TECH NEWS — As reported by CNBC, American consumers lost $5.7 billion to investment scams in 2024 — more than in any other type of fraud and up 24% from 2023, according to new data from the Federal Trade Commission.
Investment scams generally involve claims that a consumer will get big returns by investing in a hot new moneymaking scheme, according to the FTC. Most people — 79% — who reported an investment scam to the FTC lost money, with the typical victim losing more than $9,000 on average, the agency said..
Common investment frauds include "pig-butchering" scams, a name that references the practice of fattening a pig before slaughter. The fraudsters often contact victims out of nowhere — perhaps via text, social media or a dating app — to try to develop relationships and gain trust before pitching investment opportunities that supposedly yield high returns, often in virtual assets such as cryptocurrency... cnbc.com
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