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☆ Meta’s Facebook and Instagram probed over fears they may be too addictive for children
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Union is worried that Meta is failing to protect children on its platforms, Facebook and Instagram, and has launched a formal investigation that could result in a hefty fine. The probe is the latest evidence that regulators are increasingly focussing on the harmful impact of Meta’s platforms — and other social media — on young users, including by encouraging addictive behavior. The European Commission, the EU’s executive arm, will consider whether Meta (META) has complied with its obligations under the Digital Services Act (DSA), the bloc’s sweeping new law for online platforms. The legislation requires online platforms to put in place measures to protect children, including by preventing them from accessing inappropriate content and ensuring a high level of privacy and safety. The European Commission is concerned that Facebook’s and Instagram’s online interfaces “may exploit the weaknesses and inexperience of minors and cause addictive behavior,” it said in a statement Thursday.

Persons: Meta, Thierry Breton, ” Meta Organizations: London CNN, Facebook, European Commission, Digital Services, European, Meta, CNN, New Locations: New Mexico, Gaza

☆ A millennial who's been applying to jobs for a year says he's encountered ghost jobs and scammers in his struggle to find a remote role
▼ + stars: | 2024-05-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Martins said that in the 12 months since his layoff, he'd been actively looking and applying for jobs but hadn't had much luck. In recent years, the rise of remote work and historically high job openings have helped more people with health issues find employment. But remote jobs aren't as common as they used to be — and there's competition to land one. AdvertisementThe share of US remote job postings on LinkedIn fell from more than 20% in April 2022 to about 10% in December 2023. AdvertisementIn part because of his upcoming move, Martins said, he'd focused his job search on remote roles.

Persons: —, Felipe Martins, Martins, He'd, didn't, he'd, hadn't, he's, scammers Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve Bank of San, Social, BLS, LinkedIn, scammers, Federal Trade Commission Locations: Utah, Federal Reserve Bank of San Francisco, Washington

☆ Arup revealed as victim of $25 million deepfake scam involving Hong Kong employee
▼ + stars: | 2024-05-16 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A British multinational design and engineering company behind world famous buildings such as the Sydney Opera House has confirmed that it was the target of a deepfake scam that led to one of its Hong Kong employees paying out $25 million to fraudsters. A spokesperson for Arup told CNN on Friday that it notified Hong Kong police in January about the fraud incident, and confirmed that fake voices and images were used. “Unfortunately, we can’t go into details at this stage as the incident is still the subject of an ongoing investigation. According to Hong Kong police, the elaborate scam saw the employee duped into attending a video call with people he believed were the CFO and other members of staff, but all of whom turned out to be deepfake recreations, Hong Kong police revealed in February. Authorities around the world are growing increasingly concerned about the sophistication of deepfake technology and the nefarious uses it can be put to.

Persons: Hong Kong CNN —, Arup, ” Rob Greig, Michael Kwok Organizations: Hong Kong CNN, Sydney Opera, Hong Kong, CNN, Hong, Beijing Olympic Games, Arup’s East Locations: Hong Kong, British, Hong, Arup’s East Asia

☆ Sri Lanka travel visa costs doubled to $100 last month. The reason for the hike is disputed
▼ + stars: | 2024-05-14 | by ( Monica Pitrelli | Erica Lamberg | ) www.cnbc.com time to read: +3 min

The cost to obtain a short-term visa to visit Sri Lanka rose from $50 to $100 in April. In response, VFS Global said, "Visa categories were introduced as per the directives of [Sri Lanka's] Department of Immigration and Emigration (DI&E)." Both parties agreed that 30-day travel visas priced at $50 had been reinstated as of May 7. But VFS Global's fees angered many in Sri Lanka's travel industry and led to allegations of corruption by Sri Lankan opposition leaders. "The government of Sri Lanka won't be charging, but the platform … will," he said.

Persons: Harin Fernando, VFS, scammers, Fernando, — Organizations: VFS, Sri, Harin, CNBC, of Immigration, E, Sri Lanka's Ministry of Public Security, VFS Global Locations: Sri Lanka, Sri Lanka's, Sri Lankan, India, China, Indonesia, Japan, Malaysia, Russia, Thailand

☆ A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. Related storiesAs the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash. The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The Hong Kong Police Force did not return a request for comment from BI.

