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Stock market trading is something that needs expert guidance and has its own set of risks associated. This is why, people generally consult experts before investing in stocks. However, one needs to be careful who they are seeking advice from when it comes to financial matters. In a recent case, a 63-year-old man from Hyderabad lost Rs 50 lakh after falling for a fraudulent stock trading scheme shared through a <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> group. This is just one example of how fraudsters are increasingly using messaging platforms to lure in victims with false promises of easy profits. <h2>How the scam unfolded </h2> The scam began when the victim received an invitation to join a WhatsApp group called Stock Discussion Group. According to a Times Now report, the group was led by a man named <keyword id="23828130" type="General" weightage="20" keywordseo="kunal-singh" source="keywords">Kunal Singh</keyword>, who introduced himself as a financial advisor with extensive experience in the stock market. Singh claimed that his past clients had earned significant profits, boasting of returns as high as 500% by following his stock trading advice. Intrigued by these promises, the victim enrolled in online classes that were promoted within the group. These sessions, held through private links shared on WhatsApp, promised to teach participants how to make money by investing in the stock market. Singh continued to assure group members that his expertise would guide them to financial success. The victim, trusting his guidance, began to invest small amounts of money on a platform called Skyrim Capital, which Singh claimed was a legitimate trading platform. At first, the victim saw some returns on his investment, which only encouraged him to invest more. The initial success built his confidence, and over time, he transferred a total of Rs 50 lakh into multiple investments, believing that he was making wise financial decisions. However, when the victim attempted to withdraw his funds, he was unable to do so. The platform blocked his attempts, and when he tried to contact Singh, he received no response. The truth behind the scam The victim soon realised that he had been scammed. The platform, Skyrim Capital, turned out to be nothing more than a front for fraudulent activity, and Singh had disappeared with the man’s money. The scam had been carefully designed to build trust initially, only to betray the victim when he tried to cash out. The fraudsters used the lure of high returns and expert advice to convince the victim to keep investing larger sums, ultimately draining his finances. This scam is just one of many that have been reported in India, with cybercriminals exploiting the convenience and popularity of platforms like WhatsApp to reach potential victims. These scams often rely on false promises and fake personas, with fraudsters creating elaborate stories to convince their targets that they are legitimate financial advisors.

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

Many people around the world invest their hard-earned money in order to increase its value. Investments can be carried out through various channels and online investments are quite popular as they are a convenient way to earn some extra cash. However, the world of online investments is full of <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> as well who constantly look out for unsuspecting victims. In many cases, these scammers pose as financial advisors and lure people in their trap. They might even let the victim earn some money to prove their authenticity. Once the victim begins trusting them, the fraudsters show their true colourrs. Something similar happened with a man from Hyderabad, who fell victim to a <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, losing Rs 8.17 lakh in a deceptive <keyword id="22852878" type="General" weightage="20" keywordseo="online-trading-scheme" source="keywords">online trading scheme</keyword>. The incident highlights the growing menace of <keyword id="19971937" type="General" weightage="20" keywordseo="cybercrime" source="keywords">cybercrime</keyword>, especially in the form of <keyword id="21250548" type="General" weightage="100" keywordseo="investment-scams" source="keywords">investment scams</keyword> that prey on unsuspecting individuals seeking quick profits. <h2>How the scam unfolded</h2>As per a report in New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was lured into joining a group that claimed to offer profitable trading opportunities. The scammers added him to social media groups where they showcased the supposed success stories of others who had invested and made significant profits. Encouraged by these (false) success stories, the victim began by investing a small amount of money. To his surprise, he quickly received returns on his initial investment, which further convinced him of the scheme’s legitimacy. This early success was part of the scammers' strategy to build trust and encourage the victim to invest larger amounts. As the victim's confidence grew, he decided to invest more money, even going as far as taking bank loans and borrowing from friends to increase his trading capital. The scammers, posing as experienced traders, provided him with tips and advice, which seemed to be leading to profitable trades. However, as time passed, the victim started noticing irregularities. Despite his trades showing profits, the system would automatically close them, resulting in losses. When he questioned this, the scammers blamed the system’s automated processes and reassured him that his losses could be recovered by investing more. The situation reached a tipping point when the victim was unable to withdraw any funds from the trading app. Growing increasingly concerned, he approached a friend for a loan, explaining his predicament. It was this friend who first alerted him to the possibility that he was being scammed. Realizing the gravity of the situation, the victim immediately filed an online complaint with the cybercrime police. <keyword id="22852879" type="General" weightage="20" keywordseo="Hyderabad-Cyber-Crimes-police" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad Cyber Crimes police" meta.hostid="261" meta.entityid="Hyderabad Cyber Crimes police">Hyderabad Cyber Crimes police</keyword> have registered a case and are currently investigating the matter. According to an official statement, the scammers had manipulated the trading app from the backend, deliberately causing the victim’s trades to close in losses even when they were in profit. The fraudsters continued to pressure the victim to transfer more funds, promising that he could recover his losses by making additional investments. <h2>How to protect yourself from such scams</h2>This incident serves as a stark reminder of the dangers of online investment schemes, particularly those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to build trust with their victims, only to deceive them into losing substantial amounts of money. Thus, if you receive random calls or messages offering investment opportunities, approach them with caution. Scammers often use high-pressure tactics to convince you to invest quickly. If you do decide to invest, before going ahead, research the platform or group thoroughly. Check for reviews, and verify if the platform is registered with relevant financial authorities. In addition to this, be cautious about sharing your financial details or personal information with unknown parties, especially through unsecured communication channels. Also, if you are considering a new investment opportunity, seek advice from trusted friends, family members, or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.

Hyderabad man uses online trading app to try and earn some extra money, loses Rs 8 lakh

<ul class="summary-list"><li>Scambaiting is when the target of a phone or online scam knowingly tries to waste a scammer's time.</li><li>Scambaiting can frustrate scammers and prevent them from targeting others.</li></ul>"Scambaiting" is when the target of a phone or online scam realizes what's happening and plays along. The goal is to waste as much of the scammer's time as possible.The process is often hilarious and has given rise to a successful genre of online content in which users post their successful attempts to bait scammers.The process, however, can be time-consuming. So a UK company called Virgin Media O2 is offering a solution: an AI grandmother named Daisy.In a video demonstration last week, the company showed how someone could deploy the AI chatbot to waste a scammer's time on their behalf."This state-of-the-art AI Granny's mission is to talk with fraudsters and waste as much of their time as possible with human-like rambling chat to keep them away from real people while highlighting the need for consumers to stay vigilant as the UK faces a fraud epidemic," the company said.The problem is worldwide. Almost 1 in 3 Americans have been <a target="_blank" class="" href="https://www.businessinsider.com/online-scams-fraud-liability-banks-government-ftc-2024-10">the victim of a scam</a> in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams.Virgin Media O2 says it decided to create Daisy after conducting research that showed that 71% of Brits wanted to retaliate against scammers but that most of them didn't want to spend the time to do so.So the company partnered with one of the most popular scambaiters on YouTube, Jim Browning, to train the AI chatbot. Browning is known for pretending to be a clueless victim long enough to frustrate scammers. Browning has more than 4.3 million subscribers.Virgin Media O2 told BI in a statement that Daisy "combines various AI models which work together to listen and respond to fraudulent calls instantaneously and is so lifelike it has successfully kept numerous fraudsters on calls for 40 minutes at a time.""Daisy is turning the tables on scammers — outsmarting and outmaneuvering them at their own cruel game simply by keeping them on the line," director of fraud at Virgin Media O2, Murray Mackenzie, said. "But crucially, Daisy is also a reminder that no matter how persuasive someone on the other end of the phone may be, they aren't always who you think they are."

