Increase in Investment Scams Targets Americans

A recent study by Security.org revealed that 83% of Americans using peer-to-peer payment apps like Venmo and PayPal reported being scammed, a significant increase from previous years. Common scams include fake prize notifications and requests for payment authentication codes, with PayPal being the most frequently targeted platform. In Malaysia, nearly 400 victims of a forex investment scam lost around RM100 million, with many unable to withdraw their funds since late 2022. Other reports highlighted various fraud cases in India, including a Hyderabad doctor defrauded of Rs 8.60 crore through a fake investment scheme, and a man in Goa who lost Rs 4.10 lakh under the guise of credit card renewal. These incidents underscore the growing prevalence of scams across both digital platforms and traditional investment schemes, prompting warnings for users to remain vigilant. Authorities are investigating these cases, with some victims seeking justice through legal channels.