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6,060 results in Investment Fraud
timesofindia.indiatimes.com
A 48-year-old civil contractor from Pimpri lost Rs 21 lakh in an online share trading scam between July and August after responding to a stock market investment advertisement on social media. The scammer added the victim to a messenger group, promised high returns, and convinced him to transfer Rs 20.9 lakh to multiple bank accounts before becoming unresponsive and blocking contact. The Pimpri Chinchwad police registered a case after the victim filed a complaint with the cyber crime cell and are investigating using the contractor's bank transaction details.
prnewswire.com
Brookdale Senior Living released educational guidance on protecting seniors from fraud, noting that crimes against seniors totaled over $3.4 billion in losses in 2023, with more than 100,000 complaints filed by people over 60—an 11% increase from the previous year. The article identifies common scam types including tech support scams, romance scams, investment schemes, and non-payment fraud, advising seniors to recognize red flags such as urgent demands for payment, requests for wire transfers or cryptocurrency, and threats from authorities. Resources provided include awareness information at Brookdale.com and the National Elder Fraud Hotline (833-372-8311) for reporting suspecte
afr.com
Investment scams cost Australian victims $382 million in 2023-24, with people under 50 representing more than half of victims, a shift from traditional elder fraud patterns. Cryptocurrency investments accounted for approximately $180 million of losses, indicating that younger Australians facing cost-of-living pressures are increasingly targeted by fraudsters offering get-rich-quick schemes.
Investment Fraud Cryptocurrency
khaleejtimes.com
A dating app scam ring operating in Dubai uses fake female Tinder profiles to lure men to complicit nightclubs in Business Bay and Dubai Marina, where they are pressured into ordering expensive drinks and food, resulting in bills ranging from Dh3,000 to Dh10,000 before the scammers disappear and block contact. The scheme, which involves at least six nightclubs and two identified individuals including a nightclub manager and a European woman, exploits an extreme version of upselling tactics and has victimized multiple Dubai residents who reported the fraud on online forums. While victims have little chance of recovering their money, some have negotiated reduced bills through confrontation with establishments.
finance.yahoo.com
A GOBankingRates survey found that Gen Z and millennials fall victim to financial scams at higher rates than older generations, with 35% experiencing phone-related scams compared to 25% of Gen Xers, and 18% of Gen Zers victimized by Social Security scams versus less than 2% of seniors. Fraud prevention experts attribute this vulnerability to younger generations' greater trust in digital platforms, overconfidence in spotting scams, financial pressures, and exposure to recruitment into fraudulent activities on social media, despite 81% of Gen Z believing they can identify AI-generated fraud.
justice.gov
Anthony Moulder and Abdou-Rahmane Diallo were sentenced to 10 and 7.5 years in prison, respectively, for operating fraudulent magazine subscription schemes that defrauded over 20,000 elderly and vulnerable victims of approximately $116.6 million between 2008 and 2020. Moulder's Florida-based companies used deceptive sales scripts and purchased consumer lists to solicit unwanted subscriptions, while Diallo's Canadian operation targeted previous fraud victims by impersonating a "magazine cancellation department" and falsely promising to eliminate their existing subscriptions in exchange for large payments. Both men pleaded guilty to fraud charges and were prosecute
marinij.com
Two defendants, Ronnie Curtis Baker and Kimberly Marie Mallory, pleaded not guilty to charges of defrauding an 80-year-old Greenbrae resident of approximately $250,000 in a financial scheme involving false contractor representation and money laundering of around $230,000. Baker, posing as a licensed contractor, and Mallory, a public notary, face multiple charges including elder theft, grand theft by false pretenses, mortgage fraud, and money laundering. The case is scheduled to return to Marin County Superior Court on September 26.
finance.yahoo.com
Seven Maryland residents lost a combined $6.3 million in a gold bar scam where fraudsters posed as federal agents and claimed to be safeguarding assets from identity theft or foreign threats, directing victims to convert cash into gold bars for courier pickup by fake "FBI agents." The Montgomery County State's Attorney's Office believes approximately 20 victims total were targeted in what officials describe as organized crime with international links to India and China, with scammers able to transport the untraceable gold across borders. Seniors are particularly vulnerable, with people over 60 reporting $3.4 billion in cyber fraud losses nationally in 2023.
uk.finance.yahoo.com
This article identifies common red flags for financial scams, including unsolicited communications, poor grammar, unfamiliar sender information, requests for specific personal data, and time-sensitive offers. Financial experts explain why people still fall victim despite these warning signs: scammers use increasingly sophisticated techniques, AI-generated messages, spoofed contact information, and psychological pressure tactics to appear legitimate. Additional red flags include too-good-to-be-true investment promises, lack of online presence, pressure tactics, requests for unusual payment methods like gift cards or cryptocurrency, and impersonation of trusted organizations.
lowyat.net
Former Heartland Tri-State Bank CEO Shan Hanes was sentenced to 24 years in prison for illegally wiring $47.1 million from the bank in a "pig butchering" cryptocurrency scam, ultimately causing the bank's collapse. The scheme harmed multiple victims including church funds, investment clubs, and children's college savings, resulting in $9 million in losses for bank investors and forcing the FDIC to absorb the $47 million loss. Hanes faces an additional 28 charges in North Dakota with a potential 86-month sentence scheduled for trial in October.
abilene-rc.com
Detective Kevin Landers of the Abilene Police Department outlines common scams targeting seniors, including romance, lottery, sweepstakes, and government impersonation schemes where callers demand payment via gift cards or bitcoin. Seniors are frequently targeted because they tend to be trusting, have savings, own homes, and maintain good credit, though scammers prey on people of all ages. Landers recommends protecting oneself by verifying unsolicited offers online, resisting pressure to act quickly, monitoring credit reports annually, and stopping communication with suspected scammers immediately.
djc.com
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A California financial advisor, Paul Horton Smith, was convicted in January of operating a Ponzi scheme called "Northstar" that defrauded more than $24 million from hundreds of clients over two decades (2000-2020), with the majority of victims being elderly. Smith was barred from working in the financial services industry following his guilty plea. The case demonstrates how long-running investment fraud schemes can operate while targeting vulnerable populations.
timesofindia.indiatimes.com
A 65-year-old retired employee from Chinchwad, Pune lost Rs21.5 lakh to an online share trading scam between May and July 2024. After being contacted on social media and added to a messenger group, he was deceived by a woman claiming to be a company executive who provided trading tips and requested funds for shares and a personal loan, before removing him from the group in August. The victim filed a police complaint with Nigdi police after realizing the fraud.
theadviser.com.au
Scam Awareness Week 2024 (August 26–30) launched in Australia with the theme "share a story, stop a scam" as part of a broader effort by the National Anti-Scam Centre to equip consumers and businesses with scam prevention tools. In the first half of 2024, over 143,000 scams were reported, resulting in losses up to $134 million, prompting warnings from regulators like ASIC, which found that smaller lenders have "less mature" scam prevention strategies compared to Australia's major banks. Financial institutions are responding with new initiatives including enhanced identity checks, victim support improvements, and community education programs to combat increasing frau
securitybrief.com.au
During National Scam Awareness Week, cybersecurity executives from firms including Qualys, SailPoint, and CyberArk emphasized the growing sophistication of scams enabled by AI and deepfake technology, warning that consumers must adopt a "zero-trust" approach to personal information requests. Industry leaders stressed that organizations must implement robust security measures, strengthen digital identity protections beyond weak authentication methods like SMS passcodes, and provide ongoing education to both employees and customers, as even vigilant individuals can fall victim to evolving threats. The experts noted that businesses are prime targets for cybercriminals due to their collections of personal data, and that personal scams can directly compromise corporate cybersecurity posture through passwor
unisa.edu.au
During Australia's Scams Awareness Week 2024, UniSA expert Dr. Braam Lowies highlighted that despite a 13% drop in scam losses, Australians lost $2.7 billion to scams in 2023, with older people over 65 suffering disproportionately—losing $120 million (a 13.3% increase). Investment scams, romance scams, and remote access scams remain prevalent, with investment scams causing the most harm, while scammers exploit psychological tactics and target older adults' retirement savings, often exacerbated by limited digital literacy and cyber security awareness. The campaign emphasized the importance of sharing scam
mk.co.kr
A criminal organization based in Myanmar's "Golden Triangle" lured dozens of Korean men (ages 20-40s) with false promises of high-paying jobs (10-100 million won monthly), then imprisoned them in heavily guarded compounds and forced them into romance scams and stock fraud after confiscating their documents. The victims endured physical torture, threats, and forced labor for approximately 40 days until one escaped and reported the scheme to the Korean Embassy in October 2023, leading to the rescue of 19 victims and the arrest of 37 perpetrators; the estimated fraud damages exceeded 23 billion won.
