Curbing the Rise in Investment Scams

Fraud Expert Ken Westbrook on Successful Ways to Stop Fake Investment Sites Suparna Goswami (gsuparna) • January 24, 2025

According to the FBI, losses from investment scams surged 38% between 2022 and 2023. Fraudsters are using highly effective tactics, including sending text messages to lure victims to fake cryptocurrency platforms, said Ken Westbrook, founder and CEO of Stop Scams Alliance.

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Both Australia and the U.K. have implemented measures to combat investment scams that are helping, Westbrook said. Australia has created a system for reporting fraudulent financial websites, enabling the government to rapidly close down these sites - shuttering 7,300 fake websites in 2024 and reducing scam losses by 29% in the second half of the year. The U.K. also targets fraudulent cryptocurrency websites, shutting them down within an hour of reporting.

"In Australia, they've set up a system for people ...