Mediaboss Marketing

28 March 2023

Rahman Ravelli Solicitors

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The FBI has stated that online scams involving losses totalling$10 billion were reported to it in 2022 - a $3 billion-plus rise onthe previous year.

According to the FBI Internet Crime Report, the maincontributing factor was cryptocurrency investment fraud. Reports of crypto investmentfraud almost tripled.

Such fraud involves individuals being duped into investing moneyinto schemes that are either non-existent or worth very little. Inmany cases, fake cryptocurrency trading platforms are created toentice victims into signing up so that their money and / orpersonal details can then be taken. Those carrying out such fraudmay also pretend to be financial advisers in order to lure peopleinto providing personal information.

The global rise of the cryptocurrency industry in recent years,and the ways it can be used to commit crime, make it unsurprisingthat the US along with other countries, including the UK is seeing a huge increase in crypto-related fraud.

The Internet Crime Report details other complaints aboutfraudulent activity, including marketing scams, business emailcompromise attacks (where a criminal attempts to trick someone intotransferring funds or revealing sensitive information), call centrefraud and ransomware attacks.

Ransomware is becoming a prominent threat to those online,according to the FBI. More than one-third of the 2,385 ransomwareattacks reported to the FBI last year targeted organisations inwhat is classed as the US' critical infrastructure sector. Callcentre fraud, which mainly targeted people over 60, accounted for$724 million in losses.

The FBI Internet Crime Report is used to help policymakers trackand monitor fraudulent schemes with a view to understanding howthey work so that ways can be devised to prevent them and protectthe US economy.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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