Monday, January 29, 2024

FinCEN sends alert to financial institutions warning of crypto romance “pig butchering” frauds

  

FTC releases fraud data for 2023
  • Complaint numbers up a bit; losses jump 21% to over $10 billion
  • Most money lost to “investments,” meaning crypto romance fraud, at $4.6 billion; a 21% jump
  • Next most complained of were government/business imposters
  • Largest amount of money lost by bank to bank transfers
  • Those 20-29 years old lost money in 44% of complaints; those over 70 only 25%, though older group lost larger amounts
Singapore police release 2023 fraud data; fraud up on Meta platforms, including Facebook and Instagram; job scams top the list
 
China-sponsored hacking group has been infiltrating US electric utilities and emergency management services
 
FinCEN sends alert to financial institutions warning of crypto romance “pig butchering” frauds
 
Pet scams are now using sponsored ads on Google to appear at the top of search results; 31% of recent complaints about pet scams identified this tactic; sites usually registered from Cameroon 
 
International effort seizes the infrastructure of Russia-based Lockbit, one of the largest ransomware groups
 

Fraud Studies: Here are links to the studies I’ve written for the Better Business Bureau: puppy fraudromance fraud; BEC fraudsweepstakes/lottery fraud,  tech support fraudromance fraud money mulescrooked movers, government impostersonline vehicle sale scamsrental fraud, gift cards,  free trial offer frauds,  job scams,  online shopping fraud,  fake check fraudand crypto scams
 
Fraud News Around the worldHumorFTC and CFPBArtificial Intelligence and deep fake fraudVirus Benefit Theft Kidnapping and forced to scamBusiness Email compromise fraud IRS and tax fraudRansomware and data breachesBitcoin and cryptocurrencyATM SkimmingJamaica and Lottery FraudRomance Fraud and Sextortion