Of all the tricks that bad actors use to bilk money from unsuspecting victims, investment scams are as popular as ever. And, within that category, it’s crypto investment scams that account for a record $2.57 billion of losses in 2022, out of a total of $3.82 billion for the year.
These are the findings of a new report from Carlson Law detailing the problems that continue to plague the crypto industry. And, in the eyes of some, to erode the credibility of the digital asset market more generally.
Crypto Investment Scams on the Rise
The report’s findings will not be surprising to those who have followed the rise of pig butchering scams and other types of fraud. Increasingly, fraudsters will reach out to someone online with a promise of a lucrative investment opportunity.
What starts out as a chance to make modest gains turns into an ordeal. The victims find that the exchange where they have parked their money has some pretext or excuse for postponing or not allowing any withdrawal. The money is gone, and there is no getting it back.
But, as the new report makes clear, that is far from the only ruse that fraudsters put to use. And scammers are growing more sophisticated, and using methods that incorporate artificial intelligence (AI).
“Many of these new scams utilize artificial intelligence, such as voice cloning, and have law enforcement scrambling to keep pace,” the report states.
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Author: Michael Washburn
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