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  • Geebo 9:05 am on November 14, 2024 Permalink | Reply
    Tags: , , cryptocurrency, ,   

    The Rise of Crypto Scams and the Human Toll 

    By Greg Collier

    An elderly woman from Oklahoma recently found herself entangled in a devastating scam, one that underscores a grim truth, scammers don’t discriminate. They target anyone, regardless of age, intelligence, or life circumstances. The scheme revolved around cryptocurrency, a growing area of concern in the world of financial fraud.

    It began innocuously, as so many scams do, with an email. The message announced that a Bitcoin transaction had been finalized. Confused and alarmed, the woman, battling both Parkinson’s and Multiple Myeloma, called the provided number to dispute the transaction. That call marked the start of a harrowing ordeal.

    Over the course of five hours, a scammer posing as a federal agent convinced her that her identity had been stolen. The alleged agent assured her that the only way to protect her money was to withdraw her savings and deposit it into a secure Bitcoin ATM. She was instructed to tell no one, not even her family, under the pretense that the situation required utmost secrecy.

    The woman complied, withdrawing $20,000, from the bank. Under the scammer’s guidance, she then drove nearly an hour to deposit the cash into a Bitcoin ATM located in a liquor store. Only after completing the transaction did the gravity of the situation dawn on her. At that moment, she realized she had been deceived.

    The impact of such scams goes beyond financial loss. They leave victims feeling ashamed and questioning their judgment. This particular case highlights a cruel irony. Even those who are well-informed about fraud can fall victim. The woman’s family, who had educated themselves on scams, never imagined they would face such a scenario.

    Scammers are master manipulators. They exploit trust, fear, and even illness to carry out their schemes. For this family, the emotional toll has been immense, compounding the stress of existing health battles. The realization that their loved one was preyed upon so ruthlessly is a painful one.

    This case is not unique. Reports from the Federal Trade Commission reveal a staggering rise in cryptocurrency-related scams. In 2023 alone, victims lost over $1.4 billion to such schemes. By the first nine months of 2024, losses had already surpassed $1 billion. These figures illustrate the evolving sophistication of scammers and the urgent need for greater awareness and preventative measures.

    One of the most important lessons from this story is that anyone can fall for a scam. Scammers don’t care about who you are or what challenges you face. They are adept at creating scenarios that seem plausible and urgent, drawing victims into their web. Whether young or old, tech-savvy or not, everyone is a potential target.

    While the loss of $20,000 is a heavy blow, the emotional and psychological scars can linger longer. However, sharing these experiences can be a powerful tool in combating the rise of such crimes. If you or someone you know receives unexpected messages about financial transactions, remember to verify the source independently, and never act hastily under pressure.

    The fight against scams is ongoing, but with greater awareness, fewer people will have to endure the heartbreak of falling victim.

     

  • Geebo 8:00 am on October 14, 2024 Permalink | Reply
    Tags: cryptocurrency, , ,   

    Wellness Visit Reveals Cryptocurrency Scam 

    Wellness Visit Reveals Cryptocurrency Scam

    By Greg Collier

    Cryptocurrency scams are becoming increasingly sophisticated, exploiting the rise of digital investments and the trust individuals place in online platforms. In one recent case, a person was led to believe they were participating in a legitimate cryptocurrency investment opportunity. What initially appeared to be a chance to grow retirement savings turned into a financial disaster, leaving the individual in shock after losing their life savings in what is known as a ‘pig butchering’ scam.

    This type of scam works by ‘fattening up’ the victim, slowly gaining their trust through months of seemingly innocent conversations before introducing fraudulent investment opportunities. In this case, the scam began with friendly online exchanges. After connecting on social media, the conversation quickly moved to a private messaging platform like WhatsApp, a tactic commonly used in scams to make communication more difficult to trace.

    Over months of online chats, the victim built trust with the scammer, who eventually introduced the idea of investing in cryptocurrency. The scammer presented a fake cryptocurrency platform, complete with professional-looking accounts that showed significant returns. The victim, believing they were making real money, increased their investments, eventually putting in a large sum of money.