Meet the new AI grandmother that can scam the scammers on your behalf

<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

<ul class="summary-list"><li>Scammers are targeting voters with fake registrations, surveys, and donation requests.</li><li>The scams often involve pressure tactics and requests for personal financial information.</li></ul>It's almost time for the <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-15-days-swing-states-polling-2024-10">2024 presidential election</a>, and scammers are out in force.The three most common scams around elections are <a target="_blank" class="" href="https://www.businessinsider.com/how-avoid-election-scams-stay-safe-from-voter-registration-fraud-2024-8">voter registration scams</a>, fake surveys and polls, and political donation scams, experts say.In all of these scams, the National Association of Secretaries of State says that scammers generally contact potential victims by phone or email, pretending to be a legitimate entity, like a political action committee or a state agency.The best way to spot an election scam in any of these instances is to stop and see if the person reaching out to you is asking for personal financial information. If they are, it's likely a scam.Other signs that a donation request from a PAC could be fake are if they push you to donate quickly or if the website doesn't provide any contact information, NASS says.According to the Federal Trade Commission, scammers commonly use "pressure" to get victims into uncomfortable situations. They will use phrases such as "act now!" to introduce a time element so that you don't have time to think about your actions."Pressuring you to act now is always a sign of a scam," the FTC says.Fake surveys and polls that prey on people's heightened emotions during election seasons are also common, NASS says. Signs that a survey or poll could be fake are if they offer compensation or prizes for participation or if they ask about controversial topics "to rile you up."To spot a fake voter registration message, check to make sure that the information you are receiving is coming from your official state or local election official, the agency says. Another common sign that a voter registration message could be a scam is if the messenger says you must pay to complete your voter registration.The FTC recommends reporting any unsolicited texts or calls from someone who says they need your Social Security Number or financial information to register you to vote. If you think you may be the victim of a scam, you can visit the <a target="_blank" href="https://consumer.ftc.gov/features/identity-theft">FTC's identity theft recovery page</a> to report the fraud.To register to vote, or to find out if your Social Security Number is required for voter registration in your state, the FTC says to contact your local election office or check the US Election Assistance Commission's National Voter <a target="_blank" href="https://www.eac.gov/sites/default/files/eac_assets/1/6/Federal_Voter_Registration_ENG.pdf">Registration Form</a>.

Here are the most common election scams and how to keep yourself safe

<ul class="summary-list"><li>A tip from the SEC led federal prosecutors to set up a fake company to bust crypto market manipulators.</li><li>The firms are charged with "wash trading," artificially increasing trade volume to boost token prices.</li></ul>Federal prosecutors are getting creative in order to catch bad actors in the cryptocurrency market. After receiving a tip from the Securities and Exchange Commission, federal prosecutors set up a fake crypto company to investigate a firm based in Boston.The sting operation that ensued busted four firms, seized over $25 million in crypto, and deactivated about 60 different cryptocurrencies, prosecutors in Boston said in a press release on Thursday.The firms and more than a dozen individuals were charged with market manipulation to boost token values, as well as fraud and conspiracy to commit fraud. The charges are the first in the crypto industry related to "wash trading."The practice involves moving assets back and forth between accounts controlled by the same firm, giving the appearance of higher trading volume and artificially boosting the value of the asset.The sting came after the SEC tipped off the FBI to potential market manipulation by a Boston-based crypto firm called Saitama, which at one point had boasted a multi-billion market value, the press release said. The tip prompted prosecutors to launch a fake crypto firm called NexFundAI and create a fake token. Over the monthslong operation, the FBI witnessed three market makers wash trade tokens for crypto clients, offering to manipulate the price of NexFundAI's token via video calls and Telegram chats.The sting charged ZM Quant, CLS Global, and MyTrade with wash trading related to their communications with NexFundAI. A fourth firm, Gotbit, was not involved with NexFundAI but was charged in a similar scheme. The sting also charged 15 individuals, including six people associated with Saitama.The firms' trading scheme "allegedly bilked honest investors out of millions of dollars," Jodi Cohen, Special Agent in Charge of the FBI's Boston Division, said in a statement.The prosecutors say those charges mark the first of their kind in the crypto industry, even as the practice of wash trading has been outlawed and strictly enforced in other financial markets. "Cryptocurrency is no exception. These are cases where an innovative technology – cryptocurrency – met a century old scheme – the pump and dump. The message today is, if you make false statements to trick investors, that's fraud. Period," Acting United States Attorney Joshua Levy said in a statement released Wednesday.The charges come as crypto-related scams are on the rise. The FBI's 2023 <a target="_blank" href="https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf">internet crime report</a> shows crypto fraud cost investors almost $4 billion last year. One kind of scam, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-scam-kansas-bank-pig-butchering-jail-prison-embezzlement-fraud-2024-8?_gl=1*uimjl9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyMDQ5LjIwLjAuMA..">"pig butchering,"</a> has <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2?_gl=1*1iwjahf*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyNjc3LjU2LjAuMA..">stolen at least $75.3 billion</a> in crypto in recent years, according to one study.

