Romance Fraud, Romance Scam or confidence fraud.

What is Romance Fraud, Romance Scam or confidence fraud ?

"Romance fraud is a kind of scam led through social engineering techniques, used to leverage emotional relationships, to subsequently obtain financial gain or services. While people roam online to find love and companionship, scammers have found a way to make money out of it. And the business is booming. Although it is not a recent phenomenon, romance fraud has been increasingly popular, especially during COVID 19 crisis, where some people expressed emotional distress and loneliness."
https://www.idnow.io/glossary/romance-fraud/

How Romance Fraud has become Multi Million Dollars industry?

"According to a report by the FBI’s Internet Crime Complaint Center, these hoaxes accounted for $475 million in damages in 2019. This jaw-dropping number stems from a data set of nearly 20,000 complaints submitted to the agency. As some of those scammed may choose not to spread the word about their mishaps, the actual breadth and depth of the issue could be much more impactful."

The logic behind romance scams

"To set this abuse in motion, scammers take advantage of people who are looking for a romantic relationship on dating sites, social media, and flirt apps. Incidentally, romance scammers may use “exotic” methods to get in touch with would-be victims.
A particularly unorthodox technique is to establish a contact in crowded places via wireless communication services such as Apple’s AirDrop feature. Once a target is on the hook and does not mind playing along, the malefactor will try to move the foul play online."

https://www.forbes.com/sites/davidbalaban/2020/09/11/romance-scamshalf-a-billion-in-annual-losses-and-growing/

Comments

The Cracks Are No Longer Hairline

For decades, Washington treated support for Israel as something beyond debate. It was political scripture. Republicans defended it. Democrats defended it. Presidents came and went, wars came and went, thousands died, settlements expanded, Gaza burned, and the checks kept arriving. Questioning the arrangement was once political suicide. Now the walls are cracking. This week, more than half of House Democrats either voted to end U.S. aid to Israel or refused to oppose doing so. The amendment failed, but something far more important succeeded. The illusion collapsed. For years, American politicians insisted that criticism of Israeli government policy belonged only to "the fringe." Apparently the fringe has become half the Democratic caucus. History has an unusual sense of humor. The same establishment that spent years dismissing students, academics, humanitarian workers, doctors, journalists, and millions of protesters as naïve, radical, or antisemitic now finds itself strugglin...

When the Soup Kitchens Begin to Die

There is a special kind of cruelty in watching not only a society collapse, but also the last institutions keeping it alive. For nearly three years, Gaza's humanitarian lifeline has increasingly been reduced to a queue for a single meal. Parents no longer ask their children what they would like to eat. They ask whether there will be anything to eat at all. Childhood has become measured not in birthdays, classrooms, or family gatherings, but in ration lines, empty cooking pots, and the uncertain arrival of humanitarian assistance. Now even those fragile lifelines are disappearing. The gradual closure and scaling back of World Central Kitchen (WCK) operations reflects a convergence of financial pressures, operational insecurity, and restrictions affecting humanitarian access. According to World Central Kitchen and the Israeli human rights organization B'Tselem, kitchens that once produced approximately one million meals each day have been progressively reduced, leaving only a han...

Blood on Every Flag: The Global Architecture of Gaza’s Genocide.

“This Is Not Just Israel’s War — It’s the West’s Genocide Too” “I think it is without doubt that Israel has committed war crimes.” — Matthew Miller , Former U.S. State Department Spokesperson ( source ) This rare moment of candor from a former U.S. official pierces through the fog of political posturing. But let’s be clear: It is not only Israel that has committed war crimes. It is the United States . It is the United Kingdom. It is Germany . It is France . These nations — and their allies — are not merely complicit. They are co-perpetrators of a genocide. 🇺🇸 United States: Chief Financier of Bloodshed $14+ billion in emergency military aid approved for Israel since October 2023 ( source ) 4 vetoes at the UN Security Council blocking ceasefire resolutions ( source ) Full diplomatic cover , even after Israel bombed aid convoys and hospitals “We stand with Israel. Full stop.” — President Joe Biden , October 2023 ( source ) 🇬🇧 United Kingdom: Arming At...

Morgan Stanley's ex-terrorism specialist ( Valentina Soria) joins UBS in London

by Alex McMurray "(Valentina) Soria, an Italian based in London, joins UBS as its global head of cyber threat intelligence and adversarial threat modelling. She was at Morgan Stanley for six and a half years, starting as the EMEA cyber threat intelligence lead and rising to head of global threat intelligence. Prior to that she was head of intelligence at the Bank of England. She leaves at a tumultuous time for the US bank as other senior London officials are reportedly included in its 3000 person job cuts." SOURCE: https://www.efinancialcareers.com/news/2023/05/morgan-stanley-ubs-intelligence

Deutsche Bank's AML Failures: A Case Study in Regulatory Enforcement

German regulator BaFin has withdrawn its special monitor from Deutsche Bank, initially installed due to unresolved money-laundering control deficiencies . This monitor had been in place since 2018 , with its mandate extended to October 2024 earlier this year, threatening fines if improvements weren't made . Deutsche Bank, Germany's largest bank, acknowledged its compliance issues and stated it was cooperating with regulators . However, another monitor remains active , overseeing the bank's consumer service issues at its Postbank unit. Neither BaFin nor Deutsche Bank commented on the withdrawal report Part I Federal Financial Supervisory Authority of Germany. What were the specific deficiencies in Deutsche Bank's money-laundering controls? Deutsche Bank has faced significant deficiencies in its anti-money laundering (AML) controls , primarily highlighted by: - Inadequate Customer Due Diligence: The bank failed to perform sufficient due diligence on customer...

Ainnbeen

Search This Blog