New UK research study on the worldwide underground industry that seeks “returns” and refunds from online retailers
- Losses just in the US at least $1 billion/year
- This fraud is franchised to individuals, pay their tutors a percentage; scammers taught online
- Scammers have detailed knowledge of refund policies
- Often have business insiders help
- Many claim items not delivered, claim damaged, or return counterfeit goods
New study looks at the use of AI in crypto romance frauds
- Interviewed 145 who worked at scam compounds
- Finds that 87% or workers at scam compounds do just the first steps at beginning contact with victims
- AI is routinely used in many parts of this fraud
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 fraud and crypto scams
Fraud News Around the world
- India busts call center that called US and impersonated banks; 26 arrested
- New Hampshire: Jury convicts man (Chinese?) for tech support fraud
- Canada: Sasketchewan man arrested for grandparent fraud; apparently went to victim’s homes to pick up money
- Forward scam texts to 7726; it lets your carrier track them and determine source
- Virginia: Woman charged with fraud; collected deposits on rentals from homes she didn’t own; more than 20 victims so far
- Virginia: Man gets 42 months prison for ID theft of dozens
- Canada: Toronto Police seize $3.5 million of counterfeit soccer jerseys; arrest two
- FTC sues multi-level marketing company Amara over deceptive product and potential income claims
- FTC and Nevada settle with tax relief company over deceptive claims; to turn over $10 million in assets for refunds to victims
- FTC sues and shutters Southern California-based mortgage relief company
- Delaware: Jury finds two people guilty of PPP fraud; got $9.1 million
- New Orleans: Man pleads guilty to PPP fraud; got $123,000
- New Jersey: Jury convicts man of $2.1 million PPP fraud
- Boston: Sheriff’s deputy gets probation for PPP fraud
- West Virginia: Man pleads guilty to PPP fraud; got $83,000
- Los Angeles: Man gets 3.5 years prison for PPP fraud; got $4.3 million
- Boston: Woman here illegally twenty years from Colombia gets 33 months prison; had eight stolen ID’s she used to vote and to get hundreds of thousands in benefits
- Boston: Woman pleads guilty to PPP fraud; was part of ring that requested millions
- Boston: Man illegally here from the Dominican Republic indicted for theft of unemployment and food stamp benefits
- San Francisco: Man gets five years prison for PPP fraud; also charged for investment fraud and drug sales
- Cambodia: Six Chinese get life sentences for torturing and murdering South Korean man who was trapped at scam compound
- Indonesia deports six Kenyans rescued from scam compound in Bali
- India says it has repatriated 2400 from Myanmar scam compounds in the last year, and 150 still stuck there