Connect with us

Crypto

Cryptocurrency fraud targets elite victims – Identity Week

Published

on

With financial crimes creating 9 million victims in the UK last year alone, fraud tactics are ever becoming more elaborate and entrapping new victims. The cryptocurrency fraud ecosystem encompassing AI and pig butchering scams was reported to have hit $12.4 billion in a study published by Chainalysis. The fraud is built upon trust in a lot of cases between the scammer and individual. Many wealthy individuals are falling victim to this type of fraud, also known as an investment or romance scam, in highly-convincing circumstances. 

In 2024, revenue from pig butchering scams grew by 40%, accounting for 33.2% of all scam revenue. 

“The identity verification system used by LinkedIn, where company team members verify each other before engaging in business, is the way forward,” commented Aran Hawker, the CEO at CoinPanel. “This approach could help prevent high-yield investment scams by ensuring a legitimate financial service company is involved.” 

The average cost of investment scams is around £25,000.

Advertisement

Crypto

SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority

Published

on

SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority
The SEC is signaling a decisive push to move U.S. financial markets onto blockchain infrastructure, framing on-chain settlement as a priority upgrade that could reshape post-trade systems and regulatory strategy under Chair Paul Atkins.
Continue Reading

Crypto

Westlake police say cryptocurrency scam cost woman over $5,000

Published

on

Westlake police say cryptocurrency scam cost woman over ,000

WESTLAKE, Ohio – A convenience store clerk at 1:30 p.m. on Nov. 26 alerted a police dispatcher that a female customer was feeding large amounts of cash into a cryptocurrency ATM at the store on Center Ridge Road at Dover Center Road.

The clerk said the customer would not believe the clerk’s warning that she was being scammed.

Officers arrived to find the 71-year-old still “anxiously depositing” cash into the machine. Officers told her to stop, but she did not believe the uniformed men. The officers talked to her for several minutes before she finally believed that there was an issue. She was still on the phone with the scammer at the time.

The incident started that morning when the victim received a pop-up message on her home computer instructing her to call a provided support phone number due to a supposed issue with the computer’s operating system. She called the number and was connected to a man who claimed he was a representative from Apple, according to a police department press release.

The man talked her into allowing him remote access to her computer while he asked for her bank information. The scammer talked the victim into believing that there was a problem with her accounts, and she was at risk of losing $18,000 in connection with pornographic websites out of China or Mexico.

Advertisement

She was connected to a fake fraud department for her bank, and another scammer persuaded her to go to a bank and withdraw as much cash as they would allow. The scammer even told her to give the teller a story about needing cash to buy a car. The perpetrator kept the woman on the phone as she took out cash and traveled to the crypto ATM. The victim had deposited approximately $5,500 before officers persuaded her to stop. The Westlake Detective Bureau is attempting to recover the lost funds.

Get police blotters by email every weekday for free with our new Police Blotter newsletter. Sign up at cleveland.com/newsletters.

Read more from the West Shore Sun.

Continue Reading

Crypto

Youtube Expands Creator Monetization Using Paypal USD Stablecoin

Published

on

Youtube Expands Creator Monetization Using Paypal USD Stablecoin
Youtube has reportedly begun letting U.S. creators receive payouts in Paypal’s dollar-pegged stablecoin, Paypal USD (PYUSD), signaling a shift toward regulated digital currencies as mainstream payment tools and deepening stablecoins’ role in creator monetization.
Continue Reading
Advertisement

Trending