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The FBI's Internet Crime Complaint Center reported a staggering $4.5 billion lost to investment fraud in 2023, with 86% of these scams connected to cryptocurrencies. This rapid growth is attributed to the ease of peer-to-peer transactions that cryptocurrencies offer, allowing scammers to siphon off funds quickly and anonymously.
As technology evolves, so do the tactics of these criminals. Scammers are increasingly utilizing advanced tools, including fake investment applications that look convincing but are actually designed to extract money from unsuspecting investors. Companies like Google have begun taking legal action against these fraudulent developers, illustrating the growing urgency to combat such scams.