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cryptotimes.io
· 2026-10-03
A blockchain investigator publicly questioned whether UPay, a crypto payment card provider, had allowed a sanctioned criminal marketplace called Xinbi to white-label its Visa crypto card, citing Xinbi's use for pig butchering scams, fraud, and money laundering. UPay's CEO announced the company opened an internal investigation but did not confirm or deny any relationship with Xinbi, which the US Treasury designated as a significant transnational criminal organization in September 2026 with over $36 billion in throughput since 2022. The investigation's scope and findings remain unclear, with no confirmation yet that Xinbi actually issued or launched cards through UPay.
crypto.news
· 2026-10-03
Greek police arrested 17 people, including nine military personnel, for operating a cryptocurrency investment pyramid scheme that defrauded at least 10,000 participants of over $8 million since 2025. The operation used fake online platforms across multiple Greek cities to promise guaranteed high returns and double investments within 50 days, while failing to return deposited funds. Police seized €295,090 in cash along with computers and mobile devices during raids on five offices.
oag.ca.gov
· 2026-10-03
California's SB 1208 signed into law gives law enforcement new tools to return stolen cryptocurrency to fraud victims by allowing seizure of digital assets under search warrants and distribution to victims when perpetrators are beyond U.S. jurisdiction. Cryptocurrency scams in California resulted in over $3.67 billion in reported losses in 2025 alone, with nationwide losses estimated at $75 billion from 2021-2024. The law addresses the challenge that victims often cannot trace laundered assets themselves when funds are commingled across multiple accounts and transfers in organized fraud schemes.
aol.com
· 2026-10-02
This article is a product review comparing identity theft protection services rather than reporting on actual fraud incidents. It does not contain information about specific scams, victims, or dollar amounts lost to fraud—instead, it lists seven identity theft protection services with their features, coverage limits, and pricing tiers designed to help consumers prevent identity theft and fraud.
nationalseniors.com.au
· 2026-10-02
In the first half of 2024, Australians reported 91,767 scams resulting in $156.6 million in losses, with scammers increasingly using fake advertisements featuring the likenesses of wealthy Australians and celebrities like Andrew Forrest, Gina Rinehart, and Jacqui Lambie to promote bogus investment schemes, primarily on Facebook. Billionaire Andrew Forrest has spent over $60 million suing Meta for failing to prevent thousands of deceptive ads using his name and image since 2019, though Meta denies responsibility. The scams are becoming increasingly sophisticated, using fake news stories and deepfake-style content to create false endors
3news.com
· 2026-10-02
Cybercrime investigator Dunstan Guba is raising awareness about the growing romance scam epidemic in Ghana, where fraudsters build emotional relationships through social media before requesting money under false pretenses. Ghana reported GH¢23.3 million in cybercrime losses in 2024 and GH¢14.9 million in just the first half of 2025, with a 2025 pan-African operation revealing approximately US$450,000 in romance scam losses and US$8 million defrauded from elderly victims by a network using artificial intelligence to create false identities. Romance fraud is particularly dangerous because criminals exploit trust rather than just targeting devices, using tactics like fake
ibtimes.co.uk
· 2026-10-02
Banking scams increasingly originate from mobile devices (90% of cases) with employment scams surging 258%, according to BioCatch's analysis of data from over 370 financial institutions serving 760 million users across 21 countries. Scammers primarily use social engineering tactics to manipulate victims into authorizing payments themselves rather than directly accessing accounts, while investment scams average $6,600 per case—nearly five times the overall scam average. Financial institutions are adopting behavioral intelligence and device monitoring to detect manipulation signs before victims lose money, though artificial intelligence is enabling criminals to launch more convincing scams at scale.
insurancejournal.com
· 2026-10-02
A federal judge ordered Brian Early and Alisha Ann Kingrey to pay over $30 million in restitution and penalties for defrauding more than 9,000 people through the Fundsz trading website, which promised guaranteed returns on cryptocurrency and precious metals investments but fabricated weekly profits and never actually traded customer funds. The two defendants promoted the scheme on Telegram, misrepresenting historical returns and downplaying risks, while the CFTC froze the company's assets; about $4 million is expected to be recovered for investors from the estate of company founder Rene Larralde, who died in 2023.