US sting operation catches crypto firms 'wash trading' to boost token values

<ul class="summary-list"><li>Federal authorities are investigating how banks reimburse consumers who are scammed on Zelle.</li><li>Lawmakers say the banks behind payment apps need to offer more protections.</li></ul>Scams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate.This week, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo — all part owners of Zelle — after Sen. Richard Blumenthal wrote a <a target="_blank" href="https://www.hsgac.senate.gov/wp-content/uploads/2024.08.04-Blumenthal-Letter-to-Chopra.pdf">letter</a> to the agency.The Senate's Permanent Subcommittee on Investigations found that reimbursements from the three banks for transactions that Zelle users disputed fell from 62% in 2019 to 38% in 2023, Blumenthal said in the letter."PSI's investigation of the three banks indicates that they provide their respective employees with broad discretion to determine whether a disputed transaction is unauthorized, and, in turn, whether a consumer is entitled to reimbursement," the letter says.Zelle's chief fraud risk manager, Ben Chance, meanwhile, told Fortune that the app is doing everything it can to minimize the risk of scams. He also told the outlet that the best way to prevent scams on money-sharing apps is better user education, sound policy and more funding for law enforcement."The real solution is to focus on the criminals who are perpetrating these crimes across phone, text message, email, digital marketplaces, and social media platforms…and of course, partnering with those platforms, along with financial services and law enforcement in the prosecution and removal of these criminal actors," Chance told the outlet.But even for law enforcement, money lost in a scam can be <a target="_blank" class="" href="https://www.businessinsider.com/scammers-trick-woman-publishers-clearinghouse-sweepstakes-2024-4">difficult to recover</a>. On August 2, Democrats in Congress introduced a bill that would give increased reimbursement protections to people who lose money to scams on peer-to-peer payment apps.The Protecting Consumers from Payment Scams Act, proposed by Rep. Maxine Waters, Sen. Richard Blumenthal, and Sen. Elizabeth Warren, would increase financial institutions' responsibility for helping consumers resolve fraud disputes.Consumers can be reimbursed for unauthorized transactions under existing federal law, like purchases on a stolen credit card. However, getting money back after sending it through Zelle or other payment apps is much more difficult.If you accidentally send money to a scammer, <a target="_blank" href="https://consumer.ftc.gov/articles/what-do-if-you-were-scammed#Paid">the Federal Trade Commission</a> recommends asking the company you send the money through if there's a way to recover the funds. If you lose the money through a money transfer app, the agency says to report the fraudulent transaction to the app's parent company."If you linked the app to a credit card or debit card, report the fraud to your credit card company or bank. Ask them to reverse the charge," the FTC says.Zelle did not immediately return a request for comment from Business Insider on Saturday.

Zelle says it's up to the police to stop scams

<ul class="summary-list"><li>Officials are warning about voter registration scams ahead of the 2024 presidential election.</li><li>Scammers are posing as get-out-the-vote groups in fake text messages.</li></ul>Did you get a text message saying you aren't registered to vote? It could be a scam.With the <a target="_blank" href="https://www.businessinsider.com/kamala-harris-leads-trump-michigan-pennsylvania-wisconsin-swing-state-polls-2024-8">2024 presidential election fast approaching</a>, officials in several states are warning about scammers pretending to be voter registration agencies.Voter registration fraud is one of the three most common scams during an election cycle, alongside cons involving political donations and fake polls, according to the <a target="_blank" href="https://www.nass.org/sites/default/files/2021-08/CSN%20Election%20Scams%20Infosheet_NASS.pdf">National Association of Secretaries of State</a>. Scammers typically contact victims by phone, text, or email — and sometimes in person — to say they need personal information to update voter registration forms.In Shasta County, California, the county clerk and election officials warned last week that a text message asking recipients to click a link to register to vote was a scam. Officials said clicking the link could trigger malware and put the victim's personal information at risk.On the other side of the country, election officials in Lake County, Florida, issued a similar warning in March. County Supervisor Alan Hays told residents to "be vigilant this election cycle for political scams that can mislead unsuspecting individuals into a frightful experience that can be difficult to overcome," <a target="_blank" class="" href="https://www.clickorlando.com/results-2024/2024/05/17/avoid-potential-voter-registration-text-scam-dont-click-on-links-elections-chief-says/">local media reported</a>.Clerks in <a target="_blank" href="https://kslnewsradio.com/2067347/beware-of-voting-scams/">Salt Lake City</a> and <a target="_blank" href="https://abc7news.com/post/election-2024-voting-scams-ca-bay-area-voter-registration-kamala-harris-donald-trump/15147997/">San Francisco</a> have issued similar warnings as well.The National Association of Secretaries of State says voters should check to see if the communication is coming from local or state election officials and be wary if anyone asks for payment to complete voter registration documents.The <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2008/08/ftc-cautions-consumers-about-voter-registration-scams">Federal Trade Commission</a> recommends reporting any unsolicited texts or calls from someone who says they need your Social Security number or personal or financial information to register you to vote. If you send your personal information to someone you don't know and think you may be the victim of a scam, you can visit the <a target="_blank" href="https://consumer.ftc.gov/features/identity-theft">FTC's identity theft recovery page</a> to report the fraud.The FTC recommends contacting your local election office or checking the US Election Assistance Commission's National Voter Registration Form to determine whether your state requires your Social Security number for voter registration.

