Mediaboss Marketing

Internet scammers are raking in more cash than ever before...and cryptocurrencies provided them with a major assist.

According to the FBI's recently released annual internet crime report(Opens in a new tab), $10.6 billion was lost due to online scams and frauds in 2022. This is up 46 percent from the $6.9 billion in losses in 2021. Furthermore, even though losses are way up, the number of complaints from scam victims made to the FBI's Internet Crime Complaint Center (IC3) were actually down from the previous year.

So, what accounted for the more than $3.5 billion jump from 2021 to 2022? The rise of cryptocurrency.

The report found that investment fraud overall was the "costliest scheme." Based on complaints to the IC3, losses from investment fraud grew from $1.45 billion in 2021 to $3.31 billion last year.

However, within those complaints, the report found that fraud involving cryptocurrency specifically had the biggest growth with an increase of 183 percent from the year prior. Losses from crypto scams went from $907 million in 2021 to a whopping $2.57 billion in 2022.

"Crypto-investment scams saw unprecedented increases in the number of victims and the dollar losses to these investors," reads the report. "Many victims have assumed massive debt to cover losses from these fraudulent investments and the most targeted age group reporting this type of scam are victims ages 30 to 49."

Some common crypto-related scams according to the report include crypto stolen through hacked social media accounts, celebrity impersonations, real estate fraud, and liquidity mining, which are schemes that persuade targets to connect their crypto wallets to an application with the promise to make profit and then instead just drain the user's account of its funds.

Though crypto scammers often go after younger targets, according to the report, the largest pool of victims is in the less tech-savvy 60-and-older demographic. They accounted for $3.1 billion of the 2022 losses.

And while investment fraud accounted for the most losses, there were many other types of internet scams pulling its weight too. Call center fraud was the biggest threat to that previously mentioned older demographic, accounting for more than $1 billion in total losses. Of that, $724 million was drained specifically from targets aged 60 and older.

Business email compromise was another scam that proved fruitful for bad actors in 2022. This scam involves targeting users' business emails and then attempting to use social engineering techniques to trick the victim into transferring funds. These scams accounted for $2.7 billion in losses last year. And, even though ransomware attacks were down in 2022, they still made up $34.3 million in losses.

It's important to note that the data here comes from more than 800,000 complaints filed with the IC3 in 2022. The numbers are likely even higher as there are scam victims who don't report.

Continue reading here:

Online scammers stole more than $10 billion in 2022 thanks to ... - Mashable

The collapse of cryptocurrency exchange FTX in early November 2022 harmed cryptos. However, Bitcoin is up 46.4% year to date, and some investors say the largest crypto trades like a tech stock.

Meanwhile, the technology sector suffered a severe selloff last year but is doing better thus far in 2023 with a +13.55% positive gain. But if I were to choose between tech stocks and any other crypto, I wouldnt touch the latter with a 10-foot pole.

Tech firms like Descartes Systems Group (TSX:DSG), Kinaxis (TSX:KXS), and Docebo (TSX:DCBO) are safer and certainly have more potential. They have financials and business projections to show.

Descartes provides on-demand, Software-as-a-Service (SaaS) solutions to logistics-intensive businesses to help them improve productivity, performance, and security. The $8.76 billion company reported impressive top- and bottom-line growth in fiscal 2023.

In the 12 months that ended January 31, 2023, revenue and net income increased 14.4% and 18.4% to US$486 million and US$102.2 million versus fiscal 2022. Edward J. Ryan, Descartess chief executive officer (CEO), said the company invests in its Global Logistics Network. He added, We invest both organically and through acquisitions consistent with customer feedback on how we can deliver more value to them.

For fiscal 2024, management anticipates adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to be 40-45% of revenues. Its chief financial officer Allan Brett said Descartes has a solid platform for continued growth and acquisitions. Moreover, it has the experience and capital capacity to add more solutions for the growing community of shippers, carriers, and logistics services providers. At $102.95 per share, current investors enjoy a 9.07% year-to-date gain.

Kinaxis had an incredible turnaround in 2022, exceeding total revenue and adjusted EBITDA targets. Also, besides growing its customer base by 40%, profit reached US$20.08 million compared to the US$1.16 loss in 2021.

This $4.59 billion supply chain management company will continue to invest for the long term and cement its leadership position. Management also expects faster SaaS growth and increased profitability in the coming years.

Performance-wise, the tech stock is up 10.24% year to date. Market analysts covering KXS recommend a buy rating. The 12-month average price target is $218 a potential 30% appreciation from its current share price of $167.46.

This $4.59 billion supply chain management company will continue to invest for the long term and cement its leadership position. Management also expects faster SaaS growth and increased profitability in the coming years.

Docebo endured the macroeconomic headwinds in 2022 and delivered a strong performance. The $1.68 billion company boasts a leading artificial intelligence (AI)-powered learning platform. In the 12 months that ended December 31, 2022, total revenue (subscription and professional services) climbed 37% year over year to US$142.91 million.

The net income topped US$7 million compared to the US$13.6 million net loss in fiscal 2021. Claudio Erba, Docebos founder and CEO, said, Our focus remains on driving long-term growth and profitability across economic cycles, supported by continued innovation. If you invest today, the share price is $51.08 (+14.2% year to date).

While Bitcoin and other cryptos are tradable assets like tech stocks, they still lack regulation. More importantly, theres no predictable path for the foreseeable future, unlike Descartes, Kinaxis, or Docebo.

Originally posted here:

3 Tech Stocks With More Potential Than Any Cryptocurrency - The Motley Fool Canada