ullaw.ca
· 2026-10-02
An Oshawa man has been charged in connection with an alleged fraud scheme that defrauded an elderly Ajax woman of over $400,000, with charges including theft over $5,000, fraud over $5,000, and possession of property obtained by crime. Durham Regional Police launched the investigation following a wellness check in October 2023 and are concerned there may be additional victims in the Greater Toronto Area. The accused faces serious criminal charges under the Criminal Code of Canada, and victims may also pursue civil litigation for asset recovery.
hoodline.com
· 2026-10-02
A 25-year-old Indian national pleaded guilty to conspiracy to commit wire fraud after collecting $137,458 in gold bars from an 80-year-old Kaneohe woman who was tricked by fake Apple and U.S. Marshal scam calls into liquidating her IRA. The victim was caught in a controlled sting operation by federal agents who used prop gold to arrest the courier, who earned $25,000-$30,000 per ten pickups for an international fraud ring orchestrated from Gujarat, India. The case is part of a broader pattern targeting elderly victims, with similar schemes operating across multiple states through WhatsApp-coordinated courier networks.
thebaynet.com
· 2026-10-01
Gold scams targeting Marylanders typically involve fake dealers or government impersonators who deceive victims into purchasing precious metals, often by falsely claiming security concerns or promising profits. In October 2025, the Maryland Attorney General and CFTC won a $25.6 million restitution judgment against Safeguard Metals LLC, which defrauded at least 450 people of approximately $68 million in retirement savings, with six Maryland victims losing about $350,000. Montgomery County has been particularly affected, with victims losing over $5 million to gold bar scams in a single year, often after receiving calls falsely claiming bank account or identity theft.
theapopkavoice.com
· 2026-10-01
Floridians age 60 and older reported over 17,000 cybercrime complaints with nearly $710 million in losses in 2025, with scammers using tactics like fake technical-support warnings, account lockouts, and cryptocurrency schemes to steal funds. One woman in her early 70s lost approximately $100,000 after being manipulated through a series of coordinated scams involving a fake bank transfer, computer security warning, and pressure to move money to cryptocurrency. Nationally, people 60 and older account for over 37% of all reported fraud losses ($7.75 billion) despite representing only 20% of complaints, with an average loss of $38,500 per
bromsgrovestandard.co.uk
· 2026-10-01
British authorities reported 4.5 million fraud incidents in the year ending March 2026, with £1.28 billion in payment fraud losses during 2025, while criminals increasingly use AI-enabled tactics including voice cloning and deepfakes to target victims through fake parcel messages, investment schemes, romance scams, and account compromise attempts. Key protection strategies include verifying communications through official channels rather than links in messages, checking investment companies through the FCA Firm Checker, avoiding urgent payment requests from online relationships, and not scanning unsolicited QR codes. Romance fraud losses reached £39.2 million in 2025 (a 23% increase), while investment scams cost £221.5
en.sedaily.com
· 2026-10-01
Seoul's Joint Government Investigation Unit on Voice Phishing Crime booked 1,381 people and recovered approximately $25 million in criminal proceeds over its four-year operation ending in 2024, while investigating organized remote fraud schemes including voice phishing, smishing, romance scams, and investment schemes. The unit achieved a 43% reduction in voice phishing damages between October 2024 and July 2025 through enhanced government response, and uncovered major criminal networks including a Cambodia-based organization and a money laundering ring that processed $1 billion in illicit funds. The unit also secured regulatory changes including limiting mobile phone subscriptions to three lines per person and implementing an emergency call-blocking system that has
helpnetsecurity.com
· 2026-10-01
Employment scams more than tripled at 370+ financial institutions across 21 countries in the past 12 months, with a 258% increase outpacing all other fraud types. The scams predominantly occur on mobile devices and include various types such as investment schemes (averaging $6,600 per case), purchase fraud, and romance scams, with researchers identifying specific behavioral patterns like active phone calls and unusual payment recipients that banks can use to detect and prevent losses. The article also highlights organized scam operations globally, including compounds in Nigeria, and a particularly severe variant targeting minors through financial sextortion that has resulted in at least 36 documented U.S. teen suicides since 2021.
