PYMNTS
FEBRUARY 12, 2019
12) about potential “romance scams,” which cost victims a collective $143 million last year. The FTC said these particular types of scams cost people more than any other type of swindling, and that they’re expected to become more common. They will generally request the money be sent by wire transfer or gift card.
FICO
FEBRUARY 19, 2020
These schemes compete with each other and want to take business from wire transfer schemes such as FedWire and CHIPS. Users of wire transfer schemes can find them difficult to set up and expensive to use, but higher transaction values are important to them.
FICO
JULY 7, 2020
In one recent example, a criminal impersonated the leader of a UK-based energy firm using voice-generating AI software to convince a chief executive to wire $243K. This can also take shape as a romance scam, where the criminal creates an enticing fake profile and builds a relationship with their unsuspecting victim.
PYMNTS
AUGUST 26, 2019
history and said in a statement that “fraud networks now target individuals and businesses alike … In the BEC scams, the fraudsters will often hack a company’s email system, impersonate company personnel, and direct payments to bank accounts that funnel money back to the fraudsters in Nigeria.” billion stolen by victims. Individual Case.
PYMNTS
JUNE 10, 2019
The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I companies and government agencies.
FICO
SEPTEMBER 10, 2020
The money mule moves stolen funds to a participant in the scam via an instant funds transfer or wire transfer, and the money is often unrecoverable and untraceable. . Romance scams , “make $100,000 from your kitchen table” scams and other cons can be made extremely compelling by cunning fraudsters.
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