mortgagebusiness.com.au
Between January and June 2024, Scamwatch received 143,113 reports and documented over $139 million in losses, with people aged 55 and over accounting for 48.7 percent of losses despite representing only a portion of reports. A key finding shows that 30 percent of people do not report serious scams, and social media scams cost Australians $80.2 million in the previous year, with common tactics including fake accounts, fraudulent investment opportunities, and requests for personal information. Banks emphasize the importance of reporting scams and sharing awareness to collectively prevent fraud, particularly targeting vulnerable populations including older adults, non-English speakers, and people with
aa.com.tr
Scammers are using AI-generated deepfake videos of celebrities like Elon Musk, Donald Trump, and Jeff Bezos to defraud people, particularly elderly individuals with limited cybersecurity knowledge, by luring them into fake investment schemes promising quick returns on non-existent companies. Victims have lost substantial sums, including an 82-year-old retiree who lost most of his investments in 2023, while the technology has also been misused to impersonate real professionals like doctors to steal account information. YouTube and Facebook have removed millions of fraudulent channels and videos, though experts warn that as deepfake technology improves and becomes more convincing, organized crime groups will
govtech.com
From January to May 2024, online fraud resulted in $1.6 billion in losses—nearly $300 million more than the same period in 2023, according to FBI Internet Crime Complaint Center data. Common scams include advance fee schemes, Nigerian letter schemes, Ponzi and pyramid schemes, telemarketing fraud, fake travel websites, and fraudulent debt collector calls using spoofed numbers and fake websites. The FBI advises victims and the public to be skeptical of unsolicited offers with artificial urgency, verify requests independently, and report suspected fraud.
finance.yahoo.com
A GOBankingRates survey identified common red flags that help people recognize financial scams, including unsolicited communication, poor grammar, unfamiliar sender information, requests for personal data, and time-sensitive offers. Financial experts explain why people still fall for increasingly sophisticated scams despite these warning signs—fraudsters now use AI-generated messages, mimic legitimate companies, exploit memory lapses, and use pressure tactics to cloud judgment. Additional red flags include too-good-to-be-true investment promises, lack of online presence, pressure tactics with confusing jargon, and requests for unusual payment methods like gift cards or cryptocurrency.
eccalifornian.com
Romance scams remain the leading fraud reported to the FTC, with San Diego County alone reporting over $1.3 million in losses in 2023 and nationwide losses exceeding $1.1 billion annually. Scammers, often operating from overseas labor camps, pose as romantic interests and request money for emergencies, investments, or personal situations, using common excuses like illness, military deployment, or business deals. The article advises potential victims to avoid sending money to unmet online contacts, verify photos using reverse image search, and be suspicious of requests to move conversations off dating apps or provide personal information.