    The situation came to light when Adult Protection Services showed up at the victim’s home. The agency had been notified that large sums of money were being wired, and they were concerned about possible exploitation. It was during this visit that the victim learned they had been caught in a scam. The cryptocurrency platform was fake, the account was fabricated, and even the person they had trusted was not who they claimed to be.

    The pig butchering scam in this case involved highly sophisticated deception. The scammers used a convincing website that appeared identical to trusted cryptocurrency platforms. The victim’s growing sense of security, fostered through long conversations and fake profits, led them to invest increasingly large amounts of money. By the time the scam was uncovered, the victim had lost a substantial sum and had even taken out loans to cover fees for what they believed was a growing investment account.

    Despite attempts to reverse the wire transfers, the money could not be recovered. The victim was left with not only financial losses, but also the emotional toll of realizing how deeply they had been manipulated. This incident illustrates the dangers of pig butchering scams, where trust is built over time before the victim’s finances are wiped out.

    It’s crucial to be skeptical of unsolicited investment opportunities, especially those introduced through online connections. The devastating consequences of falling victim to such scams are a reminder to verify the legitimacy of any investment platform and to be cautious of moving conversations off more public platforms where fraud can be harder to trace.

     

  • Geebo 8:00 am on September 30, 2024 Permalink | Reply
    Tags: , cryptocurrency, ,   

    Grandparent Scam: One Woman’s $50,000 Loss 

    Grandparent Scam: One Woman’s $50,000 Loss

    By Greg Collier

    In Rossmoor, California, an 83-year-old woman found herself the victim of a devastating scam, losing nearly $50,000. It all started with a late-night phone call she believed was from her distraught grandson, setting off a chain of events that would drain her savings. Now, she shares her story to warn others about the dangers of emotional manipulation and the irreversible nature of cryptocurrency transactions.

    The woman was at home when her phone rang. On the other end, a man claiming to be her grandson was crying and distressed. He told her he had been arrested after driving the wrong way on a one-way street and hitting another car. He begged her not to tell anyone and to help with his bail. Caught up in the emotion and urgency of the call, she promised to help.

    What followed were multiple trips to Coinstar machines at local supermarkets. Coinstar machines, once limited to exchanging loose change for cash or store credit, now also allow customers to purchase various cryptocurrencies. The woman withdrew cash from her bank and fed thousands of dollars into the machines, following instructions from the person on the phone, who guided her through the process of converting the cash into cryptocurrency. Over several days, she was manipulated into sending nearly $50,000.

    Scammers rely on emotional manipulation, and this case was no different. The initial call wasn’t enough. Each time the woman thought she had done enough to help, she received another call demanding more money, first for bail, then for additional charges related to the accident, and finally for attorney’s fees and court costs.

    At each step, she ignored warnings from well-meaning bank managers, a shopper, and even the Coinstar machine itself, which prompted her to stop if she thought she was being defrauded. The fear of abandoning her grandson and the emotional manipulation kept her going.

    It wasn’t until the woman finally texted her actual grandson that the truth hit her. He responded casually, unaware of any accident, and she realized she had been scammed. By then, it was too late. The funds had already been transferred, and because cryptocurrency transactions are virtually irreversible, there was no way to recover the money.

    As more scams involve cryptocurrency, it’s important to understand the risks associated with these transactions. Companies like Coinstar have safeguards in place, such as multiple warnings during the transaction process, but once funds are sent, they can’t be retrieved. The irreversible nature of cryptocurrency is one of its defining features, and it’s why extreme caution is necessary when sending money this way.

    In situations where a loved one is supposedly in legal trouble, always verify the information through official channels. Rather than acting on the word of the caller, contact the family member directly, or speak with local authorities to confirm the story. If someone claims bail or legal fees must be paid in an unusual manner, like cryptocurrency or through a Coinstar machine, it’s almost certainly a scam. Legitimate legal processes don’t involve such methods of payment.

    Being cautious of unknown phone numbers is another key step. If a call comes in from an unfamiliar number, especially one claiming urgency, consider hanging up and calling the loved one directly to verify their safety.