Voter registration scams are now everywhere. Here's how to spot them.

New Delhi: In a massive crackdown, the Anti-Corruption Branch (ACB) of Delhi has uncovered a scam involving fraudulent GST refunds within the Trade &amp; Taxes department of the Delhi Government and arrested a Goods and Service tax officer along with six associates. Seven people were arrested for allegedly running the racket of fake invoices and getting GST refunds from the department. The seven arrested persons include a <keyword id="20263022" type="General" weightage="20" keywordseo="GST-officer" source="keywords">GST officer</keyword>, three advocates, two transporters, and a fake firm proprietor, informed ACB. According to ACB, They created 96 <keyword id="20867094" type="General" weightage="20" keywordseo="fake-firms" source="keywords">fake firms</keyword>, which were cunningly used to siphon off taxpayer money by claiming fraudulent GST refunds. Shockingly, refunds worth rupees 35.51 crore were approved between 2021 and 2022. In the first year, only refunds worth rupees 7 lakh were approved but later the remaining were approved. The GSTO, identified as Babita Sharma, played a pivotal role in this conspiracy. After being transferred to Ward No. 22 in July 2021, Sharma, in a highly suspicious move, swiftly approved the migration of 53 firms to her ward. These firms, which were later found to be non-existent during a physical verification by GST officials, were mere paper entities, set up solely to claim bogus refunds. Within just 2-3 days of filing refund applications, these refunds were sanctioned without the mandatory verification of Input Tax Credit (ITC), a crucial process to identify fraudulent claims, informed ACB. The fake firms, which supposedly conducted business worth Rs718 crores, were found to be engaged in nothing more than a paper trail of deceit. Some firms even claimed to export medicines and medical items, but a closer inspection revealed that these transactions were built on forged purchase bills. It was found that the same group of offenders operated 23 out of these 96 fake firms. Using common email IDs and mobile numbers, they created fake invoices worth rupees 176.67 crores, pocketing Rs5.81 crores in <keyword id="22769118" type="General" weightage="20" keywordseo="fraudulent-refunds" source="keywords">fraudulent refunds</keyword>. The investigation reveals that over 500 non-existent firms were implicated, and as many as 1,000 bank accounts linked to the scam. The role of other GST officials and proprietors is still under the scanner as the investigation is underway by ACB.

