Top Stories
Dutch group to host Global Online Fraud Summit on November 13; free online registration
FTC releases annual report to Congress on efforts to protect seniors
Lose most money to Romance scams; #2 gov’t imposters; #3 lottery scams
FTC data shows huge increase in scams starting on social media
- Losses in first half of 2020 nearly equal to all 2019
- Top losses are goods ordered online but never delivered
- 94% of scams starting with social media Facebook or Instagram
- Fivefold increase in pyramid and MLM complaints
Oh no! Paypal announces it will let people buy and sell bitcoin
Virus benefit theft
- Rhode Island: Four from Florida arrested for theft of virus benefits
- Well Fargo fires 100 who were involved in PPP fraud separately
- San Francisco man charged with theft of $22 million in PPP fraud
- The IRS has hundreds of investigations of virus relief scams
- Virginia man arrested for $2.5 million PPP fraud
- Memphis, Tennessee: Three charged with PPP fraud; got $1.1 million
- Rapper arrested after he posts video of his new song about illegally getting unemployment benefits; got $1.2 million
- UK launches new COVID fraud hotline to report
- Louisiana woman arrested for having California unemployment benefits of others
Tip of the week: How do we know how much fraud there is?
A 2004 FTC fraud survey, based on phone calls, found that only 8.4% of fraud victims ever complained to the BBB or law enforcement. (page ES-6). Of course this means that over 90% do not. Some people don’t even realize they’ve been ripped off, others are embarrassed. Some may not know where to go.
