ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Convenience Store Owner Thwarts Crypto Scam, Protects Elderly Victim

The targeted individual had been lured into the scam through a deceptive pop-up message on his home computer,
PUBLISHED APR 15, 2024
Cover Image Source: A Bitcoin ATM | Getty Images | Photo by Carlos Alvarez
Cover Image Source: A Bitcoin ATM | Getty Images | Photo by Carlos Alvarez

The vigilant actions of a Westlake convenience store owner recently helped foil an attempted cryptocurrency scam, ultimately preventing an elderly individual from falling victim to financial exploitation, per WKYC. In response to this incident, local law enforcement authorities are issuing warnings to the public, urging them to remain vigilant against such fraudulent activities.

Unsplash | Photo by General Bytes
Crypto ATM (representative image) | Unsplash | Photo by General Bytes

According to reports from the Westlake Police Department (WPD), the incident unfolded on Thursday, April 4, 2024, when the convenience store owner noticed an elderly gentleman depositing significant amounts of cash into a cryptocurrency ATM within the store premises. Suspicions were raised as the man appeared to be following instructions from an unknown individual over the phone. Recognizing these red flags as indicative of a potential scam, WPD detectives promptly intervened to halt the transaction. Fortunately, their swift action prevented the funds from being transferred to the perpetrators before the situation escalated further.

Initial investigations revealed that the targeted individual had been lured into the scam through a deceptive pop-up message on his home computer, falsely claiming that his device had been compromised. The scammers then exploited his fear by threatening legal repercussions, falsely alleging involvement in illicit activities such as child pornography unless a ransom was paid to rectify the situation.

In light of this incident, the WPD is emphasizing the importance of educating older adults about common scam tactics and how to recognize warning signs. Seniors are often prime targets for fraudsters due to perceived vulnerability and lack of awareness regarding modern technologies.

A bitcoin ATM is seen inside the Big Apple Tobacco Shop | Getty Images | Photo by Michael M. Santiago
A Bitcoin ATM is seen inside the Big Apple Tobacco Shop | Getty Images | Photo by Michael M. Santiago

"We urge the public to exercise caution and skepticism when encountering unexpected pop-ups on their computers or receiving unsolicited emails, texts, or phone calls," advised a spokesperson for the Westlake Police Department. "Furthermore, individuals should be wary of any requests to purchase gift cards as payment for debts, warrants, or technical support, as these are clear indicators of fraudulent activity."

The Fairfax County Police Department (FCPD) is alerting residents to a resurgence of an old scam with a new twist, which has already resulted in losses exceeding $160,000 in 2024 alone, per WUSA9. In recent years, scammers have commonly targeted individuals by impersonating government agencies, law enforcement, or financial institutions, typically demanding payments in the form of gift cards. However, there has been a significant shift in the payment method employed by these fraudsters, with a growing number of victims being directed to utilize digital currency, such as Bitcoin.

Sgt. Jacob Pearce of the FCPD explained, "It has its origins in earlier scams, so before this, it was prepaid credit cards and iTunes gift cards." Victims are instructed to purchase prepaid credit cards and then proceed to a Bitcoin ATM, where they convert the funds into cryptocurrency. Cryptocurrency ATMs, which accept cash deposits, enable scammers to swiftly transfer the victim's money into a digital wallet, allowing untraceable transactions. "Sending that money and transforming it digitally into cryptocurrency at that point it becomes very difficult to track or recover," Pearce emphasized. "It's still the wild west."

According to Pearce, scammers have exploited this method to defraud Fairfax County residents of over $160,000 in the past two months, with individual losses reaching as high as $31,000. The FCPD advises residents to remain cautious and vigilant, urging them to report any suspicious communications at reportfraud.ftc.gov and the Federal Bureau of Investigation’s Internet Crime Complaint Center at IC3.gov. or requests for cryptocurrency payments to law enforcement authorities promptly.

MORE ON MARKET REALIST
The guest had no idea whose face was engraved on the top of the box and how much it cost.
13 hours ago
The young entrepreneur saw a common problem kids his age faced and came up with an invention.
15 hours ago
It was a gift from the father of his first client to whom he had sold a condo.
18 hours ago
The singer wanted to celebrate his journey by sending fans to the place linked to his early days.
19 hours ago
Wait till you hear the list of weird prizes that 'Price is Right' gave in the '50s.
1 day ago
The bottled water from the popular retailer has nanoplastic particles more than the firm's limits.
1 day ago
Most of the sharks had concerns about water pressure even though the product impressed them.
1 day ago
The host wanted to be sure about the signature that added a lot of value to the doll and the cards.
2 days ago
The incident took place on a busy Friday night and the staff failed to keep track of the group.
2 days ago
Some users also told her to just sell the car back and take cash for it instead of just paying taxes.
3 days ago
The man was initially convinced that there was a gold nugget inside the rock but he just couldn't crack it.
3 days ago
The question may not have been suggestive but fans read between the lines and interpreted it their way.
3 days ago
Sajak acknowledged that his farewell was robbing the players of time and winning opportunities.
3 days ago
The user finally decided to spend what he found on a camera and still had $500 left.
3 days ago
The guest made it clear that he intended to hold on to the precious instrument for life.
4 days ago
The priest could've won the game if he hadn't failed to guess answers based on Bible clues.
5 days ago
The guest's children called it ugly but she held on to it as it made her feel at peace.
6 days ago
The contestant decided to do something different for the third slot and that backfired.
6 days ago
Charli and her sister were called out for being out of touch with the everyday reality of workers.
6 days ago
Former Amazon workers also commented giving further clarity about the meaning of the label.
7 days ago