qz.com
· 2026-10-01
Instagram hosts multiple common scams including romance fraud, fake job offers, investment schemes, lottery scams, and predatory loan offers, which exploit the platform's large audience and users' willingness to share personal information. Scammers use tactics like catfishing, creating fake accounts, and building false trust to extract money, financial information, or personal data from victims. Users can protect themselves by verifying information outside Instagram, avoiding video call-averse contacts, reverse-image searching profiles, and being skeptical of unsolicited money requests or promises of quick financial gains.
financefeeds.com
· 2026-10-01
Attempted banking scams rose 35% across 370+ financial institutions serving 760 million users, with mobile devices accounting for 90% of scam sessions, according to BioCatch's 2026 report. Investment scams showed the highest average attempted value at $6,600, while employment scams saw the fastest growth at 258% year-over-year, and romance scams increased 23%. The concentrated use of mobile devices for scams reflects how criminals manipulate victims through the same communication channels used for authentication and payment approval, with investment schemes presenting particular risk due to their higher per-case financial exposure.
timesofindia.indiatimes.com
· 2026-10-01
A businessman from Lucknow lost ₹81.41 lakh in a "pig-butchering" investment scam after being lured through a Facebook advertisement to join a WhatsApp group promising extraordinarily high returns on IPO and share trading. The victim was instructed to download a fraudulent trading app called Finsol Algo and gradually convinced to invest larger sums through multiple transactions, with the app displaying fake profits of up to 200% before the scammers blocked withdrawals and demanded additional fees. Police have registered an FIR and are investigating the scam, which they believe is the second such reported case in the city.
discoverweyburn.com
· 2026-10-01
Conexus Credit Union marks Cyber Security Awareness Month by highlighting that cybercrime affects all age groups, not just seniors, and emphasizes common fraud types including social engineering, romance scams, investment scams, verification code scams, and overpayment scams. The credit union recommends people familiarize themselves with fraud warning signs, follow the "three R's" (recognize, reject, report), and notes that only 5-10% of Canadian scams are reported. Conexus advises monitoring accounts through transaction alerts, never sharing verification codes, and reporting suspected fraud immediately to financial institutions and police.
coingeek.com
· 2026-09-30
Token Recovery, a blockchain forensics company, analyzed cryptocurrency donations to British political figure Tommy Robinson for a Channel 4 investigation, tracing 0.92 Bitcoin from a donation wallet to a gambling address. The investigation highlighted that while cryptocurrency transactions are traceable through blockchain analysis combined with open-source intelligence (OSINT), attribution requires careful verification since wallet addresses don't automatically identify individuals. The case demonstrates how digital currency fraud investigation has become more sophisticated, with professionals using advanced tools to follow transaction trails despite the perception that crypto is anonymous.
scworld.com
· 2026-09-30
A Vietnamese national was charged with money laundering for his role in a "pig butchering" scam that defrauded a victim of $16 million in cryptocurrency through a fake investment platform called "Triangle." The suspect's cryptocurrency wallets received over $53 million between 2018 and 2024, with at least $24 million linked to pig butchering schemes where fraudsters build trust with victims online before luring them into fraudulent investments. The suspect allegedly transferred the stolen funds to private wallets to obscure their origins as part of a larger wire fraud scheme involving over $125 million in cryptocurrency.
