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Cryptocurrency Scams Cost Customers Dearly in Essex County Last Year – NBC Boston
Financial fraud cost victims nearly $10 million in Essex County last year, according to a statement released by county District Attorney Paul Tucker, who urged citizens to keep an eye out and report the increasingly common crypto scams .
The cryptocurrency is described as digital money that is not managed by a government or bank. Crypto ATMs, otherwise known as “crypto kiosks” and “BTMS,” work just like traditional machines, but allow users to purchase digital currency, such as Bitcoin.
“In many of these scams, users are directed to send cryptocurrency to the scammer’s digital wallet, and because these transactions are instant, there is no recovery period and the perpetrators can transfer the funds immediately,” Tucker said.
Crypto scams have become a popular method used by criminals to defraud their victims. These scams are especially prevalent among older victims. The FBI reported that in 2023, approximately 101,000 Americans aged 60 and older have experienced digital scams.
Keeping an eye out for warning signs can help protect you from digital fraud involving Bitcoin or other cryptocurrencies. These signals include directions to stay on the phone while making transactions and instructions to keep it a secret from others.
“Legitimate entities are not going to say cryptocurrency like Bitcoin is the only payment option,” Tucker said.
Citizens are encouraged to contact local police immediately if they believe they have fallen victim to a crypto scam.