They say hydration is important, but who knew a thirst-quenching trip could save someone $10,000?
A Brewton police officer’s routine stop at a convenience store turned into a high-stakes intervention when he spotted an elderly woman standing near a Bitcoin ATM with a large sum of cash. Thanks to his keen eye and quick action, a scam was foiled before the fraudsters could get away with her hard-earned money.
Scammers are getting more creative, and cryptocurrency has become their latest tool for deception. Here’s what you need to know to stay protected.
Scammers typically convince victims that they need to send money via cryptocurrency to claim a prize, help a relative, or even receive an investment return. The victim, under pressure, deposits cash into a Bitcoin ATM and sends funds to an anonymous wallet address—where it vanishes instantly.
Who’s Targeted?
While scams like this can target anyone, seniors are often the primary victims. Fraudsters exploit their lack of familiarity with cryptocurrency and use high-pressure tactics to create urgency. They may claim to be from the government, tech support, or even law enforcement, demanding immediate payment.
A Real-Life Close Call
Sgt. Austin Johnson of the Brewton Police Department noticed an elderly woman standing by a Bitcoin ATM, looking uneasy while on the phone. Seeing this as a red flag, he approached and asked a few questions. It turned out she was about to transfer $10,000 to a scammer. Acting quickly, Sgt. Johnson accompanied her to her bank, where they confirmed the fraud and saved her money.
Cryptocurrency scams are on the rise. In 2021 alone, over 46,000 people reported losing more than $1 billion to crypto-related fraud, according to the Federal Trade Commission. Since Bitcoin transactions are nearly impossible to trace or reverse, once the money is sent, it’s gone.
How to Protect Yourself
- Be Skeptical of Unsolicited Calls – If someone you don’t know asks for payment via Bitcoin, gift cards, or wire transfer, it’s likely a scam.
- Verify Before You Act – Always double-check with trusted family members or call the institution directly before making any transactions.
- Recognize High-Pressure Tactics – Scammers rely on urgency to force quick decisions. Take a step back and think before sending money.
- Use Two-Factor Authentication – Adding an extra layer of security to your financial accounts can prevent unauthorized access.
- Stay Informed – Share scam awareness with friends and family, especially older adults who may be more vulnerable.
Quick Tips
Did you know? Bitcoin transactions are irreversible. Once sent, there is no way to get your money back.
Pro Tip: If someone claims to be from a government agency and demands Bitcoin, it’s 100% a scam. No legitimate agency will ask for payment in cryptocurrency.
Stay safe, stay informed.
Keyword Definitions
- Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central authority.
- Bitcoin ATM: A kiosk that allows individuals to buy or sell Bitcoin using cash or debit cards.
- Scammer: A person who engages in fraudulent schemes to steal money or personal information from unsuspecting victims.
- High-Pressure Tactics: Manipulative strategies used by scammers to create urgency and prevent victims from thinking critically.
- Two-Factor Authentication (2FA): An extra layer of security that requires two forms of identification before accessing an account.
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