    For anyone who finds themselves in a situation where they believe they’ve been contacted by a scammer, it’s crucial to report the incident to authorities, such as the Federal Trade Commission (FTC) or the FBI. Quick reporting can assist in preventing further losses and help authorities track these criminal activities.

     

  • Geebo 8:00 am on September 11, 2024 Permalink | Reply
    Tags: , cryptocurrency, , , ,   

    Crypto Scammers Exploit Apple’s iPhone 16 Event 

    By Greg Collier

    On September 9, as Apple enthusiasts eagerly tuned in for the launch of the iPhone 16 during the ‘Glowtime’ event, scammers took advantage of the hype by launching an elaborate crypto scam. Using deepfake technology, the scammers created videos that impersonated Apple CEO Tim Cook, promoting fraudulent cryptocurrency giveaways and investment schemes. These videos, which were posted on YouTube, lured unsuspecting viewers into participating in crypto transactions by flashing QR codes on the screen. Viewers were asked to send their cryptocurrency to fake websites that closely resembled Apple’s official site.

    This isn’t the first time scammers have deployed deepfake technology to impersonate prominent figures. Earlier this year, similar tactics were used to imitate Elon Musk, spreading false crypto giveaways.

    The deepfake videos on YouTube managed to garner thousands of views before being taken down, but not before several people flagged them on platforms like X (formerly Twitter). Social media users expressed concern over the growing misuse of advanced technologies like artificial intelligence (AI) for fraudulent purposes.

    This event serves as a chilling reminder of the increasing sophistication of cryptocurrency scams. With cryptocurrencies’ volatile nature and the difficulty of tracing transactions, hackers have found fertile ground for fraud. The FBI has warned that crypto scammers are using ever more advanced techniques, with members of the crypto community losing over $5.6 billion to such scams last year.

    It’s important to remember that celebrity endorsements of cryptocurrency schemes are usually fake. Scammers often exploit the likeness and voices of well-known figures, like Tim Cook or Elon Musk, to create a false sense of trust and credibility. These endorsements are rarely, if ever, legitimate. Instead, they are sophisticated traps designed to manipulate and deceive people into investing in fraudulent schemes. When it comes to crypto, always exercise caution and verify information through trusted sources before making any transactions. If something seems too good to be true, it probably is.

     

  • Geebo 8:00 am on September 5, 2024 Permalink | Reply
    Tags: corporate espionage, cryptocurrency, , North Korea,   

    FBI Warns of North Korean Fake Job Scams 

    By Greg Collier

    North Korean hackers have been employing increasingly sophisticated and destructive methods to steal financial assets, as highlighted by a recent FBI warning. These malicious actors have been targeting businesses, particularly in the decentralized finance and cryptocurrency sectors, through highly tailored social engineering campaigns. By impersonating professional contacts and creating convincing fake scenarios, they lure victims into compromising situations, making it difficult for even the most cybersecurity-savvy individuals to detect the scam.

    The attacks begin with thorough pre-operational research, where hackers scour social media and professional networking platforms to gather detailed information about their targets. This enables them to craft highly personalized messages and offers, making the scams appear legitimate. Often, these include job offers from what seem to be reputable recruiting firms or technology companies, which are designed to build trust with the victim.

    Once the hackers establish rapport, they move to the next stage of their scheme—sending malware disguised as pre-employment tasks, employment offers, or even video conference invitations. When victims download these malicious files, the hackers gain access to the company’s network, allowing them to steal cryptocurrency and other digital financial products. These attacks have reportedly been ongoing for several months, though the FBI did not specify the total amount stolen.

    The FBI has emphasized that North Korean cyber actors remain a persistent threat, especially for organizations handling large volumes of cryptocurrency. The agency advises businesses to be wary of unsolicited offers, especially those promising unrealistically high compensation, and to be cautious about requests to download unfamiliar applications or move conversations to non-professional platforms.

    As the digital world continues to evolve, these tactics are likely to grow even more intricate, reinforcing the need for constant attention in the face of emerging threats.

