Scammers are alive and well in 2023, and they're adding new tricks to their playlists. Scammers are moving beyond the pandemic-themed schemes and socially engineered attacks of 2020. Today, new scams are popping up all the time, including romance scams (like pig-butchering) bogus home-based employment opportunities, and too-good-to-be-true investment schemes.
Throughout North America, financial dynamics are rapidly changing, with embedded lending and Buy Now, Pay Later (BNPL) financing gaining significant traction, especially in the U.S. As the popularity of BNPL surges, so does the specter of BNPL fraud—casting a shadow over regulators, merchants, and payment platforms alike. The Federal Reserve's launch of the FedNow instant payment service in July hopes to usher in a new era of secure and interoperable transactions.
But what if you already got scammed?
In a recent AARP bulletin, Cy Smith, a financial analyst from San Francisco, shared how he recovered $110,000 of the $1.2 million he lost in a cryptocurrency investment scam in 2021. Smith's victory in a California courtroom highlights the growing efforts to claw back funds lost to various scams—shining a light of hope for other victims.