A bipartisan congressional bill, H.R. 9500, seeks to allow fraud victims to deduct losses and waive early withdrawal penalties, reversing a 2017 tax law change. This comes as reported fraud losses to the FTC reached a record $15.9 billion in 2025.
Prime Minister Narendra Modi has urged states to expedite the rollout of e-Zero FIRs, a system that automatically converts verified cyber-fraud complaints into FIRs. This digital initiative aims to bypass jurisdictional barriers and enable immediate action against fraudsters, addressing the growing threat of organized cybercrime in India. The CBI's Operation Chakra-VI recently conducted a major crackdown, arresting individuals involved in money laundering and uncovering fraudulent websites.
The Reserve Bank of India (RBI) has introduced new guidelines, effective January 2027, allowing victims of small value electronic banking frauds up to Rs 50,000 to claim compensation. Victims reporting within 5 days can receive the lower of 85% of net loss or Rs 25,000.
A 30-year-old man has been sentenced to four years in prison by the Incheon District Court for swindling eight victims out of approximately 390 million won (US$253,824). He targeted individuals already affected by other scams, promising to recover their lost funds or demanding upfront payments.
The number of foreigners falling victim to fraud in South Korea has nearly quadrupled in two years, rising from 5,307 in 2023 to 19,907 last year. Many cases involve K-pop merchandise scams targeting 'hallyu' fans. Overall crime against foreigners also surged 81.7% amid a rise in tourism.
Athletes are increasingly targeted by cybercriminals using AI-driven scams, data breaches, and social media exploitation, with significant financial losses reported in the sports industry.
