Current currency fraud in investment fraud-WSB-TV 2

It started with a text message, apparently means for someone else. Ed Hidok, a resident of Pennsylvania, answered. During the following weeks, he participated in what he described to CBS News Philadelphia as a friendly conversation. In the end, the sender persuaded him to invest a small amount in a coding wallet. The fake data that shows high revenue is persuaded to invest more – the total of $ 50,000.

Then the person disappeared behind the messages.

In an anxious direction that continues to accelerate, there is an investment fraud related to the encrypted currency Which leads to increased financial lossesAccording to the reported currency fraud in 2023.

The report reveals that although complaints related to the cryptocurrency represent only about 10 % of the total financial fraud complaints received by the FBI during the year 2023 (the latest available data), it represents nearly half of the financial losses, with estimated losses exceeding 5.6 billion dollars-an increase of 45 % over the previous year. The direction lasted until 2024, with the statements of the Federal Trade Committee presented 5.7 billion dollars losses Because of investment fraud, more than any other category.

Cheapinsrance.com Review Internet crime report for 2023 for the Federal Investigation Office And supplementary Current currency fraud report To analyze how coding crimes cause the greatest losses.

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People of all ages fall into encryption fraud, but the elderly had the largest losses

Various types of fraud occurs through Nexus Cryptocurrency, a counterpart network to a counterpart that uses Blockchain technology to make transactions. An anxiety in particular raises the increase in investment fraud, which represented nearly $ 4 billion of losses in 2023-approximately 71 % of all losses related to the encrypted currency that was reported to the FBI. These often include investments in fake assets or false projects.

Other types of crimes that use the encoded currency include technical support, databases, and extortion, followed by romantic or confidence -related crimes.

This alone represents an increase of 53 % over the total losses caused by fraud in investment reported in 2022.

“The decentralized nature of the encrypted currency, the speed of irreversible transactions, and the ability to transfer value all over the world make the cryptocurrency an attractive vehicle for criminals,” said Michael Nordououl, Assistant Director of the Criminal Investigation Department at the FBI in the encrypted currency. The same factors that make encrypted currency fraud also create great challenges to restore stolen money.

Slaughter of pigs and other social fraud operations

Social -engineering fraud has become increasingly common, as criminals build confidence with victims before introducing fraudulent investment opportunities. One of the most common investment fraud is known as “pig slaughtering”, as the perpetrators use hunting techniques to obtain the confidence of victims through dating applications, social media and professional network sites. They may also send unwanted messages through encrypted platforms such as WhatsApp, Telegram and Signal.

Continuous correspondence can attract victims to a trap – even those who think they are not vulnerable to deception tactics. Sometimes, communication may revolve around a fake romantic relationship, which increases victims to investing in fake encrypted currency projects.

The report warns, “The fraudsters will build confidence for weeks and months before trying to persuade you to invest in the encrypted currency.” “They will use text messages, video chats, phone calls, and email messages to attract you.”

Once you create confidence, victims are directed to web sites or fraudulent applications where they are presented on fake profits and encouraged to invest. When they try to withdraw their supposed profits, they were told that they need to pay additional fees or taxes – they will not see again.

Artificial intelligence, communication centers, and advanced deception

Many factors, including the broader access to cryptocurrencies and the rise of artificial intelligence, are proceeding in investment fraud. The cases specified in the province of Colombia, securities and banking services have been identified where AI was used to clone sounds, change images, publish wrong information, create fake videos, and create more realistic and developed fraud. Sometimes, artificial intelligence can be used to impersonate the personality of family members, friends or famous people.

A multinational conversation, by coordinating the project to report organized crime and corruption, revealed the internal actions of the communication vehicles that committed these fraud. Victims are often seduced by fake social media ads, especially on Facebook, as well -known news articles included well -known public figures that enhance the plans “to earn money during sleep”.

OCCRP found that these widespread fraud operations are working as professional -run companies, relying on marketing companies, payment services providers and software companies to maintain their activities and create a shell of professionalism. Fake identities, forged leaves, and fake communication centers add delusions – removed the victims from their money.

“The deceptions are constantly evolving,” Christopher Movarig, director of the FTC Consumer Protection Office, said in a statement.

Who is targeted and how to stay safe

While people between the ages of 30 and 49 years of investment fraud in the encrypted currency, the victims over 60 years of age have reported the highest losses – more than $ 1.24 billion. This is in line with the broader trends, as financial fraud often affects the most unpopular Americans. For example, last October, FTC told Congress that consumers 60 and above were five times more likely than young to report the loss of money on a technical fraud – a common type of fraud where the deception pretends to provide technical support to the victim, only to blackmail at that time their information once the victim is given access to their system.

The FBI emphasizes many red flags that can refer to fraud: Be cautious about investment opportunities about people who have never been met by someone who need digital assets to open an account, guaranteed promise or excessive returns with minimal risk. The fraudster usually creates pressure to act quickly to overcome rational thinking and may order encrypted currency platforms for unknown transactions.

With the growth of cryptocurrency, the development of these fraud increases. The FBI recommends verifying the legitimacy of any investment opportunity and conducting caution from applications or websites with an appearance suspicious of names that simulate legitimate financial institutions.

If you think you were subjected to the victim, then file a complaint through IC3.gov With details about transactions, including encrypted currency addresses, retail transactions, and information about the deception. Instead, Reportfraud.ftc.gov It can be used to report fraud to FTC.

The bottom line: Be cautious about the promise of fast and easy money – on any platform.

With the report’s warning, “If the chance of investing looks very good, it is likely that it is.”

Editing the story of Alisa Salario. Copy editing by Paris closing. Choose photos by Ania Antecka.

This story Originally Cheapinsrance.com It was produced and distributed in partnership with Stacker Studio.