54 Crore GST Refund Scam exposed by Delhi's Anti-Corruption Branch

<ul class="summary-list"><li>A federal judge sentenced a former Army service member to prison for running a <keyword id="21391090" type="General" weightage="20" keywordseo="romance-scam" source="keywords">romance scam</keyword>.</li><li>Romance scams cost Americans $1.3 billion in 2022.</li></ul>A <keyword id="43686" type="General" weightage="20" keywordseo="us-soldier" source="Orion">US soldier</keyword> will spend more than three years in federal prison for a romance scam in which police say he impersonated military officials. A federal judge sentenced Sanda G. Frimpong, 33, on Friday and ordered him to pay his victims hundreds of thousands of dollars in restitution, <a target="_blank" href="https://www.justice.gov/usao-ednc/pr/former-army-servicemember-sentenced-prison-money-laundering-romance-scam">according to the Department of Justice</a>. Before his arrest, Frimpong was an active-duty Army service member stationed at Fort Bragg, the department said. Romance scams are <a target="_blank" href="https://www.businessinsider.com/romance-scams-ai-deepfakes-yahoo-boys-nigeria-fraud-2024-4">one of the biggest in the United States</a>, costing American victims $1.3 billion in 2022, according to the Federal Trade Commission. Targets of these scams are often older people who are bilked for their life savings, retirement funds, and inheritances. One of the largest perpetrators of the scams — the Nigeria-based crime group "Yahoo Boys" — is now using AI to create deepfakes for the scams, making them even harder to spot, <a target="_blank" href="https://www.wired.com/story/yahoo-boys-real-time-deepfake-scams/">according to Wired</a>. One<a target="_blank" href="https://www.businessinsider.com/guides/tech/what-is-deepfake"> quick way to spot a deepfake</a> is to do a<a target="_blank" href="https://www.businessinsider.com/guides/tech/google-reverse-image-search"> reverse image search</a> and check the true source of an image. Kate Kleinert, a 69-year-old widow, previously told BI that<a target="_blank" href="https://www.businessinsider.com/romance-scams-booming-billions-facebook-instagram-pandemic-isolation-online-dating-2023-3"> she lost $39,000</a> to a romance scam. Kleinart said she had lost most of her savings, her late husband's life insurance, pension, and income from Social Security by the time she realized she was being scammed. One of Frimpong's victims had recently divorced after a 25-year marriage, according to court documents. Using the alias "Tom Tanner," Frimpong tricked the victim into sending him at least $100,000 in cashier's checks, which he wired to other coconspirators, court documents say. Authorities accused Frimpong of impersonating "romantic love interests, diplomats, customs personnel, military personnel, and other fictitious personas" to gain people's trust. Frimpong then promised romance, earning their confidence with the intention of "fraudulently inducing the victims to provide money or property," the Justice Department said. "<keyword id="13176469" type="General" weightage="20" keywordseo="romance-scammers" source="Orion">Romance scammers</keyword> exploit our most vulnerable citizens, even our seniors and military veterans, sometimes leaving them financially and emotionally devastated," US Attorney Michael Easley said. "The fact that an Army service member was involved in romance scams while serving as a soldier is appalling." An attorney for Frimpong did not immediately return a request for comment from Business Insider.

Romance scam in USA: soldier at Fort Bragg sentenced for running the scam

The Indian <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 11 paise to 83.84 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, mirroring a positive momentum in domestic equities and fresh foreign fund inflows. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the weakening of the American currency in the overseas <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> and retreating crude oil prices also supported investor sentiments. At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close. On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency. Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark. "The rupee emerged as the least volatile among its peer currencies, a testament to the RBI's decisive actions, which were further reflected in the nearly USD 5 billion dip in India's forex reserves from the record high of USD 675 billion," CR Forex Advisors MD Amit Pabari said. Pabari further said that in the near term, while the RBI may cap the rupee's decline near the 84 level, significant appreciation also seems unlikely. "This outlook is influenced by India's widening trade deficit, which has ballooned to USD 23.5 billion, driven by a surge in oil imports and sluggish export growth," he said. This week, all eyes are on the Jackson Hole meeting, where global central bankers will gather for their annual conference. The spotlight will be on US Federal Reserve Chairman Jerome Powell's speech, as markets eagerly await insights into the Fed's monetary policy outlook, Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.26 per cent to 102.19. Brent crude, the global oil benchmark, declined 0.19 per cent to USD 79.53 per barrel. On the domestic equity market front, Sensex advanced 116.78 points, or 0.15 per cent, to 80,553.62 points. The Nifty rose 68.35 points, or 0.28 per cent, to 24,609.50 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 766.52 crore, according to exchange data. Meanwhile, India's forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by USD 7.533 billion to an all-time high of USD 674.919 billion. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

