News 

Lovesick singletons are the biggest target for scam artists in America

“The online dating industry in the U.S. is worth more than $1 billion, according to market research group IBISWorld” writes Kari Paul for marketwatch.com. If you believe you’ve been the victim of a dating scam, you can report it to the FTC online using its complaint form.The number of romance scams reported to the FTC increased to more than 21,000 in 2018, up from 8,500 in 2015 . Source: marketwatch.com

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Fraud involving shares, bonds, Forex and cryptos tops investment scams list in 2018, FCA data show

“According to data from the FCA call centre, the most commonly reported scams involved investments in shares and bonds, Forex and cryptocurrencies by firms that are not authorised by the FCA. Together they accounted for 85% of all suspected investment scams reported in 2018” reports financefeeds.com. The UK Financial Conduct Authority (FCA) has earlier today posted some gloomy data about investment scams.Let’s recall that, back in October 2017, the FCA asked the public not to stay silent about investment scams. Source: financefeeds.com

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UK Financial Watchdog: $255 Mln Lost in Crypto-Related, Other Investment Scams in 2018

“The financial watchdog has also noted that the spread of investment scams is shifting from traditional cold calls to scamming online” writes Helen Partz for cointelegraph.com. The United Kingdom Financial Conduct Authority (FCA) has reported that common investment scams’ losses — including those crypto-related — amounted in total to over £197 million ($255 million) in 2018.According to data from the FCA call center, the most common reported scams involved unauthorized investments in shares and bonds, forex markets and cryptocurrencies. A month before, in November 2018, the FCA had stated that…

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Crypto News Platforms 

From Ponzi Schemes to ICO Exits, Ethereum’s Blockchain Has Been the Platform of Choice for Scammers

“As the leading platform to raise crypto funds, scam artists went about hunting for unsuspecting victims using three main methods” writes Gareth Jenkinson for cointelegraph.com. According to a recent report from crypto analytics specialists Chainalysis, Ethereum (ETH) has become the crypto platform of choice for scam artists.The reason for Ethereum’s perceived popularity with scam artists is its utility as a platform in which people can start and launch their own native cryptocurrency tokens through ICOs.Phishing is considered to be the most popular type of ETH scams over the past few…

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Crypto News 

Research Reveals $1.7 Billion Obtained via Crypto Thefts and Scams in 2018

“About $1.7 billion in cryptocurrency had been obtained via illicit means in 2018, according to research published by crypto analytics company CipherTrace on Jan. 29” writes Adrian Zmudzinski for cointelegraph.com. Of that $1.7 billion, over $950 million was stolen from crypto exchanges, representing a 3.6 times increase over 2017.As Cointelegraph recently reported, research outlined by blockchain analytics company Chainalysis has revealed that two probably still active hacker groups have reportedly stolen $1 billion in cryptocurrency.On the other hand, at least $725 million was lost in 2018 to scams such as ponzi schemes,…

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Crypto News 

Cryptocurrency thefts, scams hit $1.7 billion in 2018: report

“So we have seen in 2018 a lot more exit scams where companies disappear and steal people’s money” reports businessinsider.com. Korea and Japan were home to most of the thefts from exchanges, or 58 percent, throughout 2018.In 2017, the exit scams totaled just $56 million, according to CipherTrace.Of the $1.7 billion, the report, which looks at criminal activity in the digital currency market, said $950 million constituted thefts from cryptocurrency exchanges and infrastructure services such as wallets, up nearly 260 percent from $266 million in 2017.Jevans noted that in all…

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FSMA Warns Against Identity Thefts from Authorized Firms

“Compared to the mainstream investment services, this sector is nascent and the lack of proper regulation also aids to the rescue of the fraudsters” writes Arnab Shome for financemagnates.com. Belgian financial regulator the Financial Services and Markets Authority (FSMA) has issued a warning statement to the traders against the increasing number of identity theft from authorized companies leading to investment fraud.The Belgian watchdog is not the only agency to issue warnings against such identity thefts as agencies across Europe are frequently busting fraudulent platforms. These scams are not confined within…

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Facebook settles lawsuit over scammy ads with $3.9 million donation and a new reporting tool

“British financial journalist Martin Lewis is dropping a lawsuit against Facebook after reaching a settlement with the company” writes Jan Est for theverge.com. Last year, Lewis alleged that Facebook defamed him by serving numerous ads that used his face and name to market sketchy financial products like cryptocurrency get-rich-quick schemes. Source: theverge.com

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