AN Ohio couple nearly lost their savings amounting to $17,000 in a sophisticated scam.
Luckily, a quick-thinking bank manager at Chase Bank in Westlake stepped in and stopped the transaction just in time.
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RED FLAGS
The couple were misled into thinking they owed money for a warrant, which was allegedly issued by the Cuyahoga County Sheriff’s Office.
They went to the bank to withdraw the cash and intended to buy gift cards or deposit the money into a cryptocurrency ATM.
These are both very common red flags in similar scam operations.
But the bank manager noticed something was off and quickly alerted the Westlake Police Department.
Captain Jerry Vogel shared, “The customers did figure out they were going to be scammed if they took this money out and bought gift cards or put it into a crypto ATM.”
Unfortunately, not everyone has been as lucky.
According to police, two other recent scams involving cryptocurrency ATMs in the Westlake area have resulted in over $25,000 in losses.
MORE SCAMS
In one case, a woman searching for customer support online found a phone number for what she thought was Microsoft.
The number, however, belonged to a scammer who had manipulated the search results; this is a tactic known as ‘search engine poisoning.’
After convincing her to give remote access to her computer, the scammer frightened her with claims that she had visited illegal websites and that her money was at risk.
She was told to withdraw $40,000 and deposit it into a Bitcoin ATM located at a gas station to ‘protect’ her funds.
Although a store attendant stepped in and warned her, it was too late, and she had already lost $20,000.
In a separate incident, a man received a call from someone pretending to be with the Social Security Administration.
He was instructed to deposit $5,500 into a Bitcoin ATM at a local convenience store.
That store’s owner said they plan to remove the ATM altogether to help prevent future scams.
STAY AWARE
Captain Vogel advises the public to be on high alert.
“I just advise you to be very wary of anything that directs you to buy gift cards or put cash into an ATM,” he said.
“Especially the cryptocurrency ATMs.”
Police urge residents to verify suspicious calls and never make payments using gift cards or crypto machines; these are common tactics used by scammers to make money untraceable.
Expert Tips: Crypto Scam Red Flags
Scam expert Toby Braun, the managing partner for American Special Investigative Group and Heroya Cryptocurrency Investigations spoke exclusively to The U.S. Sun about the warning signs of crypto scams.
Beware of a “Crypto trading platform, service or fund offering unusually high returns,” he said as these “are more than likely a scam.”
Individuals who still go ahead with the investment should ensure that “professional due diligence” is carried out regarding the individual or platform.
His second tip is to “refrain from responding to personal solicitations involving cryptocurrency from an unknown source.”
This can be via any social media platform, emails, text messages, or WhatsApp.
The third red flag is being approached by people who seem to be overly friendly.
“Many scammers use deepfake technology to pretend to be someone on dating sites they are not,” Braun said.
“Once the scammers connect with their unbeknown victim who is often just looking for a real connection, they flatter them before sharing how much money they are making with crypto.
“The victim is then lured into making substantial investments, and deposit funds they’ll never see again.”
Similarly, the expert warned people away from engaging with strangers or people they have just met if they are asking for money or encouraging them to invest.
Lastly, “be aware of anything that simply sounds too good to be true. It generally never is,” he added.