Summary

  • Criminals are using increasingly sophisticated methods to steal money, with scams increasing year over year, according to recent reports.
  • One such report highlighted that scams resulted in $16.6bn in losses in 2024, with cryptocurrency and investment scams being the riskiest type of fraud.
  • The cryptocurrency scams work by combining promises of easy money with a sense of urgency, using fake investment opportunities that look professional and display convincing (but false) portfolio growth.
  • Romance scams are also prevalent, with criminals using AI to create deepfake videos and audio to impersonate trusted individuals.
  • Other scams to watch out for include phishing scams, government impersonation scams, and online purchase scams.
  • To avoid falling foul of such criminal activities, enabling multi-factor authentication, verifying sender addresses, and researching companies before purchasing from them are among the best practices.

By Tashreef Shareef

Original Article