Ronnie Tokazowski, a cybersecurity expert focused on romance scams and business email compromise, dives deep into the world of pig butchering schemes. He reveals how scammers prey on emotions, leading victims to lose staggering amounts, like one individual who lost over $450,000. The discussion uncovers the psychological tricks used to manipulate trust and isolation. From cryptocurrency scams to the innovative tactics involving deep fakes, Tokazowski sheds light on the evolving landscape of digital deception and the urgent need for awareness and prevention.
Scammers in Nigeria exhibit sophisticated money laundering techniques, posing a threat to personal assets.
Deep dives
Escrow Scam: Buyer Loses Money and Deal Falls Through
A listener shares their story of buying a house and losing $250,000 due to an escrow scam. The listener entrusted the funds to the escrow company, but a scammer pretended to be the seller and convinced the escrow company to deposit the money into their account instead. As a result, the escrow company refused to give the buyer the keys to the house, causing a dispute and potential legal action. This incident highlights the vulnerability of buyers during real estate transactions and the importance of caution when dealing with large sums of money.
Romance Scam: Love Interest Tricks Victim into Crypto Investment
Another victim fell prey to a romance scam involving cryptocurrency investments. The victim met someone online who seemed perfect and claimed to be highly successful in crypto investments. They convinced the victim to invest in a lucrative opportunity, promising daily returns of 20%. The victim, fully trusting the love interest, invested a significant amount of money and even took a loan to put more into the scheme. However, it turned out to be a scam, and the victim lost $90,000. Despite the devastating loss, the victim managed to scam some of the money back from the fraudsters using their own tactics.
The Dark Side of Romance Scams: Emotional Manipulation and Devastating Financial Losses
Romance scams exploit vulnerable individuals who are looking for love and connection. Scammers gain their victims' trust and manipulate their emotions, isolating them from friends and family. Victims may be tricked into sending large sums of money, taking loans, or even providing personal information. The financial losses can be staggering, often resulting in bankruptcy, foreclosure, and immense emotional trauma. These scams have claimed victims who have lost millions of dollars, and in some tragic cases, even led to suicide. Efforts are being made to support victims, provide resources, and raise awareness about these heart-wrenching crimes.
Sophistication and Skill of Romance Scammers
Romance scammers, particularly those operating in Nigeria, display a high level of sophistication in their money laundering techniques, understanding how to navigate check systems, wire money internationally, and utilize cryptocurrency networks. Their skill sets vary depending on geographic location. It is alarming to realize that these scammers are targeting individuals rather than just companies, posing a significant threat to personal assets.
Trust and Deception on Social Media Platforms
Many victims of romance scams place excessive trust in social media platforms, assuming that popular providers are safe. However, statistics reveal that a large percentage of cyber fraud cases originate on platforms like Facebook. Scammers exploit this trust by utilizing trusted platforms for their fraudulent activities. Victims often engage in frequent text messaging and even video calls with scammers, further deepening their emotional connection and vulnerability. Although making phone or video calls can help identify scammers, they may use audioless video or employ deep fake technology to bypass such verifications.
The #1 crime which results in the biggest financial loss is BEC fraud. The #2 crime is pig butchering. Ronnie Tokazowski https://twitter.com/iHeartMalware walks us through this wild world.
Sponsors
Support for this episode comes from NetSuite. NetSuite gives you visibility and control of your financials, planning, budgeting, and of course - inventory - so you can manage risk, get reliable forecasts, and improve margins. NetSuite helps you identify rising costs, automate your manual business processes, and see where to save money. KNOW your numbers. KNOW your business. And get to KNOW how NetSuite can be the source of truth for your entire company. Visit www.netsuite.com/darknet to learn more.
Support for this show comes from Drata. Drata streamlines your SOC 2, ISO 27001, PCI DSS, HIPAA, GDPR & many other compliance frameworks, and provides 24-hour continuous control monitoring so you focus on scaling securely. Listeners of Darknet Diaries can get 10% off Drata and waived implementation fees at drata.com/darknetdiaries.
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