They say the only two things certain in life are death and taxes. But if you ask some unsuspecting retirees, they'd probably add scams to that list—especially when fraudsters are getting more creative by the day.
A Growing Crypto Con You Need to Know About
Imagine getting a call from your local sheriff’s office, telling you that you missed jury duty and now face jail time unless you pay up immediately. Panic sets in, and before you know it, you’re at a grocery store feeding cash into a Bitcoin ATM, believing it will keep you out of trouble. Only later do you realize—your money is gone, converted into cryptocurrency and transferred to a scammer’s digital wallet.
How It Works
Scammers are blending old tricks with new technology, using the fear of law enforcement to convince people to send money through Bitcoin ATMs (BTMs). Here’s how they do it:
- The Call: A scammer pretends to be a law enforcement officer, claiming you missed jury duty and now owe a hefty fine.
- The Threat: They warn of immediate arrest unless you pay up quickly.
- The Solution: You’re told to withdraw cash and deposit it into a Bitcoin ATM, usually at a gas station or grocery store.
- The Disappearance: Once your money enters the machine, it’s converted into cryptocurrency and sent to an untraceable account.
Who’s Targeted?
Retirees, especially those living in well-off communities, are prime targets. Why? Scammers know that seniors often have savings, are more likely to trust authority figures, and might not be as familiar with cryptocurrency transactions.
Real-Life Example
Marianne, a 66-year-old retired healthcare worker from South Carolina, was on her way to breakfast when she got the dreaded call. Convinced by the scammer’s urgency, she withdrew $7,500 and fed it into a Bitcoin ATM, believing it would prevent her arrest. When they demanded even more money, she finally called the real sheriff’s office—only to realize she’d been duped.
“I just broke down,” she said. “Doggone them.”
Why You Should Care
Crypto scams via BTMs are on the rise. The Federal Trade Commission reports that scams involving these machines have grown from $12 million in 2020 to $114 million in 2023. Unlike traditional banks, BTMs don’t have human tellers to raise red flags when something seems off. Once your money is gone, there’s little to no chance of recovery.
How to Protect Yourself
Here’s how you can stay ahead of these scammers:
- Hang up immediately – Law enforcement will never call demanding payments over the phone.
- Verify the claim – Call your local courthouse directly if you’re concerned about jury duty.
- Know the red flags – Any request to pay with cryptocurrency, gift cards, or wire transfers is a scam.
- Educate your loved ones – Share this information with seniors in your life who may be vulnerable.
- Trust your instincts – If something feels off, it probably is.
Quick Tips & Updates
Quick Tip #1: If anyone demands immediate payment over the phone, it’s almost always a scam.
Quick Tip #2: Bitcoin ATMs are unregulated in many areas—think twice before using them for anything beyond personal crypto transactions.
Stay safe, stay informed.
Key Definitions
- Bitcoin ATM (BTM): A kiosk that allows users to buy or sell Bitcoin using cash or debit/credit cards.
- Cryptocurrency: A digital form of money that operates independently of a central bank.
- Scam Wallet: A fraudulent digital wallet address where scammers receive stolen funds.
- Phishing Scam: A technique used by fraudsters to deceive individuals into revealing sensitive information.
- Regulatory Gap: A lack of legal oversight that allows scams to thrive.
To read more, kindly find source article here