Latest news with #romancescams
South China Morning Post
3 days ago
- Business
- South China Morning Post
US sanctions Philippine tech firm over ‘pig butchering' scams that took US$200 million
A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as 'pig butchering', which US authorities say led to more than US$200 million in losses reported by victims linked to the company's infrastructure. Advertisement Funnull Technology Inc, a content delivery network provider based in Metro Manila's upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators. According to the department, Funnull's infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that 'systematically targeted and exploited vulnerable individuals', US officials said. On average, victims lost more than US$150,000 each, the treasury said. Pig butchering scams typically involve trafficked workers assuming fake identities to lure victims into online relationships. Photo: Handout Tammy Bruce, spokeswoman for the US State Department, said the US 'will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes'.
South China Morning Post
3 days ago
- Business
- South China Morning Post
US sanctions Philippine tech firm over ‘pig butchering' scams that duped victims of millions
A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as 'pig butchering', which US authorities say led to more than US$200 million in losses reported by victims linked to the company's infrastructure. Advertisement Funnull Technology Inc, a content delivery network provider based in Metro Manila's upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators. According to the department, Funnull's infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that 'systematically targeted and exploited vulnerable individuals', US officials said. On average, victims lost more than US$150,000 each, the treasury said. Pig butchering scams typically involve trafficked workers assuming fake identities to lure victims into online relationships. Photo: Handout Tammy Bruce, spokeswoman for the US State Department, said the US 'will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes'.
Yahoo
24-05-2025
- Business
- Yahoo
My aunt, 69, recently told me she lost her life savings in a romance scam — where does she go from here?
With the increasing popularity of dating apps and social media, romance scams have been on the rise in recent years. Back in 2022, approximately 70,000 Americans had reportedly been victimized in a romance scam, with the financial losses totalling around $1.3 billion, according to the Federal Trade Commission. And while that number of victims may sound alarming, it's important to note that the 70,000 total only represents those who reported the scam to the police. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) As you may understand, some victims might have been far too embarrassed to report the crime and admit that they were swindled out of money. In fact, one Reddit user recently shared that their aunt is one of those silent victims. As they explained in their Reddit post, the user's aunt — who was not named, but let's call her Shirley — lost $270,000 in a romance scam and decided not to report the crime to the police. Making matters worse, Shirley is retired and is now forced to sell her home, and her ex — she's also in the middle of a divorce — is entitled to one-third of the proceeds from the sale of the house. The Reddit user, concerned about their aunt's wellbeing, now wants to help Shirley recover financially and get back on her feet. Unfortunately, the best course of action would have been to immediately report the crime to the police and the Federal Trade Commission, but that doesn't mean this Reddit user can't be helpful. First things first, it's critical to make sure that Shirley doesn't lose any more money to the scammer. The Reddit user can start by helping her with securing all of her accounts with new passwords. The next step would be to alert all of Shirley's financial institutions and block further communication from the scammer. If Shirley's accounts are completely compromised, consider helping her with setting up a new bank account and moving any money that she still has into that secure location. Once the remaining funds are secured, it's time to assess the damage. Shirley lost $270,000 to the scammer, but as the Reddit user notes, her financial troubles don't end there. During this ordeal, Shirley racked up $40,000 in credit card debt. She also borrowed money from family and friends, and she still has to pay off her mortgage once she's sold her house. This, as you can see, is a tough situation for a retiree who lives on a fixed income and recently lost her life savings. The next step would be to tally up Shirley's current balances owed in order to determine the full extent of the financial damage. After a careful look at her debt, the Reddit user might want to urge Shirley to reconsider filing a report with the police. While Shirley may be too embarrassed to admit her mistake, filing a report and kickstarting an investigation can potentially identify the scammer and assist in recovering the lost funds. Getting the money back may be top of mind, but it's important to be aware of the danger of recovery scams. These scams offer to help with recovering lost money from an online scam, but the scammers charge an upfront fee while requesting personal information, which could set Shirley up to be targeted again in the future. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs After getting the authorities on the case, the next step is for Shirley to start rebuilding her finances. She can start by creating an inventory of all of her remaining assets, including the money she stands to make from selling her home. If she hasn't yet applied for Social Security benefits, applying now could provide a much-needed income stream. But before digging deep into Shirley's financial situation, this Reddit user would be wise to connect their aunt with a financial advisor. This is a unique situation that requires careful assessment and planning, and a professional advisor can help with creating a plan to pay off debts and rebuild Shirley's finances. Unfortunately, this situation will force Shirley into making some tough decisions that could significantly alter her retirement plans — one of those tough decisions might include declaring bankruptcy. With this in mind, Shirley could use all of the professional help she can get. A financial advisor can also help Shirley with creating a budget, as Shirley will likely need to make some spending cuts in order to make ends meet with her reduced net worth. Shirley will also need to seek out an affordable housing situation, which might involve downsizing to a smaller place or renting out rooms in her current home to offset the costs. In a more drastic move, she might consider relocating to a more affordable city. A financial advisor's assistance can help Shirley with navigating all of these big decisions. However, even with a financial advisor's help, it will be tough for Shirley to rebuild her finances without a steady income stream. With this in mind, Shirley might consider taking on a part-time job or building a flexible side hustle so that she can use the incoming funds to tackle her financial priorities. It won't be easy, but with a steady part-time income stream and help from a professional financial advisor, Shirley can put her best foot forward in her effort to rebuild her finances. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
24-05-2025
- Business
- Yahoo
My aunt, 69, recently told me she lost her life savings in a romance scam — where does she go from here?
With the increasing popularity of dating apps and social media, romance scams have been on the rise in recent years. Back in 2022, approximately 70,000 Americans had reportedly been victimized in a romance scam, with the financial losses totalling around $1.3 billion, according to the Federal Trade Commission. And while that number of victims may sound alarming, it's important to note that the 70,000 total only represents those who reported the scam to the police. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) As you may understand, some victims might have been far too embarrassed to report the crime and admit that they were swindled out of money. In fact, one Reddit user recently shared that their aunt is one of those silent victims. As they explained in their Reddit post, the user's aunt — who was not named, but let's call her Shirley — lost $270,000 in a romance scam and decided not to report the crime to the police. Making matters worse, Shirley is retired and is now forced to sell her home, and her ex — she's also in the middle of a divorce — is entitled to one-third of the proceeds from the sale of the house. The Reddit user, concerned about their aunt's wellbeing, now wants to help Shirley recover financially and get back on her feet. Unfortunately, the best course of action would have been to immediately report the crime to the police and the Federal Trade Commission, but that doesn't mean this Reddit user can't be helpful. First things first, it's critical to make sure that Shirley doesn't lose any more money to the scammer. The Reddit user can start by helping her with securing all of her accounts with new passwords. The next step would be to alert all of Shirley's financial institutions and block further communication from the scammer. If Shirley's accounts are completely compromised, consider helping her with setting up a new bank account and moving any money that she still has into that secure location. Once the remaining funds are secured, it's time to assess the damage. Shirley lost $270,000 to the scammer, but as the Reddit user notes, her financial troubles don't end there. During this ordeal, Shirley racked up $40,000 in credit card debt. She also borrowed money from family and friends, and she still has to pay off her mortgage once she's sold her house. This, as you can see, is a tough situation for a retiree who lives on a fixed income and recently lost her life savings. The next step would be to tally up Shirley's current balances owed in order to determine the full extent of the financial damage. After a careful look at her debt, the Reddit user might want to urge Shirley to reconsider filing a report with the police. While Shirley may be too embarrassed to admit her mistake, filing a report and kickstarting an investigation can potentially identify the scammer and assist in recovering the lost funds. Getting the money back may be top of mind, but it's important to be aware of the danger of recovery scams. These scams offer to help with recovering lost money from an online scam, but the scammers charge an upfront fee while requesting personal information, which could set Shirley up to be targeted again in the future. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs After getting the authorities on the case, the next step is for Shirley to start rebuilding her finances. She can start by creating an inventory of all of her remaining assets, including the money she stands to make from selling her home. If she hasn't yet applied for Social Security benefits, applying now could provide a much-needed income stream. But before digging deep into Shirley's financial situation, this Reddit user would be wise to connect their aunt with a financial advisor. This is a unique situation that requires careful assessment and planning, and a professional advisor can help with creating a plan to pay off debts and rebuild Shirley's finances. Unfortunately, this situation will force Shirley into making some tough decisions that could significantly alter her retirement plans — one of those tough decisions might include declaring bankruptcy. With this in mind, Shirley could use all of the professional help she can get. A financial advisor can also help Shirley with creating a budget, as Shirley will likely need to make some spending cuts in order to make ends meet with her reduced net worth. Shirley will also need to seek out an affordable housing situation, which might involve downsizing to a smaller place or renting out rooms in her current home to offset the costs. In a more drastic move, she might consider relocating to a more affordable city. A financial advisor's assistance can help Shirley with navigating all of these big decisions. However, even with a financial advisor's help, it will be tough for Shirley to rebuild her finances without a steady income stream. With this in mind, Shirley might consider taking on a part-time job or building a flexible side hustle so that she can use the incoming funds to tackle her financial priorities. It won't be easy, but with a steady part-time income stream and help from a professional financial advisor, Shirley can put her best foot forward in her effort to rebuild her finances. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
23-05-2025
- Associated Press
Love in the Age of Algorithms
As spring blooms and wedding season approaches, love is in the air — and in dating apps. Singles are swiping, chatting and hoping to find something real. But in a digital world where DMs replace first dates and algorithms spark connections, scammers are circling too. Romance scams aren't new. But fueled by artificial intelligence, they're no longer just deceitful — they're calculated, scalable and deeply personal. What once took hours of emotional manipulation can now be automated, translated and tailored in seconds. AI hasn't just changed how these crimes work. But, it has changed its reach. At Gen, we refuse to accept this as the cost of connection. The AI Scam Surge According to the latest Norton Cyber Safety Insights Report, two in five people on dating apps report being targeted by scams. Of those, 41% have fallen victim. And our research with Norton Genie (our AI-powered scam detection tool and assistant) revealed an even more chilling trend: 60% of online daters believe they've chatted with someone whose messages were AI-generated. This isn't speculation. This is reality. In the U.S., we see that Congress is considering new measures to combat the rise of romance scams with the introduction of the Romance Scam Prevention Act ( S.841 and H.R. 2481 ). If passed, it would: The proposed legislation follows previous efforts such as the Online Dating Safety Act of 2023. The latest proposal includes expanded provisions and would authorize enforcement by the Federal Trade Commission (FTC), with violations subject to federal action. Our Role: Tech Must Lead, Not Lag At Gen, we try not to wait for mandates. We would rather lead with real-life solutions. As romance scams evolve with AI, we must evolve our approach to protect consumers through smarter tools, better education and collaborative policy solutions. This Fight Belongs to All of Us This is not just a dating app problem. Romance scams thrive across texting platforms, email, gaming sites and social media feeds. Basically, anywhere people connect. That's why Gen joined the Global Anti-Scam Alliance (GASA). Because protecting people from digital deception takes collaboration, not competition. Consumer safety is not a partisan issue — it's a human one. We're committed to empowering consumers by conducting in-depth scam research, educating users about potential threats, and working alongside policymakers and industry partners to better protect people from scams. We believe in a future where technology empowers people, not preys on them. A future where we can connect without fear. Where love is honest, not engineered by a bot. Where trust is earned — and protected — by all of us. Read more about our policy recommendations. Visit 3BL Media to see more multimedia and stories from Gen Digital Inc.
