ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Marin Residents Lost $33 Million to Online Investment Scams Last Year: FBI

FBI’s report highlights the threat of large-scale fraudulent schemes that have ravaged the country since the emergence of crypto and online investment tools.
PUBLISHED APR 16, 2024
Cover Image Source: Marin residents lost $33 million to online investment scam (representative image) | Pexels | Photo by Alesia  Kozik
Cover Image Source: Marin residents lost $33 million to online investment scam (representative image) | Pexels | Photo by Alesia Kozik

About 31 residents of Marin County collectively lost $33 million to online investment scams last year, according to the FBI’s annual Internet Crime Report. Over 156 San Francisco residents suffered losses of over $28 million last year. FBI’s report highlights the threat of large-scale fraudulent schemes that have ravaged the country since the emergence of crypto and online investment tools.



 

FBI’s San Francisco territory includes much of the Bay Area, the North Coast, Santa Cruz County, Monterey County, and San Benito County. Victims from this territory reportedly lost nearly $400 million to online investment scams last year. Further, the agency said that 446 victims of the Santa Clara County lost nearly $152 million. From Alameda County, 312 victims lost nearly $57.5 million, 221 victims from Contra Costa lost nearly $56.5 million, 108 victims from San Mateo lost nearly $51.7 and 42 victims from Sonoma County lost nearly $3.2 million.

Across the nation, victims reported losses worth about $4.5 billion online investment marking an increase of 38% from the prior year. Robert Tripp, the special agent in charge at the FBI’s San Francisco office, told the Marin Independent Journal that the scammers typically prey on investors’ ignorance.

The FBI also reported that Americans collectively lost about $3.94 billion to cryptocurrency investment frauds last year. As per the FBI’s report, the losses marked an increase of 53% compared to $2.57 billion in 2022.



 

However, the most frequently reported crime from Marin last year was phishing schemes. These schemes use unsolicited email, text messages, and telephone calls pretending to be from a legitimate company to request personal/sensitive information, financial credentials, or login credentials to accounts/wallets. The FBI said that the Marin residents lost about $53,332 to phishing scams last year.

People who have come across attempts of such scams or have been the victims of online financial schemes should contact the FBI’s Internet Crime Complaint Center, Tripp said. The agency monitors the website around the clock and posts information on the ongoing scams to alert the public.

Representative Image | Unsplash | Photo by FlyD
Cybersecurity is important (representative image) | Representative Image | Unsplash | Photo by FlyD

Beware of unsolicited communication

Investors should be aware of calls where people claiming to be representatives of companies or government agencies ask for personal/sensitive information such as birthdays, Social Insurance Numbers (SIN), Social Security Numbers, credit card or banking information, and such. Furthermore, investors should verify any calls that claim to be from their credit card company by calling the official phone number provided on their bank’s portals. Investors should also verify a website’s URL and look at the domain name and extension to spot any irregularities that appear in a phishing scam.

Complete due diligence

Before investing, investors are recommended to research thoroughly and verify the legitimacy of the investment scheme, the individuals and firms involved, and the financial product or the cryptocurrency’s record.

Avoid schemes that promise outrageous returns

The best policy for investors would be to avoid any opportunity that sounds too good to be true. Investors should check the details of the scheme with independent sources such as registered financial advisers, lawyers, or accountants, CIRO advises.

Keep tabs on accounts

Regardless of any suspicious activity, investors should regularly review their bank statements to spot unauthorized activity and report fraudulent transactions early on.

MORE ON MARKET REALIST
The item might have been worth more, but no one had any idea of how much it could sell for.
15 hours ago
Mr. Wonderful did not hold anything back as he even called the entrepreneurs bad at marketing.
16 hours ago
The player couldn't believe that she had aced the "Grand Game" of the show.
17 hours ago
Cuban beat offers from Lori Greiner and Kevin O'Leary to add the company to his portfolio.
19 hours ago
Rick Harrison wanted to pay less than a thousand bucks at first, but the guest was a tough negotiator.
1 day ago
The contestant had a good start to the game but things did not end all that well.
1 day ago
The guest inherited the jewels from her mother and then found out that they were Cartier products.
1 day ago
The host Pat Sajak was seen standing with a broom while the contestant was celebrating.
2 days ago
The contestant wasn't able to match the excitement with his performance.
2 days ago
The guest said that there was so much more that she hadn't even brought to the show.
2 days ago
This wasn't the first time that an appraisal by an expert worked in favor of the seller.
2 days ago
The contestant seemed to be going through the emotions even before the results were revealed.
2 days ago
As per the guest, even her father had no idea where the piece of jewelry came from.
3 days ago
The contestant was supposed to name a deceased artist who they'd like to see perform as a hologram.
3 days ago
The shoes were apparently the same ones Ali wore in the iconic Thrilla in Manila fight in 1975.
4 days ago
The guest had no idea about the value of what he possessed and was concerned about it being fake.
4 days ago
This was perhaps one of the cruelest Bonus Round puzzles that the show has seen in a while.
4 days ago
The woman also shared her personal opinion about effect of flavorings on the brain.
4 days ago
The 51-year-old will have Hollywood star Matt Damon as partner, and Jimmy Kimmel as host.
5 days ago
The guest claimed to have read the book multiple times as a kid and the signs showed.
5 days ago