Despite Donald Trump’s attempts to dismiss a $464 million fraud lawsuit filed by New York Attorney General Letitia James, his request has been denied. The lawsuit, which found Trump and his sons guilty of fraudulently exaggerating asset values, will proceed regardless of Trump’s upcoming presidential term.
The Consumer Financial Protection Bureau (CFPB) has ordered federal oversight of Google Pay, citing numerous customer complaints regarding erroneous transactions and inadequate fraud prevention. Google is challenging the decision, claiming it’s government overreach, but the CFPB maintains its authority.
Japanese cryptocurrency exchange DMM Bitcoin, crippled by a $321 million fraud affecting 450,000 accounts, will liquidate its assets. SBI VC Trade will acquire the assets, expanding its customer base significantly. This event highlights the ongoing challenges and regulatory tightening within Japan’s cryptocurrency sector.
Disha Patani’s father, a retired Deputy Superintendent of Police, has filed a police complaint alleging he was defrauded of ₹25 lakh by a group claiming to secure him a senior government position. The case highlights a sophisticated scam targeting influential individuals.
In a major development in the FTX bankruptcy saga, the collapsed cryptocurrency exchange has filed a lawsuit against Binance, its former CEO Changpeng Zhao, and top executives, accusing them of receiving $1.76 billion in cryptocurrencies through fraudulent transfers. The lawsuit alleges that Binance’s repurchase agreement with Sam Bankman-Fried, the convicted FTX co-founder, involved the unlawful sale of FTX stakes using a mix of cryptocurrencies, including FTX token, BNB, and Binance USD.
A Colorado resident fell victim to a cryptocurrency scam, losing $6,000 in Bitcoin to scammers impersonating law enforcement officials. The victim was tricked into believing she had missed jury duty and needed to settle a fake warrant through a Bitcoin ATM. This incident highlights the growing trend of cryptocurrency scams and the need for increased awareness among investors.
A techie in Bengaluru has exposed a new scam targeting airport travelers, particularly women, where cab drivers feign fuel shortage and demand cash payments to avoid tolls, potentially putting passengers at risk. The scam highlights the importance of being vigilant while choosing transportation to the airport.
A new survey by Regula, a global leader in identity verification solutions, reveals the alarming financial impact of deepfake fraud on businesses. The average loss for most organizations reached $450,000, with the Financial Services sector experiencing a greater burden, exceeding $603,000. The study highlights the urgent need for organizations to strengthen their defenses against deepfakes.
A 44-year-old IT employee in Hyderabad was held captive for nearly 30 hours by scammers who impersonated Mumbai Police, threatening him with a fake money laundering case and ‘digital arrest’. The employee, despite being terrified by the elaborate scheme, managed to escape the trap without losing any money. This case highlights the increasing sophistication of online scams in India and emphasizes the importance of remaining vigilant against such threats.
India is facing a growing wave of ‘digital arrest’ scams, where fraudsters impersonate law enforcement officials to extort money from victims. The government has reported over ₹120 crore in losses during the first quarter of 2024 alone, with victims tricked into believing they are under arrest for illegal activities. Prime Minister Narendra Modi has highlighted the alarming rise of these scams and urged citizens to be vigilant.