the-sun.com
A cybersecurity expert warned that major data breaches—including AT&T's 2024 compromises affecting millions of customers' personal information—enable sophisticated scams orchestrated by state-sponsored actors from China, Russia, North Korea, and Iran who use stolen data for social engineering attacks. Victims lose billions annually to romance scams and "pig-butchering" investment scams (particularly in cryptocurrency), with one in four Americans losing an average of $500 to scams in the past year. The expert recommends monitoring for phishing attempts, using unique passwords with a password manager, and enabling multi-factor authentication to protect against fraud resulting from data breaches.
cointelegraph.com
Tether, a stablecoin issuer, has assisted over 145 law enforcement agencies in recovering more than $108.8 million in USDT linked to illegal activities since 2014, including a recent $5 million seizure from "pig-butchering" romance scammers who deceived victims by posing as romantic interests. The company has voluntarily blocked over 1,900 wallets connected to illicit activity and collaborated with the DOJ, FBI, and US Secret Service on investigations, with romance scams showing an 85-fold increase since 2020.
abc7news.com
The FBI launched a new public awareness campaign called "Take a Beat" to educate the public about major fraud schemes, including impersonation scams (posing as banks or law enforcement), cryptocurrency investment fraud, grandparent scams using AI voice cloning, and recovery scams targeting previous fraud victims. One Bay Area victim lost $950 to a scammer impersonating a Citibank employee, illustrating how fraudsters exploit emotional urgency and personal information to manipulate victims into sending money or revealing passwords.
zdnet.com
Singapore experienced a significant surge in scams from January to June 2024, with 28,751 cases resulting in SG$385.6 million (approximately $294.65 million) in losses—a 24.6% increase from the same period in 2023. Scammers increasingly targeted victims through messaging apps (particularly WhatsApp at 50.2% and Telegram at 45% of cases) and social media platforms (Facebook at 64.4%), using social engineering and deception to manipulate victims into self-executing fund transfers; notably, victims aged 65 and above suffered the highest average losses per incident, with government impersonation sc
androidauthority.com
Phone scams are increasingly sophisticated and cost US consumers $2.7 billion in reported losses in 2023 alone, with numbers rising annually. The article identifies 12 common phone and text scams including the "loved one in need" (grandparent scam), government impersonation (FBI/IRS), and other fraudulent schemes that exploit emotional pressure and official-sounding tactics. Key prevention strategies include verifying caller identity through alternative contact methods, refusing to send money to unknown callers, and being skeptical of urgent payment demands, especially via wire transfers or gift cards.
Crypto Investment Scams Investment Fraud Lottery/Prize Scams Government Impersonation Law Enforcement Impersonation Cryptocurrency Wire Transfer Gift Cards Payment App Check/Cashier's Check Money Order / Western Union
techtimes.com
Shan Hanes, former CEO of Heartland Tri-State Bank, fell victim to a pig-butchering cryptocurrency scam and subsequently embezzled $47 million from the bank to fund fraudulent "investments," resulting in the bank's collapse and his conviction on embezzlement charges. Before stealing from the bank, Hanes had already victimized a local church, investor club, his daughter's college fund, and a neighbor in attempts to feed the scam. He received a 24-year prison sentence after pleading guilty to embezzlement.
theverge.com
Shan Hanes, former CEO of Heartland Tri-State Bank in Kansas, was sentenced to 24 years in prison after embezzling $47.1 million from the bank and routing it to cryptocurrency accounts controlled by pig butchering scammers. Between May and June 2023, Hanes made 11 wire transfers using stolen bank funds while also embezzling from a local church, investment club, and his daughter's college savings account, ultimately causing the bank to collapse. Pig butchering scams, which lure victims into fake cryptocurrency investments through relationship-building on messaging apps and social media, have cost victims over $75 billion globally in recent years
ibtimes.co.uk
Shan Hanes, CEO of Heartland Tri-State Bank in Kansas, was sentenced to over 24 years in prison for embezzling $47 million after falling victim to a "pig butchering" cryptocurrency scam. Over eight weeks in 2022, Hanes transferred stolen funds from the bank, a local church, an investment club, and his daughter's college savings to cryptocurrency wallets controlled by scammers, ultimately losing all the money and causing the bank's collapse and FDIC takeover. The scheme devastated shareholders and community members, with victims losing 70-80 percent of their retirement savings and facing severe financial hardship.