Persons: —, Elon, Elon Musk Organizations: Service, Facebook, The Hong Kong Securities, Futures Commission, Business, Yahoo, Authorities, Hong, Crypto News, Hong Kong Police Force Locations: The, Hong Kong, South Korean

☆ A Chinese criminal ring has stolen $50 million by franchising thousands of fake online shops, experts say
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The group, known as 'BogusBazaar,' has processed over $50 million in fake orders, the study found. As the rise of online shopping took hold during the pandemic, so did the rise of fake online shops and products. Instead, the sites harvest credit card details and collect payments for the fake merchandise. AdvertisementThe fake shops processed over $50 million in orders between March 2021 and April 2024, SR Labs says. But the exposure of credit card details to the scammers will likely "add to the overall damage."

Persons: — Organizations: Service, Labs, SR Labs, Business Locations: Europe, German, France, United States, Western Europe, China

☆ Credit Cards Are Smarter: Better Fraud Detection, No Travel Alerts
▼ + stars: | 2024-05-12 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. So I reached out to some credit-card companies and academics to learn more. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better.

Persons: JPMorgan Chase, it's, Nilson, We've, that's, Tina Eide, Eide, Mike Lemberger, they've, Lemberger, here's, Yann, Aël Le Borgne, Gianluca Bontempi, Bontempi, I'd, Le Borgne, somebody's, Emily Stewart Organizations: Citibank, JPMorgan, Federal Trade Commission, American Express, Netflix, Libre de Bruxelles, Companies, Visa, Citi, Business Locations: California, Buenos Aires, Botox, Argentina, North America, Belgium, Lemberger

Scammers pretending to be Trea Turner stole thousands from a 70-year-old Parkinson's patient. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA 70-year-old Parkinson's patient says someone pretending to be an American baseball superstar stole thousands of dollars from her. Scammers will often impersonate someone close to their victim to gain their trust in what is known as an "imposter scam." This story is available exclusively to Business Insider subscribers.

Persons: Trea Turner, —, Scammers Organizations: Service, Business Locations: American

☆ Scammers are using delivery apps like Instacart to swindle customers and delivery workers out of money
▼ + stars: | 2024-05-11 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Read previewSome Instacart shoppers are the targets of a scam centered on gift cards. "Within 30 seconds, I got a message about buying the Vanilla Visa gift card," she said. Instacart forbids shoppers from adding gift cards to orders, a screenshot of the company policy seen by BI indicates. "Customers are not able to order gift cards through the Instacart platform or place a special request for a gift card via chat," an Instacart spokesperson told BI. AdvertisementInstacart also tells shoppers not to purchase gift cards for customers, the spokesperson added.

Persons: —, they've, Instacart, Jim, itsjwest, Heidi Bleau, Bleau Organizations: Service, Business, Walgreens, BI Locations: Massachusetts, cologne

☆ How a romance scammer defrauded 3 Tinder dates out of over $100,000
▼ + stars: | 2024-05-06 | by ( Marta Biino | ) www.businessinsider.com time to read: +4 min

AdvertisementThe victims of a romance scammer who defrauded women he met on Tinder out of over $100,000 have spoken out about being targeted. Peter Gray, 35, from Yorkshire, UK, found his victims on Tinder and won their trust, BBC News reported. Romance scams have boomed since the onset of the pandemic, with Americans losing over $1.3 billion to the practice in 2022, up 164% from 2019, Business Insider previously reported. In the UK, over £92 million (about $115 million) was lost to romance scams in the same year, according to data from the National Fraud Intelligence Bureau. AdvertisementGray used information from driving licenses to scam Tinder dates"It was shocking," a sister of one of Gray's victims told BBC News.

