It’s no secret that digital fraud attempts targeting online payment and financial accounts have jumped in the past two years, exacerbated by pandemic woes and a growth in e-commerce and digital financial services usage.
However, a recent study underscores that cybercriminals are also worming their way to ill-gotten gains by targeting shipping, mining consumer and business identities and phishing to access bank and credit accounts and other valued data and steal money online. The TransUnion study, the 2022 Global Digital Fraud Trends Report released Tuesday, found that financial services is one of the two industries (along with travel and leisure) worldwide seeing the greatest increase in the rate of suspected digital fraud attempts in the past two years.
In the United States, specifically, fraud attempts on financial services increased by more than 27% year over year — lower than the global growth rate of 33.5% of financial industry fraud efforts, but still enough to make it one of the five sectors to experience the greatest leap in fraudulent plays. (Gaming, travel and leisure, telecommunications and, interestingly, insurance were the other industries seeing the biggest growth in digital fraud ploys, “as consumer adoption of digital channels has continued to accelerate,” according to the TransUnion report.)
“Digital channels have become the ‘new normal’ in the financial services industry and with it, it has created new opportunities for fraudsters,” said Shai Cohen, senior vice president and global head of fraud solutions at TransUnion. “Many consumers are conducting the majority of their financial transactions online, and since this is where many consumers are spending both time and money, it makes financial institutions a prime target for fraud.”

These findings, based on TransUnion’s survey earlier this year of 12,500 adults around the world, certainly confirm what various industry experts have seen happening in the past two years as online banking and shopping have become widely embraced, even by digital laggards. Indeed, the rate for all types of digital fraud attempts worldwide rocketed up more than 52% between 2019 and 2021, according to TransUnion.
However, the report also found that so-called “shipping fraud” — where a bad actor posing as a legitimate buyer spoofs a shipping address, or a malfeasant seller collects payment for goods or services bought online, but never fulfills the purchase — is on an even more aggressive rise, according to TransUnion’s findings. The global information company, known for its consumer credit reporting, found that shipping fraud has become the “fastest growing type of digital fraud worldwide, increasing nearly 800 percent” in the past year, and more than 15 times over between 2019 and 2021.
As a result of this “new normal,” the financial, payments and retail industries have all experienced a boom in the acceptance of digital services, Cohen pointed out that “the propensity for shipping fraud has also increased.” Also related to this boost in financial interactions happening on the internet, the TransUnion report found that business identity theft (114% increase) and identity mining and phishing attempts (104%) more than doubled from 2020 to 2021. At least three out of five respondents to the TransUnion survey (62%) confessed that having their identity stolen was their greatest fear in terms of digital fraud.
And basic banking accounts and payments were not the only financially related industries that saw fraud bumped up by the rise in online usage, according to the report. One of the five most affected industries, the U.S. insurance industry, saw fraud attempts alone grow by more than 11% from 2020 to 2021; and, over the past two years, actual successful cases of identity theft among U.S. insurers — where a legitimate customer’s accounts are taken over, their data is stolen and the information is used to submit false claims — has grown a whopping 82% since 2019, according to Cohen.
While there is no way to completely eradicate fraud, or even to necessarily stem the rising tide of bad actors finding new ways to access accounts and impersonate real customers, Cohen said he believed there are steps financial institutions can take to “reduce fraud… [including] to detect suspicious patterns or attributes during the account opening and verification processes, in order to prevent fraudsters from getting in the door.”
He recommended implementing multi-layered identity solutions to “help build trust with customers and thwart these fraud tactics.”

The post Fraudsters target e-commerce first appeared on Bridge Pioneers.

Scammers can be very persuasive in convincing you to send them money. If you’ve already paid a fraudulent debt collector, your best bet is to seek recourse with the bank or financial institution you used to send the money. For example, if you paid the illegitimate collector with a credit card or debit card, contact the bank that issued the card, inform them the charge is fraudulent and ask them to reverse the charges.
You may have a reasonable expectation of getting your money back if you paid by credit card or debit card, as federal laws protect you from fraudulent charges:

• For credit cards: Under the Fair Credit Billing Act (FCBA), your liability is limited to $50, but most credit card companies offer zero-dollar liability protection, which means you’re not liable for fraudulent charges. Once fraud is detected, the false charges are returned to your account.
• For debit cards: The Electronic Funds Transfer Act protects your liability against fraudulent charges, but you must act fast. If you report the fraudulent payment within two business days, you may owe a maximum of $50. If you report the charge between two business days and 60 calendar days from the date of the fraud, your liability increases to $500. Once 60 days pass, your liability is unlimited, meaning your entire payment might be forfeited.