yahoo.com
A Portland woman fell victim to a romance scam after matching with someone on Tinder who posed as "Barton Nathan" and convinced her to send over $40,000 under the guise of needing money for visa fees, medical emergencies, and legal costs. The scammer used emotional manipulation and false promises of meeting in person to extract funds over several months before the victim realized the relationship was fraudulent. Romance scams resulted in over $1.14 billion in reported losses across more than 64,000 cases in 2023, making them the costliest type of online fraud despite being significantly underreported due to victim shame.
blockonomi.com
On August 22, 2024, Philippine authorities arrested 99 people (67 foreign nationals and 32 Filipinos) in a raid on AIA Company, an unregistered cryptocurrency scam hub in Parañaque City that operated romance scams and fake investment schemes. Customer service representatives were coerced into posing as wealthy models to lure victims into investing in manipulated cryptocurrency platforms, with some employees forced into additional exploitative activities. Authorities seized electronic devices and are preparing charges under cybercrime and securities regulations laws.
securityboulevard.com
Kansas bank CEO Shan Hanes was sentenced to 24 years in prison for embezzling $47.1 million through wire transfers to cryptocurrency wallets as part of a "pig butchering" scam in which he was the victim-turned-perpetrator. His actions directly caused Heartland Tri-State Bank to collapse, resulting in $9 million in losses to investors, with the FDIC absorbing the remaining $47.1 million. Hanes circumvented internal banking controls with the help of employees to facilitate the fraudulent transfers between May and June 2023.
dfpi.ca.gov
Cryptocurrency scams have surged 900 percent since the pandemic began, with over 46,000 Americans losing more than $1 billion to crypto fraud in 2021 alone. Common scams include phishing attacks, Ponzi schemes, fake ICOs, and fraudulent exchanges that exploit crypto's decentralized and hard-to-trace nature. Consumers should exercise caution by only investing what they can afford to lose, verifying information through credible sources, using secure storage methods, and consulting state and federal watchdog organizations like California's Department of Financial Protection and Innovation (DFPI).
bbc.com
Between January 2022 and January 2023, a "pig-butchering" investment scam targeting Chinese citizens was operated from the Isle of Man, with scammers working from the Seaview Hotel and former bank offices in Douglas. Nearly 100 Chinese workers, many transferred from the Philippines, used fast broadband and QQ messaging to lure victims into fake investment schemes where they posed as investment "teachers" and fellow investors, ultimately siphoning off millions of dollars. Six workers have since been convicted in Chinese courts for their roles in the scam, which was run by Manx Internet Commerce (MIC), part of a larger company group that also operated an online casino to exploit
theconversation.com
An 83-year-old Maryland woman named Mae fell victim to tech support fraud when she clicked a malicious link claiming to be from Apple, leading scammers posing as tech support and bank fraud personnel to convince her to purchase gift cards totaling thousands of dollars over a 10-hour period. The case illustrates a larger problem: an estimated $8 billion is stolen annually from seniors age 60 and older through stranger fraud, with gift cards increasingly becoming the preferred payment method for scammers because they lack consumer protections afforded to credit and debit cards and are easily converted to untraceable purchases or resold on dark web marketplaces. The investigation reveals that federal regulators have consistently
Romance Scams Crypto Investment Scams Investment Fraud Government Impersonation Identity Theft Cryptocurrency Crypto ATM Wire Transfer Gift Cards Cash Check/Cashier's Check Money Order / Western Union
stgeorgeutah.com
This is an educational piece explaining the "pump and dump" stock scam, which has persisted since the early days of unregulated Wall Street and continues today through modern channels like email and social media. The author advises investors to recognize three warning signs: unsolicited tips from strangers, appeals to greed or fear, and pressure to act quickly, emphasizing that legitimate investment opportunities would not be mass-marketed to millions of people by unknown parties.