guardian.ng
· 2026-09-30
A Nigerian federal court ordered the forfeiture of 431 mobile phones linked to Chinese cyber-fraudsters to the Federal Government following a major fraud operation bust in Lagos. The Economic and Financial Crimes Commission had arrested over 700 individuals (approximately 500 Nigerians, 148 Chinese, 40 Filipinos, and others) in a December 2024 sting operation targeting an elaborate scheme involving romance, dating, cryptocurrency, and investment scams that primarily victimized Americans, Canadians, Mexicans, and Europeans. The operation involved at least 500 laptops, 400 cell phones, and various telecommunications equipment used by foreign nationals and recruited Nigerian youths operating from a
scientificamerican.com
· 2026-09-30
Six men were extradited from South Africa for their involvement in a romance scam ring that defrauded over 100 U.S. women of more than $6 million by crafting elaborate fake romantic relationships. Researchers warn that artificial intelligence is making these scams increasingly difficult to detect and easier for criminals to scale up their operations. The scams exploit the normalcy of online dating to build trust with victims before extracting money through various schemes.
nbcnewyork.com
· 2026-09-30
Scammers are impersonating real federal law enforcement agents and calling New Jersey residents, using the names of actual FBI employees and spoofed federal agency phone numbers to gain victims' trust and solicit money. The scheme is an evolved version of traditional federal impersonation fraud that makes it particularly difficult for victims and agencies to identify as fraudulent, with some scammers even creating fake virtual meetings with FBI office backdrops. The FBI Newark field office has documented multiple victims of this scam but has not disclosed specific dollar amounts stolen.
9to5mac.com
· 2026-09-30
Elder fraud targeting seniors with lower tech literacy rose dramatically in 2024, with 72% of cases involving exposed personal data and resulting in $4.2 billion in losses. Scammers exploit family chat groups and use SIM swap attacks to intercept two-factor authentication codes, enabling them to impersonate family members and convince victims to send money. Protection strategies include minimizing personal data online, enabling authenticator app-based two-factor authentication, verifying identities through multiple communication channels, and establishing family passwords for emergency verification.
yahoo.com
· 2026-09-29
In 2025, Floridians over 60 lost nearly $710 million to cybercrime, with the state ranking second nationally for elder fraud losses among that age group. A cybersecurity educator describes how her neighbor, a woman in her early 70s, lost approximately $100,000 in three days through a coordinated scam involving fake bank support calls, fake computer warnings, and pressure to move funds into cryptocurrency. Nationally, people age 60 and older account for over 37% of all cybercrime financial losses totaling $7.75 billion, with an average loss of $38,500 per victim.
theconversation.com
· 2026-09-29
In 2025, Floridians over 60 lost nearly $710 million to cybercrime across more than 17,000 reported complaints, making Florida second in the nation for elder fraud losses. The article highlights a case where a woman in her early 70s lost approximately $100,000 after scammers gained access to her bank account and convinced her to move funds to cryptocurrency, exploiting her isolation and fear during a three-day scheme involving fake technical support and computer warnings. Nationally, adults 60 and older account for over 37% of all cybercrime losses totaling $7.75 billion, with an average loss of $38,500 per complainant, driven
newsantaana.com
· 2026-09-29
An elderly Connecticut man lost $8,600 in a mail-based fraud scheme targeting seniors, but Fountain Valley Police recovered his funds along with an additional $46,000 from other victims when they arrested a suspect at a local address. The incident is part of a broader surge in elder fraud across Orange County, where reports have risen over 30% in three years, with scammers using mail schemes, spoofed calls, and local "money mules" to target older adults. Federal estimates show elder fraud causes over $3.1 billion in annual losses nationally, though experts believe the actual figure reaches $8-10 billion when accounting for unreported cases.
cpapracticeadvisor.com
· 2026-09-29
Lori Flowers lost $600,000 to a pig-butchering scam where a man claiming to be from Belgium built trust with her over months before convincing her to withdraw money from her retirement account. Because the IRS treated the retirement withdrawal as taxable income, Flowers owed approximately $225,000 in taxes and penalties on money she no longer had, leading her to file for bankruptcy. A bipartisan Tax Relief for Fraud Victims Act recently passed the House that would restore theft-loss deductions for scam victims, addressing a gap created by 2017 tax law changes.
