Seniors shelling out thousands of dollars in crypto scam, police warn
Scammers targeting seniors in high-tech cryptocurrency scheme
Fairfax County Police are warning seniors about an age-old scam that’s now gone high-tech. Scammers are cold-calling seniors and convincing them to deposit tens of thousands of dollars into cryptocurrency ATMs. FOX 5's Derick Waller has the details.
Fairfax County police are warning seniors about an age-old scam that’s now gone high-tech.
Scammers are cold-calling seniors and convincing them to deposit tens of thousands of dollars into cryptocurrency ATMs.
Lieutenant James Curry tells FOX 5 the department’s Financial Crimes Bureau is investigating 11 cases since mid-October.
One victim was 56 years old, but the majority of the cases have involved people over the age of 70.
What is the 'card draining' scam? Police warn holiday shoppers purchasing gift cards
Shoppers buying gifts cards for friends and family this holiday season are being urged to carefully examine the cards to avoid a new scam.
For example, on Nov. 30, an 86-year-old county resident deposited $25,000 into a crypto ATM after being conned on the phone, police said.
It starts with a cold call.
The scammer, posing as a business or government agency, will threaten to shut off electricity, for example, or send the victim to jail if they don’t pay back taxes.
"There’s always going to be a component of fear involved in these scams, the urgency that you need to act immediately to save yourself from some sort of arrest or financial burden," Lt. Curry said.
And unlike with gift cards, with crypto, it’s harder for the cops to track down who’s behind the transaction.
"We want everyone to take a moment, breathe, even hang up the phone," Lt. Curry said.
How to help older people in your life avoid scams this holiday season
Last year, consumers lost $8.8 billion to scammers, and the Federal Trade Commission says older adults lost the most money compared to other age groups.
The police remind residents that no bank or government agency will ever demand money over the phone and if they ask for payment via gift cards or bitcoin, that is another red flag.
Try to verify the identity of the person on the other line and never share personal information over the phone.
When news breaks, stream FOX 5 DC anytime. Get the FOX Local app on your smart TV.