columbuscountynews.com
Federal investigators in North Carolina seized approximately $5 million in cryptocurrency tied to a "pig butchering" scam, in which criminals pose as romantic partners to build trust with victims before directing them to fake cryptocurrency trading platforms. The scammers promised high investment returns on these fraudulent platforms, then prevented victims from withdrawing funds and demanded additional payments for supposed taxes and penalties. The FBI traced victim funds through multiple cryptocurrency wallets used to launder the proceeds, with one victim losing an entire individual retirement account to the scheme.
crypto.news
Philippine authorities arrested 99 individuals (64 foreign nationals and 35 Filipinos) during an August 22 raid on a Chinese-run scam center in Manila that was operating cryptocurrency investment and romance scams. The operation deceived victims by using fake wealthy model personas to lure them into fraudulent trading platforms, with some arrested workers claiming coercion. The raid reflects intensified government crackdowns on unlicensed crypto services and online gaming operators following regulatory efforts announced by the Philippine Securities and Exchange Commission.
yahoo.com
An 83-year-old Maryland resident named Mae fell victim to a tech support scam that ultimately resulted in fraudsters convincing her to purchase gift cards as payment. The article documents how gift card fraud has become a leading payment method in elder fraud schemes, with an estimated $8 billion stolen annually from seniors age 60 and older, yet federal regulators have failed to implement consumer protections for gift cards comparable to those for credit and debit cards. The investigation reveals that while fraudsters, gift card companies, and retailers profit from these schemes, the privately-held technology companies managing the gift card infrastructure are best positioned to prevent fraud but lack legal requirements to do so.
Romance Scams Crypto Investment Scams Investment Fraud Government Impersonation Identity Theft Cryptocurrency Crypto ATM Wire Transfer Gift Cards Cash Check/Cashier's Check Money Order / Western Union
upi.com
An 83-year-old Maryland woman named Mae fell victim to tech support fraud after clicking a malicious link on her frozen laptop, leading fraudsters to convince her to purchase gift cards worth thousands of dollars over a 10-hour period. The case illustrates a broader problem: an estimated $8 billion is stolen annually from seniors age 60 and older through fraud, with gift cards increasingly becoming the preferred payment method for criminals due to minimal consumer protections and difficulty in tracing funds. Federal regulators have failed to provide gift cards with the same protections as credit and debit cards, while retailers, technology companies, and fraudsters all profit from the scheme at victims' expense.
Romance Scams Crypto Investment Scams Investment Fraud Government Impersonation Identity Theft Cryptocurrency Crypto ATM Wire Transfer Gift Cards Cash Check/Cashier's Check Money Order / Western Union
theitem.com
An 83-year-old Maryland woman named Mae fell victim to a tech support scam when a fake Apple alert prompted her to contact fraudsters posing as Apple and bank employees, who ultimately convinced her to purchase gift cards totaling thousands of dollars over a 10-hour period. The case illustrates a broader problem: an estimated $8 billion is stolen annually from seniors age 60 and older through fraud, with gift cards increasingly becoming the payment method of choice for criminals because they lack consumer protections afforded to credit and debit cards. Federal regulators have failed to adequately protect consumers from gift card fraud despite it being a growing problem, while technology companies and retailers benefit financially from these crimes due to
Romance Scams Crypto Investment Scams Investment Fraud Government Impersonation Identity Theft Cryptocurrency Crypto ATM Wire Transfer Gift Cards Cash Check/Cashier's Check Money Order / Western Union
theweek.com
Solar panel scams have surged dramatically, with one-star reviews increasing over 1,000% since 2018, as fraudulent companies use high-pressure sales tactics, misleading financing arrangements, and predatory loans to defraud homeowners. Common schemes include misrepresenting incentives, selling non-functional panels, failing to honor lease obligations after company bankruptcies, and creating fake companies, with both smaller operators like Pink Energy and major companies like SunRun and Tesla facing legal complaints. Federal agencies are now investigating these practices alongside victims to combat the fraud affecting millions of U.S. homeowners.