bleepingcomputer.com
· 2026-09-29
A Vietnamese national was charged with money laundering for operating a "pig butchering" cryptocurrency scam that defrauded victims of at least $16 million, with his crypto wallets receiving over $53 million from fraud schemes between February 2018 and December 2024. The 37-year-old suspect was arrested at Los Angeles International Airport on September 24 after entering the U.S. through the California-Mexico border. Victims were lured through fake investment platforms with promises of high returns, then unable to withdraw their funds after transfers were moved to private wallets under the scammer's control.
fincrimecentral.com
· 2026-09-29
A 26-year-old man was sentenced to seven years and ten months for participating in a $10 million real estate fraud scheme that operated in 2021-2022, where conspirators used fake identities and fabricated documents to sell properties they had no authority to convey to unsuspecting buyers. The fraudsters laundered the stolen proceeds through Las Vegas casinos by depositing large amounts into gaming machines and cashing out after minimal or no play, with some funds subsequently used to purchase additional properties. The defendant pleaded guilty to wire fraud, money laundering, and aggravated identity theft charges.
thecable.ng
· 2026-09-29
A Lagos federal high court ordered the final forfeiture of 431 mobile phones to the Nigerian government that were seized from Chinese nationals arrested in December 2024 for operating cryptocurrency and romance scam networks from a Victoria Island building. The EFCC had arrested 792 suspects total—including 114 Chinese nationals, Filipinos, and others—who were allegedly training Nigerians to conduct romance and investment scams; digital assets worth $222,729 and thousands of other items including computers, SIM cards, and equipment were previously forfeited in the case.
cryptorank.io
· 2026-09-29
Myanmar-based scam compounds in border areas like Myawaddy and Shwe Kokko operate organized cybercrime networks that use fake tech job recruitment to traffic victims into conducting investment, romance, and cryptocurrency scams targeting people worldwide, including Indian citizens. Stolen funds are laundered through mule accounts and cryptocurrency platforms, creating significant money-laundering and anti-money-laundering risks while perpetuating UN-documented human trafficking in the region. Indian nationals are affected both as scam victims and as trafficked individuals forced to participate in these criminal operations.
scmp.com
· 2026-09-29
A 71-year-old retired woman in Hong Kong lost HK$2.9 million (US$369,670) in a romance scam after befriending a fraudster posing as a power company employee on Facebook who convinced her to invest in a fake scheme. This case was one of at least 18 online romance scams reported in a single week, with combined losses totaling nearly HK$7.8 million. The scammer never met the victim in person but gradually built romantic trust before directing her toward the bogus investment.
fortune.com
· 2026-09-29
In 2025, U.S. consumers reported losing nearly $16 billion to fraud and scams—a 25% increase from the previous year—with imposter scams alone accounting for $3.5 billion in losses as criminals increasingly pose as trusted entities through social media, text messages, and phishing emails to manipulate victims into willingly sending money. Georgia's Attorney General argues that addressing scams requires a fundamentally different strategy than traditional fraud, demanding coordinated efforts across government agencies, technology companies, financial institutions, and law enforcement to intervene at multiple stages before victims lose money, rather than focusing only on the final transaction stage.
chinadailyasia.com
· 2026-09-29
A 71-year-old Hong Kong woman lost HK$2.9 million in an online romance scam where a man posing as a power company employee befriended her on Facebook, gained her trust through romantic attention, and then lured her into a fraudulent waste recycling investment scheme. After she was unable to withdraw funds, the scammer claimed he had been arrested and needed bail money, and instructed her to make cryptocurrency transfers, ultimately depleting her savings and forcing her to borrow from friends and a finance company across 17 transactions. The scam was discovered when debt collectors contacted her and she asked her daughter for money.
thestandard.com.hk
· 2026-09-29
A 71-year-old retired woman in Hong Kong lost HK$2.9 million to a romance scam after a man posing as a power company employee on Facebook gained her trust and convinced her to invest in a fake waste-recycling project through a fraudulent app. The scammer then claimed to be arrested and requested bail money, pressuring the victim to drain her savings and borrow from friends and financial companies across 17 transactions. This case was one of at least 18 romance scams reported to police in a single week, with total losses reaching HK$7.8 million.