Persons: Peter Gray, —, Gray, Jessica, Hannah, Elizabeth, Tinder Organizations: Service, BBC News, Business, Federal Trade Commission, National Fraud Intelligence, BBC Locations: Yorkshire

☆ Here's the 'true solution' to the problem of audio deepfakes, according to the CEO of ElevenLabs
▼ + stars: | 2024-05-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

AI voice tech company ElevenLabs is grappling with deepfakes. AdvertisementCompanies at the forefront of AI voice technology are grappling with how to regulate deepfakes without stifling innovation. And last year 4chan users exploited the tool from ElevenLabs to generate deepfakes of celebrities spewing racist and transphobic content, according to Vice . AdvertisementNew York Mayor Eric Adams has been making robocalls in Mandarin, Yiddish, and Haitian Creole with ElevenLabs technology and said he's been able to reach more of the city's non-English speaking residents. ElevenLabs has signed an accord with several other AI companies, including OpenAI, Anthropic, Google, and Meta to combat deepfakes in the 2024 election.

Persons: —, Mati Staniszewski, scammers, Bruce Reed, ElevenLabs, Eric Adams, he's, Staniszweski, Staniszewski Organizations: Service, Google, Business Locations: Haitian

☆ Bitcoin trader loses almost $70 million after sending crypto to wrong online account address
▼ + stars: | 2024-05-05 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Read previewA cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address poisoning" scam. Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims. Related storiesTrezor, another crypto trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams. Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says. One study showed that crypto "pig butchering" scams cost investors $75 million from 2020 to 2024.

Persons: — Organizations: Service, Business, Federal Trade Commission, FTC Locations: Bitcoin, scammers

☆ Warren Buffett says AI scamming will be the next big 'growth industry'
▼ + stars: | 2024-05-04 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Warren Buffett isn't jumping on the artificial intelligence bandwagon just yet, warning about the technology's potential for harm. "When you think about the potential for scamming people ... if I was interested in investing in scamming, it's gonna be the growth industry of all time and it's enabled, in a way" by AI, Buffett said at Berkshire Hathaway's annual shareholder meeting on Saturday. Buffett pointed to the technology's ability to reproduce realistic and misleading content in an effort to send money to bad actors. "Obviously, AI has potential for good things too, but ... I do think, as someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm — and I just don't know how that plays out," Buffett added.

Persons: Warren Buffett, it's, Buffett, — Organizations: Berkshire Locations: scamming

☆ How Scammers Are Stealing Food Stamps From Struggling Americans
▼ + stars: | 2024-05-04 | by ( Jessica Fu | ) www.nytimes.com time to read: +1 min

Ms. Kirks, 70, knew that she had saved up a sizable sum in monthly benefits from the federal food assistance program, also known as the Supplemental Nutrition Assistance Program, or SNAP. To eat, she would buy food through a state program that permitted adults 60 and older, people with disabilities and homeless people to buy discount meals using their food stamps. But the cashier at Albertsons was adamant: Ms. Kirks had only $6 in her account. She immediately called the state agency that oversaw food benefits. The criminals then use the information to create fake payment cards and steal money from victims’ accounts.

Persons: Jackie Kirks’s, Kirks, ”, creamer Organizations: Albertsons, Assistance, SNAP Locations: Long Beach, Calif

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ College students desperate for jobs are getting scammed online by criminals posing as tech recruiters
▼ + stars: | 2024-05-01 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +4 min

College students are increasingly targeted by job recruitment scammers, the FTC warned. Scammers use fake listings and pose as recruiters to steal money and identities. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But they can also target a college student's identity or bank information. AdvertisementThe Wall Street Journal recently interviewed students who had encountered scammers during their job hunts.

Persons: —, scammers, Murray Organizations: FTC, Service, Street, Microsoft, Murray Resources Locations: Houston

☆ Match Group CEO says he has empathy for victims of romance scams but 'things happen in life'
▼ + stars: | 2024-04-29 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Romance scams typically targeting baby boomers and older generations are becoming increasingly popular on dating apps and websites, according to the Federal Trade Commission. Just last year, the FBI's Internet Crime Report estimated that Americans lost more than $650 million to romance scams. Bernard Kim, CEO of Match Group, spoke with CBS News on the growing threat of online romance scams carried out by people overseas. Match Group — which owns Match.com and Tinder — is the largest online dating company in the United States. Match Group did not immediately return a request for comment from Business Insider.

