CFTC-PR-8850-24 CFTC Charges Bogus Digital Asset Platform with Fraud and Misappropriation in an Online Romance Scam. Five Victims Lost $2.3 Million to Con Targeting Asian Americans. Date: Jan. 19, 2024 Date Accessed: Aug. 1, 2024 Source URL: https://www.cftc.gov/PressRoom/PressReleases/8850-24 Categories: CFTC-2401 Affinity Fraud Bogus Trading Platforms Digital Asset Fraud Frauds Targeting Asian Americans Romance Scams DEBIEX PDF […]
Category: Frauds Targeting Asian Americans
Frauds Targeting Asian Americans encompass a spectrum of deceptive practices that exploit cultural nuances, language barriers, and community trust. These scams often include phone and online schemes where perpetrators impersonate authority figures demanding immediate payments for fictitious debts or legal issues, phishing for personal information through fake emails or websites, and investment frauds promising unrealistic returns. Elderly Asian Americans are particularly vulnerable, facing targeted financial exploitation through phone, mail, or in-person scams. Additionally, there are immigration frauds offering fraudulent services for undocumented immigrants or those seeking legal status, and medical scams peddling dubious treatments or products catering to cultural beliefs. Awareness, community education, and collaboration with law enforcement are crucial to combat these frauds effectively and protect vulnerable populations.