en.sedaily.com
· 2026-09-29
South Korea's voice phishing losses dropped 76.4% in August to 25.7 billion won, the lowest level since 2023, following the implementation of an Integrated Response Task Force that blocks criminal tools within 10 minutes of reports and has handled over 281,000 reports in its first year. Cases fell 49% in the January-August period to 8,584 from 16,765 a year earlier, with total losses declining 56% to 387.1 billion won, though new scam types like romance fraud and fraudulent investment schemes have emerged as a spillover effect. Police shifted strategy from reactive perpetrator tracking to proactive prevention through emergency blocking systems, pre
foxnews.com
· 2026-09-29
Operation Blackout, an FBI global initiative, has seized approximately $17 billion tied to scam compounds operating primarily in Southeast Asia and the Middle East that target American seniors through cryptocurrency investment schemes, romance scams, and forced labor operations. The campaign combines overseas raids, asset seizures, and communications disruption efforts, while a domestic prevention component called Operation Level Up has contacted over 10,000 potential victims and prevented an estimated $660 million in losses. Criminal syndicates operate sprawling compounds where trafficked workers are forced to perpetrate fraud schemes against thousands of Americans, with victims often losing their life savings after being lured into fake investment platforms.
uk.finance.yahoo.com
· 2026-09-29
One in four UK adults feel overwhelmed by increasingly sophisticated AI-powered scams, according to National Trading Standards research, with AI "supercharging" existing fraud types like shopping, holiday, investment, and romance scams by making them more convincing and scalable. The survey of 2,000 UK adults found that 19% now avoid certain online activities due to scam concerns, while 79% are particularly worried about vulnerable friends and family, with major concerns centered on fake websites, voice cloning, deepfake videos, and AI-generated images and people. NTS has launched an "AI Scam Watchlist" to educate consumers about these emerging threats, as experts warn that traditional warning signs like
punchng.com
· 2026-09-29
A Nigerian federal court ordered the permanent forfeiture of 431 mobile phones to the government that were seized from Chinese cyber-fraud operators and their accomplices. The phones were part of an elaborate international scam network operating in Lagos that conducted romance scams, cryptocurrency fraud, and investment swindles targeting victims in the U.S., Canada, Mexico, and Europe, with over N3.4 billion in fraud proceeds traced to the operation. A massive December 2024 sting operation arrested over 700 suspects involved in the scheme, including 148 Chinese nationals and 500 Nigerians, leading to convictions of the ringleader and his company on charges including cyber-terrorism and money laundering
tpr.org
· 2026-09-29
Online scams cost Americans an estimated $119 billion annually, with the FBI reporting $20.9 billion in confirmed losses in 2025, a 26% increase from 2024, while 73% of American adults have experienced some form of online scam. Criminals operating from compounds in Southeast Asia and Nigeria use romance and investment schemes—often involving fake cryptocurrency platforms—to defraud victims, with some operations involving human trafficking and coercion of people forced into scamming activities. The FBI advises victims to stop sending money immediately, preserve transaction records, and report incidents at IC3.gov, while recommending people verify unexpected requests through official channels before providing personal information or making payments.