Persons: —, Bernard Kim, Kim, Grady Judd, Judd Organizations: Service, Federal Trade Commission, Business, FTC, Match, CBS News, CBS, Match Group Locations: United States, Polk County, Florida

☆ EU investigates Meta over fears of election interference and foreign disinformation
▼ + stars: | 2024-04-29 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Officials said the investigation highlights apparent violations of Europe’s signature law governing online platforms, the Digital Services Act. They added that Meta’s tools for users to report illegal content don’t appear to align with the DSA’s requirements, either. The investigation comes after Meta submitted required materials to the European Commission last fall outlining how it manages perceived risks linked to its products. Without it, the European Commission said, users and researchers will have less visibility into what is happening on Meta services and could have a harder time detecting foreign election interference. “We look forward to continuing our cooperation with the European Commission and providing them with further details of this work.”

Persons: Meta, CrowdTangle, “, ” Organizations: CNN — European Union, European Commission, Officials, Digital Services, European, Facebook

☆ Scammers stole more than $400,000 from a woman through an elaborate Publisher's Clearing House sweepstakes scam: police
▼ + stars: | 2024-04-27 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Scammers reportedly tricked a woman into believing she won $3 million, then stole $400,000 from her. AdvertisementScammers in Florida tricked a woman into thinking she won $3 million, then stole $400,000 from her bank account. AdvertisementDuring Friday's press conference, Judd said the scammers targeted an elderly woman with early signs of dementia. They told her she won $3 million in a Publisher's Clearing House sweepstakes, and that she needed to pay them taxes, Judd said. The Federal Trade Commission says the best way to spot a sweepstakes scam is to look at what the party offering the money asks you to do next.

Persons: Scammers, —, Michael Lawrence, Max Richards, Grady Judd, Lawrence, Richards, Judd, Polk Organizations: FTC, Service, Fox, Federal Trade Commission Locations: Florida, Polk County, Polk

☆ A high school employee was arrested after a deepfake AI recording imitating the school's principal making racist and antisemitic comments circulated online
▼ + stars: | 2024-04-26 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +3 min

A high school athletics director was arrested after a deepfake of the school's principal was shared online. The deepfake recording imitated Eric Eiswert making racist and antisemitic remarks. AdvertisementA Maryland high school athletics director, Dazhon Darien, has been arrested and charged with stalking and theft after an AI deepfake audio recording of the school's principal, which included racist remarks, was shared online. AI deepfakes are a growing concernPolice used forensic analysis to determine that the recording was made using AI. There are also fears that AI deepfakes could threaten free and fair elections as it becomes easier for people to spread misinformation.

Persons: Eric Eiswert, —, Dazhon, Eiswert, It's, Johnny Olszewski, Joe Biden, White Organizations: Service, Pikesville, School, New York Times, Pikesville High, Police, Authorities, FBI Locations: Maryland, Dazhon Darien, Baltimore, Darien, Hong Kong, New Hampshire

☆ US soldier at Fort Bragg sentenced for running romance scam
▼ + stars: | 2024-04-21 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A federal judge sentenced a former Army service member to prison for running a romance scam. Romance scams cost Americans $1.3 billion in 2022. AdvertisementA US soldier will spend more than three years in federal prison for a romance scam in which police say he impersonated military officials. Before his arrest, Frimpong was an active-duty Army service member stationed at Fort Bragg, the department said. "The fact that an Army service member was involved in romance scams while serving as a soldier is appalling."

Persons: —, Sanda G, Frimpong, Kate Kleinert, Kleinart, Tom Tanner, Michael Easley Organizations: Army, Service, Department of Justice, Federal Trade Commission, Yahoo, Wired, Social Security, Justice Department, Business Locations: Fort, United States, Nigeria

☆ Romance scammers are now building trust with AI-generated deepfakes. Here's how to spot them.
▼ + stars: | 2024-04-20 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

It might be because he's a romance scammer called a "Yahoo Boy" who wants to steal your life savings. Once gaining the victims' trust, the scammers use a pretense to solicit money, like the need to pay an emergency medical expense. Last year alone, the FBI's Internet Crime Report estimated that Americans lost more than $650 million to romance scams. Kate Kleinert, a 69-year-old widow, previously told BI that she lost $39,000 to an online romance scam. Over the last two years, the Yahoo Boys started experimenting with deepfake video clips and video calls, according to Wired.

