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
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 fraud, romance fraud; BEC fraud, sweepstakes/lottery fraud, tech support fraud, romance fraud money mules, crooked movers, government imposters, online vehicle sale scams, rental fraud, gift cards, free trial offer frauds, job scams, online shopping fraud, fake check fraudand crypto scams
Fraud News Around the world
- Montana: Man from India gets more than four years prison for tech support fraud operation in India; he went to victim’s home to pick up money
- Singapore: In two week effort, police investigating 227 scammers and money mules
- Los Angeles: Two brothers plead guilty to fraud on the postal service with bogus claims for insurance on priority mail
- Maryland: Man gets 22 years prison for debt relief scheme where he met victims in person and claimed they could discharge debt; engaged in ID theft
- Canada: Man from Victoria gets 3.5 years prison for home rental fraud
- UK: Woman arrested over fraud offering vacation rentals in Wales
- Israeli man extradited to the US over binary option investment fraud; losses of $148 million
- North Dakota: Nigerian man extradited from the UK and charged with defrauding law firm with fake check sent as a “retainer”; then scammer wanted money wired back; firm lost $198,000
- Connecticut: Police arrest man who claimed to be with Geek Squad to scam local man
- Nigeria arrests 40 for internet fraud
- St. Louis: Four Chinese men added to indictment for tech support fraud; one arrested at airport with one way ticket to China
- Europol announces effort that seized €64 million in counterfeit prescription drugs
- Texas: Man gets eight years prison for moving scam; raised price after goods loaded on truck
- Academic paper critiquing the use of the term “Pig butchering”
- Man steals truck full of sports cars to get home after being released from prison
- Prison inmates busted after they sneak out of facility and return with snacks
- CFPB to send refunds of $10.9 million to victims of student loan debt relief fraud
- Car dealers file suit against new FTC car pricing rule; delay effective date
- FTC settles with California company that made false claims that its supplements could treat Covid; banned from making claims
- FTC sends $610,000 in refunds to victims of tech support operation which used payment processor Nexway to get money from victims
- FTC begins new rulemaking that would regulate use of reviews and testimonials
- Court enters $20.3 million judgment for the FTC against company that offered cash advances to small businesses
- FTC and California AG get ban against mortgage relief company; also get $20.3 million judgment
- FTC gets $195 million judgment against Florida company that sold fake health insurance
- Southern Illinois: Jury convicts in criminal case against same telemarketing operation offering bogus health insurance
- FTC gets ban against group of student loan debt relief companies
- Atlanta: Jury convicts two of PPP fraud; got over $11 million
- San Diego: Romanian couple plead guilty to scheme that stole $5 million in California unemployment benefits
- Boston: Man pleads guilty to PPP fraud
- New Hampshire: Man pleads guilty to PPP fraud; got $492,0000
- Chicago: Owner of insurance company gets seven years prison for taking payments for insurance he never bought as well as PPP and unemployment fraud
- Sacramento: Woman pleads guilty to ID theft to get unemployment benefits in 70 names
- Texas: Six get prison for PPP fraud, including several Nigerians; got $20 million
- Los Angeles: Man gets 17.5 years prison for ID theft used to get unemployment benefits; got $1.5 million
- Miami: Man gets 2.5 years prison for PPP fraud; got $1.9 million
- Idaho: Prison for three men who did PPP fraud; got $3.5 million
- Miami: Woman gets 70 months prison for PPP fraud; spent it on gambling
- Idaho: Prison for three who did PPP fraud; got $3.5 million
- Virginia: Man (Nigerian?) gets 3.5 years for PPP fraud using ID theft
- Ohio: Man charged with PPP fraud; got $2.5 million
- Alaska: Business owner indicted for PPP fraud
- British ITV does a long piece on these operations in SE Asia
- Canadian man tells how he was kidnapped and forced to scam other Canadians in crypto romance fraud
- Hackers breach Prudential Financial
- Attack stops production at German battery maker Varta
- Ransomware attacks dozens of hospitals in Romania
- Ransomware attack on Hyundai Europe
- India: Four arrested for bitcoin mining scam
- Chicago: Man and other members of SIM swapping gang charged; stole $400 million in crypto
- SEC sues Florida based crypto trading platform; gets $1.5 million penalty
- Texas: Three men plead guilty to ATM skimming
- Louisiana: Two arrested for skimming business point of sale terminals
- Houston :Four members of a Romanian organized crime family arrested for ATM skimming
- Jamaica: Three arrested for lottery fraud
- New York: Costa Rica man arrested for lottery fraud that impersonated US government officials
- New York: Jamaican arrested for lottery fraud after landing at local airport
- Miami: Two Jamaicans charged with lottery fraud; got $6.6 million
- “Reformed” Nigerian romance fraudster explains tricks he used to defraud women
- UK complaints over romance fraud up 60% over last four years
- Thailand: Police arrest two Nigerians for romance fraud
- Salt Lake City: Seven Nigerians indicted for handling victim money from romance scams run by Yahoo boys in Nigeria; laundered $8 million from victims
- FBI arrests courier who went to home of crypto romance victim in Ohio to pick up funds
- Kansas bank fails after CEO embezzles $30 million to use in crypto romance fraud
- Two thirds of those in India were romance scam victims last year, most to crypto romance frauds
- Canadians reported losses of $50 million to romance frauds last year according to the CAFC
- Nigeria: Man gets 30 months prison for romance fraud; used Tik Tok and pretended to be a female US soldier
- Romance fraud up 23% in the UK last year; most victims males 20-29 years old
- UK: Cheshire man sentenced to seven years prison for romance fraud; got £300,000
- New Mexico: Nigerian man pleads guilty to romance fraud
- Two Nigerians in New Jersey arrested for romance fraud that caused Tennessee man to commit suicide