justice.gov
Michele M. Rose, a 62-year-old Medical Staff Coordinator in Jasper, Indiana, was sentenced to one year and one day in federal prison after pleading guilty to five counts of wire fraud for stealing $153,769 from a nonprofit healthcare organization's medical staff checking account between March 2011 and December 2020. Rose abused her position by writing fraudulent checks to herself, falsely claiming they were for legitimate business expenses, and concealing the thefts in monthly financial reports; the stolen funds were intended by contributing physicians to support community scholarships, food banks, and local student events. She was ordered to pay full restitution of $153,769 and must
Investment Fraud Financial Crime Wire Transfer Check/Cashier's Check
freep.com
Metro Detroit police report a surge in scam schemes targeting residents, in which perpetrators impersonate government agencies, tech support, or financial institutions to convince victims to withdraw large sums of cash or cryptocurrency. Victims are instructed to either hand cash to "couriers" or deposit funds into bitcoin ATMs, with one Northville Township woman in her 70s losing $300,000 through a combination of cash, bitcoin, and gold bars in summer 2024. Scammers keep victims on the phone to prevent them from seeking help and often direct them to multiple banks to avoid suspicion.
states.aarp.org
This is an educational awareness piece, not a news report of a specific scam incident. Here's the summary: Romance scams are increasingly prevalent on social media, dating apps, and online platforms, with criminals evolving tactics to exploit lonely individuals into money laundering schemes, fraudulent cryptocurrency investments, and other fraud. AARP Texas hosted a Facebook Live educational event on September 4, 2024, featuring federal prosecutors and law enforcement to discuss warning signs of romance scams, protective measures, and resources for victims.
aol.com
A GOBankingRates survey of over 1,100 Americans found that nearly 40% reported being victims of identity theft, financial fraud, or financial scams. The article identifies 14 common scam types affecting Americans, including phone scams (17% of victims), money transfer scams (12%), online shopping fraud, phishing, imposter scams, Social Security scams, debt collection scams, romance scams, and tax scams, along with practical prevention tips for each. No specific dollar loss amounts are provided, but the survey emphasizes that scams are widespread and offer guidance on how to protect oneself from each type.
dos.ny.gov
The New York Department of State's Division of Consumer Protection released fraud prevention guidance for older adults, noting that financial exploitation is the most prevalent form of elder abuse. According to the FBI's 2023 Internet Crime Report, adults aged 60 and older lost at least $3.4 billion annually to fraud, with investment scams accounting for over $1 billion of those losses—a 38% increase from 2022. The agency advises seniors to recognize red flags in investment and reverse mortgage scams, conduct independent research before committing funds, and avoid unsolicited financial contacts.
thesenior.com.au
A Westpac bank teller in Horsham, Victoria, prevented a customer from losing $500,000 to a term deposit scam by questioning an unusually high interest rate offer and verifying banking details with ING directly, discovering the BSB number did not match any legitimate ING account. The sophisticated scam promised returns that did not align with actual bank offerings, highlighting how fraudsters create seemingly legitimate investment opportunities to deceive savings-focused customers. Australians lost $1.3 billion to investment scams in 2023, and experts recommend verifying any financial offers directly through official company websites or publicly sourced contact numbers rather than using details provided by the offeror.
newschannel5.com
The Tennessee Attorney General's Office warns that QR code scams are rising, including phishing scams that steal personal information, payment scams using fake codes in public places, package scams directing users to malicious websites, cryptocurrency scams, and donation scams impersonating charities. The office recommends verifying QR code sources, inspecting codes for tampering, using secure scanner apps, previewing URLs before clicking, avoiding unsolicited codes from mail/email/text, and keeping device security software updated.
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