Baker Fraud Report

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Nigerian scammers engaged in online sex extortion, BM Boys, have led to suicides of 46 American young boys; contact them initially on Tik Tok and Instagram

60 Minutes: How international fraud gangs steal money from US government benefit programs

FBI warns scammers are now calling/texting claiming to be bank fraud reps; tell you hackers have access to your account and you need to move money to them to keep it “safe;” have you download a bogus app to track it

Google unveils AI system with Chrome to combat pop ups used for tech support frauds

Full report here

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Important! New Report from the UN office of Drugs and Crimes on scam compounds in SE Asia

• Operated by four major Chinese organized crime gangs
• Work with Mafia, cartels, worldwide
• Have their own crypto exchanges and blockchain
• Moving into other countries as well

IRS now allows scam victims to deduct their losses

Goods from China under $800 had been duty free; that changes with new executive order; may help prevent scam counterfeit goods fraud on the internet

New law expected soon: Take it Down Act would criminalize deepfake porn posted without consent and require social media platforms to remove it within 48 hours

Full Report here

GAO issues new study of consumer fraud in the US

• Urges a government-wide strategy to fight them
• Suggest complaint databases be harmonized
• Find a way to measure how effective education efforts really are

FTC releases new data on top text message scams of 2024

• $470 million reported losses; five times that of 2020
• Top five text scams are:
• Fake package deliveries
• Phony job scams
• Fake fraud alerts
• Bogus claims of unpaid tolls
• As much a 98% of people open and read texts
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National Elder Fraud Coordination Center begins operating

DOJ announces new policy on crypto issues; will bring fraud cases but not actions designed to impose regulatory requirements

Full report here

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Road toll text messages scams tied back to Chinese operation

City of London Police say victims reported losses of £650 million last year to crypto investment frauds (crypto romance?); complaint numbers down but losses up 13%; younger people most likely to be victims

BBB releases new study on the Identity theft industry; information sold on the dark web and obtained with AI tools; most common use of ID theft is to apply for credit cards

Full report here

MoneyGram settles with 49 States and DC over transmitting money from fraud victims to fraudsters; to pay $13 million

Trump issues Executive order to crack down on ticket scalping and undisclosed fees to event tickets

Tools and resources available to scammers to ease their work

A scam by any other name would smell as bad.  One thing I’ve been encountering are attempts to come up with new names for old scams, even when there is no apparent reason for that. For example, Chainalysis is reporting that the largest fraud they see come from  “automated push payments,” which appears to be no more than fraud victims sending money to fraudsters from their banks. So why the use of this new terminology?  I’ve similar concerns about the use of terms like “smishing” (scam text messages seeking data) and vishing (same, but through a phone call). 

I don’t see how use of these terms really helps the public understand what is going on.  Are these just a bit too clever?  Is there any way such terms actually help?  

Full report here

NYT: How scam compounds rely on a very organized money mule system to get the proceeds from victims

New York: Jury convicts man for fraud that sent mass mailings to consumers claiming they had won prize but needed to send back small sum to claim winning; no one won

CBC: Third part in series on grandparent scams.  How police use surveillance and other tools for locate and make arrests of scammers

Full report here

White House fires the two Democratic Commissioners; sets up legal fight over 1930’ Supreme Court case saying Presidents can’t do that

Canada: CBC Why Montreal is a hub of grandparent fraud: (video 3:01)

Miami: Jury convicts man who sent mass mailings claiming recipients had won a sweepstakes and had to send back a small sum to claim prize; but no one ever won

Text Messages about unpaid road tolls:  We’ve warned about these frauds before, but text messages claiming people need to click a link to pay tolls has just exploded. The FBI reports that they are now getting two thousand complaints per month, and toll road operators and local authorities around the country have recently issued warnings about this fraud.

Full report here

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FTC releases 2024 Fraud Data

• Losses reported by victims UP 25% last year; though total complaints flat
• Biggest losses to crypto investment frauds — $5.7 billion
• Government imposter frauds second – losses went from $171 million in 2023 to $789 million in 2024
• Losses to frauds offering jobs tripled last year from $250 million in 2023 to $750.6 million last year
• Full data book with state and city breakdowns here

Australia releases 2024 fraud data

• Complaints DOWN 17.3%
• Losses DOWN 33.1%
• Full report here

New York Attorney General releases top 10 frauds of 2024

Full report here

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US Better Business Bureau releases annual report on complaints to its Scam Tracker system

• Median dollars lost increased from $100 to $130
• Crypto romance frauds top the list
• Employment scams second; romance scams third
• Online shopping falls out of the top 3 for the first time
• Publisher’s Clearinghouse most impersonated organization
• Top platform or hearing from scammers was Facebook, at 57%
• 45% of scams involved crypto

FTC announces plans for National Consumer Protection Week March 2-8

Canada’s Fraud Protection Month in March focusses on impersonation fraud

Scammers that moved people into the US from India force them to collect gold from fraud victims or the scammers will report them for deportation

Full report here

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What goes on with Social Security? I see DOGE is looking into this, and I’m really curious what they will find.  Identity theft is one of the top frauds in the US.  Usually that includes using someone else’s SSN.  I’ve heard that those here illegally use others SSNs to apply for jobs, and that they pay in but can’t get benefits because its not really their number. Is this true? With millions here illegally, are we actually paying benefits to those with stolen ID’s? I’d think the government would discuss that, but I’ve never seen it raised.  So let’s see what they find.  Massive amounts of money may be involved.

Scammers that moved people into the US from India force them to collect gold from fraud victims or the scammers will report them for deportation

Full report here