Russia Battles Telegram Currency Exchange Scams
Russia is grappling with a surge in currency converter scams, with fraudsters employing Telegram bots to deceive victims. Despite a decline in cybercrimes, losses from fraud have skyrocketed, reaching 134 billion rubles in the first eight months of 2025.
The Russian police have pinpointed a criminal group operating in Russia behind these Telegram bots. They entice with better currency exchange rates than official channels but lack accountability. Victims are lured into sending money, only to find their funds disappear.
From January to August, Russia's fraud losses climbed to 134 billion rubles, a 16% increase from the previous year. While the growth rate slowed from an initial 65% to 26% by August, the overall losses continue to accumulate. Meanwhile, registrations of remote thefts dropped by 17.5%, suggesting a shift in scamming tactics.
Experts caution against using Telegram chats or 'connections through acquaintances' for currency exchange. Official banks and licensed exchange offices, despite potentially offering lower rates, provide recourse in case of fraud.
The decrease in overall cybercrimes has not translated to a reduction in fraud losses. Authorities must remain vigilant and continue to educate the public about the risks of using unregulated currency exchange platforms. Meanwhile, victims are urged to report any suspicious activities to help combat this escalating issue.
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