Rupee rises 11 paise to 83.84 against US dollar in early trade

<ul class="summary-list"><li>Trump's financial disclosure reveals over $1 million in Ethereum holdings.</li><li>The former president has undergone a significant shift from his previous stance on cryptocurrencies.</li></ul>During his time in office, then-President <a target="_blank" class="" href="https://www.businessinsider.com/category/donald-trump">Donald Trump</a> made it clear that he was "not a fan" of <a target="_blank" class="" href="https://www.businessinsider.com/category/bitcoin">bitcoin</a> and other <a target="_blank" class="" href="https://www.businessinsider.com/category/crypto">cryptocurrencies</a>. After leaving the White House, he even labeled them a "scam."But the former president's latest <a target="_blank" class="" href="https://edition.cnn.com/2024/08/15/politics/financial-disclosure-trump-2024/index.html">financial disclosure documents</a>, released Thursday, show that he now owns at least $1 million in cryptocurrency, specifically between $1 million and $5 million in <a target="_blank" class="" href="https://www.businessinsider.com/category/ethereum#:~:text=Ethereum%20surges%2022%25%20on%20speculation,might%20not%20be%20far%20behind">Ethereum.</a>While the sum itself isn't notable given Trump's net worth, the development still marks a significant shift in Trump's stance toward crypto since his time in office.In 2019, while still president, Trump warned in <a target="_blank" class="" href="https://x.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1149472282584072192%7Ctwgr%5E827d1a2671aa1b644c6b7d4ca1e94fb1fe03c348%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.nbcnews.com%2Ftech%2Ftech-news%2Ftrump-says-he-s-not-fan-cryptocurrencies-n1029116">a series of social media posts</a> that unregulated crypto assets could facilitate "unlawful" behavior like drug trafficking."I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he wrote at the time. Trump then added: "We have only one real currency in the USA," referring to the US dollar.In 2021, Trump reiterated his skepticism, <a target="_blank" class="" href="https://www.foxbusiness.com/video/6257768965001">telling Fox Business</a> that bitcoin "just seems like a scam."And in another interview that year, Trump <a target="_blank" class="" href="https://www.foxbusiness.com/politics/crypto-potentially-a-disaster-waiting-to-happen-trump">told Fox Business</a> that investing in cryptocurrencies was like a "disaster waiting to happen."He said he did not invest in bitcoin and other cryptocurrencies, and argued that they should be heavily regulated because they undermine "the importance of the dollar."However, Trump's position appears to have evolved dramatically in recent months.<a target="_blank" class="" href="https://www.cnbc.com/2024/06/13/donald-trump-says-he-wants-all-future-bitcoin-to-be-mined-in-the-us.html">According to CNBC</a>, Trump met with about a dozen bitcoin mining executives and experts at Mar-a-Lago in June. Those attending described his input as curious and collaborative, per CNBC.Hours later, Trump <a target="_blank" class="" href="https://truthsocial.com/@realDonaldTrump/posts/112601639679885930">posted </a>on Truth Social: "Bitcoin mining may be our last line of defense against a CBDC. Biden's hatred of Bitcoin only helps China, Russia, and the Radical Communist Left."CBDC refers to a central bank digital currency, which would be a digital coin issued by the Federal Reserve.Last month, Trump also <a target="_blank" class="" href="https://www.cnbc.com/2024/07/27/trump-bitcoin-conference-harris.html">headlined a bitcoin conference in Nashville,</a> where he pledged to make the US the "crypto capital of the planet and the Bitcoin superpower of the world" if reelected.And this year, Trump's campaign has started <a target="_blank" class="" href="https://blockworks.co/news/donald-trump-accepts-crypto-donations-2024-election">accepting cryptocurrency donations.</a>Trump's campaign did not immediately respond to a request for comment from Business Insider.<a target="_blank" class="" href="https://www.businessinsider.com/category/kamala-harris">Vice President Kamala Harris'</a> campaign does not accept crypto donations, but it has engaged with representatives from the industry, <a target="_blank" class="" href="https://www.forbes.com/sites/tonyaevans/2024/08/13/swing-state-pro-crypto-voters-seek-proof-of-pivot-from-harris-campaign/">per Forbes</a>.Trump's recent financial disclosure also shows that he <a target="_blank" class="" href="https://www.businessinsider.com/trump-profited-from-sales-of-god-bless-the-usa-bible-2024-8">made money from endorsing a Bible</a>. It shows that he earned $300,000 in royalty payments for "The Greenwood Bible," which has "signature edition" copies, including Trump's signature, that sell for $1,000 a copy.

You Searched For "trading scams" and got 12 results

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Rupee rises 11 paise to 83.84 against US dollar in early trade

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Trump once said crypto was a scam. Disclosures show he now owns more than $1M of it.

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