The post What happens if I Already Paid an Illegitimate Debt Collector? first appeared on Bridge Pioneers.

Have you lost money to bitcoin scams and need crypto recovery? If so, it’s essential to act fast and yet to proceed with caution. Cybercriminals who run crypto scams can hide behind anonymous bitcoin wallets and launder money rapidly on the blockchain. 
Although it’s important to move quickly, it’s equally crucial to make the right choice with bitcoin recovery services. There are many services out there that claim to get your money back fast without any hassle. Meanwhile they do not know the right steps to take.
So what should you do? Contact Bridge Pioneers immediately. We have the skills, tools, and expertise to help you get started with crypto recovery and will empower you to track down the cybercriminals holding your funds. We create thorough crypto investigation reports that will give your claim an advantage and will help authorities find your funds.

What Steps Do You Need to Take for Crypto Scam Recovery?

Before beginning the process of crypto scam recovery, it’s important to become familiar with the process and to know what to expect along the way.

Information Gathering

Successful crypto recovery begins with you. This means collecting all of the data you need to create a full picture of the incident and how it happened. The data collection may involve emails and Whatsapp communications with the people running the bitcoin scam, screenshots of transaction confirmations, and misleading statements on websites. 
 
The more information you have going into the crypto recovery process, the smoother it is likely to go. You may be asked to go back and look for other types of information during the investigation process. Think about what might anyone doing a crypto investigation may need to know to track down the bitcoin scam that took your funds.

Crypto Investigation

Our proprietary crypto investigation method is the secret to our success. We combine crypto forensic methods and advanced technology to get a vivid picture of the cyber criminals who stole your money and where they send the funds. 
We combine two approaches that integrate technology and human ingenuity.  We use blockchain software that will show the path of transactions from the time your cryptocurrency left your bitcoin wallet to the multiple transactions performed by the suspected bitcoin scam. 
After we have tracked down the path of crypto transactions, Bridge Pioneers professionals carefully analyze results using crypto forensics techniques to figure out who may have your money and where it is. 
After we have fully analyzed the crypto transactions involved in your case and have launched a full investigation, we create a crypto investigation report. These are essential tools for approaching authorities with a crypto claim and they can improve the chances of a successful crypto recovery. 
Unfortunately, many crypto scams go unreported. If people do approach authorities, they give up too quickly. The reason is they simply make a claim with a few data points but nothing substantial that will give law enforcement any leads to tracking down the cybercriminals. 
Instead, Bridge Pioneers provides every client with a comprehensive crypto investigation report that will give the authorities detailed information about the case and even names and other identifying information about persons of interest involved in the bitcoin scam. 
These crypto investigation reports will put your claim miles ahead of other claims and complaints that only have a few dates and documents. Law enforcement acts upon solid, credible information that is presented in a form that is easy to understand and act upon. 

Approaching Authorities with a Crypto Investigation Report

Once we have created your investigation report, that is the real beginning of the fund recovery process. We will then guide you on the steps needed to get maximum assistance from the authorities for your claim. We include forms that will expedite the process of filing a claim with law enforcement. The easier you make it for authorities to help you, the more likely they are to act on your claim efficiently. Start your recovery process today!!!

The post How We Assist You with Crypto Recovery first appeared on Bridge Pioneers.

Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.

• Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.
• Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money in the crypto markets.
• Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or asks you to send them crypto, that’s a scam.

Spot crypto-related scams

Scammers are using some tried and true scam tactics — only now they’re demanding payment in cryptocurrency. Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers. But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics.

Investment scams

Investment scams often promise you can “make lots of money” with “zero risk,” and often start on social media or online dating apps or sites. These scams can, of course, start with an unexpected text, email, or call, too. And, with investment scams, crypto is central in two ways: it can be both the investment and the payment.
Here are some common investment scams, and how to spot them.