yonkerstimes.com
· 2026-09-28
An elderly Tarrytown resident was defrauded of approximately $29,000 through a sophisticated scheme in which scammers impersonated Apple's financial department, gained remote access to the victim's computer, and falsely claimed an erroneous $50,000 deposit required repayment in cash. Benny Cai was arrested on September 24, 2026, after receiving a second fraudulent payment from the victim and was found in possession of cocaine; investigators believe he is part of an organized group targeting elderly victims. Cai was charged with Grand Larceny in the Fourth Degree, Scheme to Defraud in the First Degree, and Criminal Possession of a
shockya.com
· 2026-09-28
FinCEN identified nearly $13 billion in illicit activity tied to a new China-linked money-laundering scheme that uses digital-asset guarantee marketplaces on Telegram to funnel drug trafficking, human trafficking, and cyber-fraud proceeds into U.S. banks by mimicking Mexican peso-credit structures. The overlay, exemplified by networks like the sanctioned Xinbi platform (which facilitated over $24 billion in illicit activity before relocating to Singapore), exploits regulatory gaps in AML oversight of cryptocurrency and cross-border transactions to move cartel cash through U.S. financial institutions with minimal detection. Major U.S. banks including JPMorgan and Citigroup have processed
incrypted.com
· 2026-09-28
A 37-year-old Vietnamese national has been charged with money laundering in connection with a $53 million pig butchering cryptocurrency scheme that defrauded U.S. citizens from February 2018 to December 2024. The scam involved perpetrators meeting victims online, building trust, and directing them to fake investment platforms like "Triangle" where they were shown fictitious profits and prevented from withdrawing funds. One victim alone lost $16 million, with investigators tracing over $569,000 directly to the defendant's cryptocurrency wallet before he transferred the funds to anonymous accounts.
kttn.com
· 2026-09-28
A Vietnamese national, Trung Nguyen Van, faces federal money laundering charges for his alleged role in a "pig butchering" cryptocurrency fraud scheme that defrauded victims of millions of dollars. One victim alone transferred approximately $16 million in cryptocurrency between June and August 2024 after being deceived into believing funds were being invested through a platform called "Triangle," with investigators tracing over $53 million in cryptocurrency assets connected to wire fraud schemes targeting U.S. citizens passing through Van's wallets. Pig butchering scams typically begin with romance-focused contact through dating apps or social media, where scammers build trust before directing victims toward fraudulent cryptocurrency investment opportunities that appear profitable initially
fincrimecentral.com
· 2026-09-28
Vietnamese national Trung Nguyen Van, 37, was charged with money laundering in connection with a "pig butchering" cryptocurrency investment scam that defrauded a victim of approximately $16 million between June and August 2024. Prosecutors allege Van received and laundered portions of victim funds through cryptocurrency wallets attributed to him, and attribute approximately $53.3 million in total receipts from schemes targeting U.S. citizens to wallets linked to him over nearly seven years. The scam involved building trust with victims through dating and social media before directing them to fake investment platforms where they could not withdraw their funds.
the420.in
· 2026-09-28
The UK and Cambodia signed a Memorandum of Understanding on September 23 to jointly combat illegal online scam centres operating across Southeast Asia, enabling formal intelligence sharing and law-enforcement cooperation to dismantle criminal networks and trace illicit financial flows. The agreement targets industrial-scale fraud operations using sophisticated techniques like romance scams and pig butchering schemes that affect thousands of victims, while also providing support for trafficked foreign nationals forced to conduct the fraud. This collaboration is part of the UK's £250 million Fraud Strategy, as more than two-thirds of fraud affecting the UK originates overseas, with one in four UK adults and businesses having fallen victim to fraud.
pymnts.com
· 2026-09-28
According to PYMNTS Intelligence research, scam victims exhibit varied payment timelines—63% pay within a day of contact, while 18% take at least two weeks—with romance scams averaging $27,587 in losses and investment scams averaging $14,225. FinCEN identified victims of digital asset and cryptocurrency scams liquidating savings accounts, investments, retirement accounts, and taking on debt to fund fraudulent payments, creating opportunities for banks to detect suspicious financial behavior. The research found that 11% of scam victims report their fraud to no one, rising to 40% among romance scam victims, indicating significant gaps in fraud reporting and awareness.
hindustantimes.com
· 2026-09-28
Romance scams are confidence tricks where criminals build emotional trust through fake online profiles over weeks or months, then request money after establishing dependence. These scams occur across dating apps and social media platforms like Instagram, Facebook, and LinkedIn, targeting vulnerable individuals experiencing life changes such as divorce or loneliness, as well as financially literate professionals. Warning signs include constant messaging, avoidance of video calls, requests to move conversations to private channels, and elaborate excuses for why they cannot meet in person.