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The Department of Financial Protection and Innovation warns of growing tech-enabled scams, with over a trillion dollars lost to scams last year, and provides
The rapid advancement of technology has given fraudsters new tools to trick individuals into dishonest schemes, with consumers worldwide losing over a trillion dollars to scams last year [1]. A woman in France was duped out of $850,000 by a scammer using artificial-intelligence-generated images and recordings, highlighting the sophistication of modern scams [1]. As technology continues to evolve, so do the methods used by fraudsters to deceive unsuspecting victims.
Key takeaways
Scams are an age-old phenomenon, but advances in technology and AI have made it easier for fraudsters to create digital scams [1]. Scammers no longer need to be tech experts to run large-scale operations, as AI tools can quickly generate millions of highly convincing phishing emails, text messages, and fake websites [1]. The Global Anti-Scam Alliance is working to combat scams by bringing together government agencies, law enforcement, financial service providers, social media platforms, and cybersecurity firms to exchange knowledge and coordinate efforts [1].
To combat tech-enabled scams, it is essential to stay ahead of the fraudsters and employ an agile, technology-driven approach [1]. The Department of Financial Protection and Innovation provides resources to help consumers navigate the complexities of crypto transactions and protect themselves from fraud [2]. Additionally, AI-powered solutions, such as those developed by Mastercard, can help identify and prevent scams by combining identity, biometric, AI, and open banking capabilities [1].
The rise of tech-enabled scams has significant implications for consumers, with older adults being particularly vulnerable to fraud [3]. The FBI reported that older adults lost over $7.5 billion to fraud last year, highlighting the need for urgent action to protect this demographic [3]. By staying informed and using the tools and resources available, consumers can reduce their risk of falling victim to tech-enabled scams and help combat the growing threat of cybercrime [2].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 1, 2026 · How we report
The Directorate of Enforcement estimates the fraud to be worth about $35 million, equivalent to more than Rs 300 crore.
UNODC reported estimated losses of $88.3 billion to $114.1 billion, with a significant portion linked to cryptocurrency investment fraud.
Perpetrators called victims posing as police officers, urging them to transfer cryptocurrency to accounts that appeared to be official police wallets, then laundered the funds.
Authorities seized digital devices and virtual assets worth about 8,700 USDT during searches of several Bengaluru locations.
Because the fraudulent transactions involve multiple foreign accounts and cross‑border crypto flows, making coordinated law‑enforcement efforts necessary.