The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or older, with reported losses of more than $600 million, the commission reported in its annual report to Congress on protecting older consumers.
Since October 2020, almost 7,000 people have reported losing money from cryptocurrency investment scams, the Federal Trade Commission said today—12 times the number of reports from the same period last year.
The Financial Crimes Enforcement Network today issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity.
Scams involving business email compromise—through which fraudsters target businesses and their fund transfers— were flagged by banks as the greatest business risk over the next two years, according to a survey from consulting firm Strategic Treasurer and payment company Bottomline.
The amount of money consumers reported losing to romance scammers has increased by 50% since 2019 and has risen more than fourfold since 2016, the Federal Trade Commission said today.
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
Scams that start on social media have been increasing for years and climbed from $134 million total reported losses in 2019 to $117 million in just the first six months of 2020, the Federal Trade Commission said today.
The ABA Foundation, in collaboration with the Federal Trade Commission, released a new infographic today to educate consumers on impostor scams which disproportionately affect older adults.
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.
The Financial Crimes Enforcement Network today issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic.