Day, including fake poll closure notices, false claims that voting can occur via text or email, and absentee ballot scams requesting fees. Additional threats include polling scams requesting sensitive information and "campaign investment pool" schemes falsely promising returns on donations if a candidate wins. Residents should report suspected election scams to the NC Consumer Protection Division at www.ncdoj.gov/complaint or 1-877-5-NO-SCAM.
justice.gov
A 21-year-old South Boston man was indicted for his role in an elder fraud conspiracy that defrauded a 75-year-old Berkshire County victim of approximately $500,000 between February and October 2024. The scheme involved a co-conspirator impersonating a U.S. Treasury Department official who convinced the victim to withdraw cash and hand it to couriers using prearranged passpins; the defendant was arrested while attempting to collect one of the cash boxes. The charge of conspiracy to commit wire fraud carries a potential sentence of up to 20 years in prison.
lifehacker.com
Last year saw 2.6 million fraud reports with $10 billion in losses, as scammers employ psychological manipulation tactics to deceive victims. The article identifies three primary techniques scammers use: impersonating authority figures to exploit deference, creating time pressure and artificial scarcity to trigger emotional responses, and using incremental requests (foot-in-the-door) to gradually escalate victim cooperation. Awareness of these tactics—such as recognizing that legitimate authorities welcome verification and that legitimate businesses never demand snap decisions—can help people protect themselves from Romance Scams, Impostor Scams, Delivery Scams, and similar frauds.
theglobeandmail.com
Scammers are increasingly using artificial intelligence—including deepfakes, convincing emails, and fake trading bots—to perpetrate investment fraud, with a Canadian study showing people invested 22% more in AI-enhanced scams compared to traditional ones. Vulnerable populations include elderly investors, recent immigrants, and younger self-directed investors, with documented cases including a man from Barrie, Ontario who lost $11,000 to a deepfake video of Justin Trudeau in September 2023. The Ontario Securities Commission found that investor education about warning signs reduced AI scam investments by 10%, while technology-based detection tools proved most effective, reducing fraudulent investments by nearly one-
theregister.com
Shan Hanes, CEO of Heartland Tri-State Bank in Kansas, was sentenced to 24 years in prison after embezzling $47.1 million from the bank, a local church, and an investment club in an 8-week period after being lured into a "pig butchering" cryptocurrency scam via WhatsApp. The scam crashed the bank and devastated the small city of Elkhart; the FBI recovered approximately $8 million in stolen funds that will be returned to victims. Hanes exploited his position of trust and 30-year tenure at the bank to authorize fraudulent wire transfers without serious oversight.
thehindu.com
A 63-year-old man from Hyderabad lost ₹50 lakh (approximately $60,000 USD) to a stock trading scam that began when he joined a WhatsApp "Stock Discussion Group" promoted by a fraudster claiming to be financial expert Kunal Singh. The scammer lured the victim through fake online classes promising high returns, then directed him to invest through a fraudulent platform called Skyrim Capital, using multiple bank accounts and beneficiary names for each transaction. The victim filed a complaint with Hyderabad cyber crimes police after realizing the fraud.
commbank.com.au
This article identifies the five most common scams affecting Australians: investment scams (where fake ads lead to fraudulent investment offers), remote access scams (where scammers gain device access via phone impersonation), romance scams (involving fake online identities and requests for money), phishing (fraudulent emails/texts impersonating legitimate sources), and payment redirection scams (using fake email addresses to redirect business payments to fraudulent accounts). The article provides descriptions of how each scam operates and warning signs to watch for, serving as an educational guide for consumers to recognize and avoid these fraud schemes.
ckom.com
Saskatoon Police Service warned the public about "pig butchering" cryptocurrency scams, which begin with unsolicited contact via text, email, or dating apps and use romance and fake investment promises to defraud victims. Fraudsters gain trust, direct victims to fraudulent investment platforms showing false returns, then demand additional fees before cutting off contact, often leaving victims with losses of tens or hundreds of thousands of dollars. Police advise Canadians to avoid unsolicited investment offers, consult registered financial professionals, and report suspected fraud to the Canadian Anti-Fraud Centre and local authorities.
business-live.co.uk
HSBC UK has alerted nearly two million customers, particularly those over 65, about a gold impersonation scam where criminals pose as police or bank officials to convince victims to purchase gold and hand it over under the pretense of safekeeping or evidence collection, with victims losing hundreds of thousands of pounds. The bank reports a significant surge in scam activity between July and September 2024, including investment fraud (averaging £33,739 losses), bank/police impersonation (averaging £20,772 losses), and romance scams (averaging £31,000 losses), with September 2024 marking the highest rate of scam incidents in the past year.