• A so-called “investment manager” contacts you out of the blue. They promise to grow your money — but only if you buy cryptocurrency and transfer it into their online account. The investment website they steer you to looks real, but it’s really fake, and so are their promises. If you log in to your “investment account,” you won’t be able to withdraw your money at all, or only if you pay high fees.
• A scammer pretends to be a celebrity who can multiply any cryptocurrency you send them. But celebrities aren’t contacting you through social media. It’s a scammer. And if you click on an unexpected link they send or send cryptocurrency to a so-called celebrity’s QR code, that money will go straight to a scammer and it’ll be gone.
• An online “love interest” wants you to send money or cryptocurrency to help you invest. That’s a scam. As soon as someone you meet on a dating site or app asks you for money, or offers you investment advice, know this: that’s a scammer. The advice and offers to help you invest in cryptocurrency are nothing but scams. If you send them crypto, or money of any kind, it’ll be gone, and you typically won’t get it back.
• Scammers guarantee that you’ll make money or promise big payouts with guaranteed returns. Nobody can make those guarantees. Much less in a short time. And there’s nothing “low risk” about cryptocurrency investments. So: if a company or person promises you’ll make a profit, that’s a scam. Even if there’s a celebrity endorsement or testimonials from happy investors. Those are easily faked.
• Scammers promise free money. They’ll promise free cash or cryptocurrency, but free money promises are always fake.
•  Scammers make big claims without details or explanations. No matter what the investment, find out how it works and ask questions about where your money is going. Honest investment managers or advisors want to share that information and will back it up with details.

Before you invest in crypto, search online for the name of the company or person and the cryptocurrency name, plus words like “review,” “scam,” or “complaint.” See what others are saying. And read more about other common investment scams.

Business, government, and job impersonators

In a business, government, or job impersonator scam, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency.

Scammers impersonate well-known companies. These come in waves, and scammers might say they’re from Amazon, Microsoft, FedEx, your bank, or many others. They’ll text, call, email, or send messages on social media — or maybe put a pop-up alert on your computer. They might say there’s fraud on your account, or your money is at risk — and to fix it, you need to buy crypto and send it to them. But that’s a scam. If you click the link in any message, answer the call, or call back the number on the pop-up, you’ll be connected to a scammer.

• Scammers impersonate new or established businesses offering fraudulent crypto coins or tokens. They’ll say the company is entering the crypto world by issuing their own coin or token. They might create social media ads, news articles or a slick website to back it all up and trick people into buying. But these crypto coins and tokens are a scam that ends up stealing money from the people who buy them. Research online to find out whether a company has issued a coin or token. It will be widely reported in established media if it is true. 
• Scammers impersonate government agencies, law enforcement, or utility companies. They might say there’s a legal problem, that you owe money, or your accounts or benefits are frozen as part of an investigation. They tell you to solve the problem or protect your money by buying cryptocurrency. They might say to send it to a wallet address they give you — for “safe keeping.” Some scammers even stay on the phone with you as they direct you to a cryptocurrency ATM and give step-by-step instruction on how to insert money and convert it to cryptocurrency. They’ll direct you to send the crypto by scanning a QR code they give you, which directs the payment right into their digital wallet — and then it’s gone.
• Scammers list fake jobs on job sites. They might even send unsolicited job offers related to crypto like jobs helping recruit investors, selling or mining cryptocurrency, or helping convert cash to crypto. But these so-called “jobs” only start if you pay a fee in cryptocurrency. Which is always a scam, every time. As your first task in your “job,” these scammers send you a check to deposit into your bank account. (That check will turn out to be fake.) They’ll tell you to withdraw some of that money, buy cryptocurrency for a made-up “client,” and send it to a crypto account they give you. But if you do, the money will be gone, and you’ll be on the hook to repay that money to your bank.

To avoid business, government, and job impersonators, know that

• No legitimate business or government will ever email, text, or message you on social media to ask for money. And they will never demand that you buy or pay with cryptocurrency.
• Never click on a link from an unexpected text, email, or social media message, even if it seems to come from a company you know.
• Don’t pay anyone who contacts you unexpectedly, demanding payment with cryptocurrency.
• Never pay a fee to get a job. If someone asks you to pay upfront for a job or says to buy cryptocurrency as part of your job, it’s a scam.

Blackmail scams

Scammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you. Then, they threaten to make it public unless you pay them in cryptocurrency. Don’t do it. This is blackmail and a criminal extortion attempt.

The post How To Avoid Cryptocurrency Scams first appeared on Bridge Pioneers.