Persons: —, Kate Kleinert, Kleinart, David Maimon, Trina Higgins, Higgins, haven't Organizations: Service, Yahoo, Yahoo Boys, Department of Justice, Business, Federal Trade Commission, Social Security, Wired, Georgia State University, CNN, Nigerian, Prosecutors, Justice Department Locations: Nigeria, Hong Kong, Salt Lake City, Utah

☆ Taylor Swift fans lose at least $1 million to Eras Tour scams in the UK
▼ + stars: | 2024-04-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Thousands of Taylor Swift’s UK fans have been duped into buying fake tickets for her upcoming Eras Tour concerts, according to a major British bank. With all UK dates now sold out, desperate fans are more likely to turn to resale sites and social media for tickets. Lloyds said it expects to see “many more fans fall victim to ticket scams in the coming weeks and months,” leading up to the first concert in Edinburgh, Scotland. According to UK Finance, a financial services industry association, Brits lost more than £40 million ($50 million) to “purchase scams,” including sales of fraudulent tickets, in the first half of last year. In November, the bank warned customers over ticket scams relating to Glastonbury, the popular outdoor music festival held annually in England in the summer.

Persons: Taylor Swift’s, —, Swift, ”, you’re, Liz Ziegler, you’ve, nothing’s, they’ve, Kirsty Adams, Taylor Swift Organizations: London CNN, Lloyds Bank, “, Lloyds, Ticketmaster, UK Finance, HSBC, Europe’s, CNN, Barclays, Glastonbury, Olympics Locations: British, Singapore, United States, United Kingdom, Edinburgh, Scotland, Glastonbury, England

☆ Taylor Swift fans in the UK have been scammed out of $1.2 million, bank says
▼ + stars: | 2024-04-17 | by ( Katie Balevic | Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

UK Taylor Swift fans have lost over $1.2 million to Eras Tour ticket scams, Lloyds Bank says. Most of the ticket scams targeted 25- 34-year-olds through fake ads on Facebook. AdvertisementIt looks like it's heating up to be a Cruel Summer — at least for Swifties in the United Kingdom seeking Eras Tour tickets. Fans of Taylor Swift have already been scammed out of over $1.2 million trying to purchase concert tickets, mostly through Facebook, according to Lloyds Bank. "For her legion of dedicated Swifties, the excitement is building ahead of Taylor's Eras Tour finally touching down in the UK this summer.

Persons: Taylor Swift, —, Liz Ziegler, Swift, Alma Galvan Organizations: Lloyds Bank, Facebook, Service, Swifties, United, Lloyds, Ticketmaster, Business, San Francisco Better Business, ABC, BBB, Facebook Marketplace, Paypal Goods, Services Locations: United Kingdom, United States

CNN —Donald Trump’s campaign is asking Republican candidates and committees using the former president’s name and likeness to fundraise to give at least 5% of what they raise to the campaign, according to a letter obtained by CNN. The letter also included guidelines for Republican candidates and committees when they are using Trump’s name and likeness while fundraising and asked them to avoid “speaking on behalf of” Trump, “creating memberships, clubs, or rewards that are not authorized by the campaign,” “impersonating President Trump or his campaign,” and mentioning Trump’s family without their consent or the consent of the campaign. “It is important to protect small dollar donors from scammers that use the president’s name and likeness,” Trump campaign spokesperson Danielle Alvarez said in a statement. In 2021, his team sent cease-and-desist letters to the RNC and the party’s congressional fundraising arms, asking them to stop using his name and image in their fundraising appeals. Since becoming his party’s presumptive nominee, Trump has launched a takeover of the RNC and now is raising money jointly with the national party.

Persons: Donald Trump’s, fundraise, Susie Wiles, Chris LaCivita, Trump’s, … ” Wiles, LaCivita, Joe Biden’s, ” Trump, ” “, Trump, Danielle Alvarez Organizations: CNN, Republican, Trump National Committee, Republican National Committee, Politico, RNC Locations: Trump’s, York

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