     

  • Geebo 8:00 am on June 26, 2024 Permalink | Reply
    Tags: cryptocurrency, , , , ,   

    Crypto recovery scams torment victims says FBI 

    Crypto recovery scams torment victims

    By Greg Collier

    The rapid expansion of cryptocurrency has brought with it a growing number of scams. In response to this alarming trend, the Federal Bureau of Investigation (FBI) has issued warnings about an increase in fraudulent schemes where criminals pose as law firms or legal representatives offering to help victims recover lost digital assets.

    Fraudsters, often posing as lawyers from fictitious law firms, reach out to victims via social media, email, or other messaging platforms. They claim to have special authorization to investigate and recover funds lost in cryptocurrency investment scams. To appear legitimate, these so-called lawyers assert that they are collaborating with well-known government agencies such as the FBI or the Consumer Financial Protection Bureau (CFPB), or they might reference real financial institutions and money exchanges.

    Victims, desperate to recover their lost funds, are duped into providing sensitive personal information, paying upfront fees, or even covering nonexistent taxes and additional fees purportedly associated with the recovery of their funds.

    If you’ve been the target of a cryptocurrency scam, or any other type of scam, it might be wise to refrain from discussing your experience on social media. Scammers specializing in recovery frauds actively search for individuals who have been previously scammed. It’s common for our blog posts or social media updates about scams to attract comments from individuals pretending to be victims who claim they successfully retrieved their funds through a recovery service. These comments are often another layer of the scam, aiming to lure in more victims.

    If someone unknown contacts you while claiming they can recover your stolen cryptocurrency, be extremely cautious. Do not divulge personal or financial information, and avoid sending any money.

    Remember, legitimate law enforcement agencies do not charge fees to investigate crimes. If you are approached by someone claiming to be affiliated with agencies like the FBI, consider verifying their identity through official channels.

    Treat unsolicited offers with suspicion, especially those that promise guaranteed returns or claim to recover lost funds for a fee.

    If you suspect that you have been targeted by a scam or have already fallen victim, it is crucial to report the incident. The FBI encourages anyone affected to file a detailed report with the IC3 at http://www.ic3.gov, including as much information as possible about the contact method, the identity of the fraudster, and any financial transactions that occurred.

    As technology evolves, so do the tactics of those looking to exploit it. The latest alerts from the FBI serve as a critical reminder of the importance of diligence in the face of offers that seem too good to be true. Always exercise caution and prioritize the security of your personal and financial information to avoid falling prey to these sophisticated scams.

     

  • Geebo 8:00 am on June 6, 2024 Permalink | Reply
    Tags: cryptocurrency, hi how are you, , ,   

    Innocent text leads to scams 

    Innocent text leads to scams

    By Greg Collier

    Scams have become increasingly sophisticated and widespread, often disguising themselves in the most innocent-looking forms. Recently, a North Carolina sheriff’s office issued a crucial warning to the public about one such tactic that scammers are using to deceive unsuspecting victims.

    Imagine receiving a message from an unknown number that simply says, “Hi! How are you?” Your first instinct might be to respond, perhaps thinking it’s someone you know or someone who has mistakenly texted you. However, it’s strongly advised against responding to these types of messages. Scammers are using this tactic as a conversation starter, so don’t text back.

    If you were to respond, the conversation may unfold in a seemingly innocent manner. The scammer, pretending to be friendly, will likely apologize for the mistake and try to keep the conversation going. This gradual process of befriending you is a calculated move. Once they have gained your trust, the scammer will typically steer the conversation toward offering advice on cryptocurrency investments or other money-making advice. The scammer will prompt you to pay for their “valuable” information, but in reality, it’s all a ploy to steal your money.

    Even a simple reply to such messages can put you at risk. By responding, you confirm that your phone number is active, making you a target for further scam attempts. This can lead to an influx of more scam calls and texts. To avoid these situations, it’s recommended to not reply to unknown numbers at all. Instead, delete and report the messages using your phone’s report junk option or forward them to 7726 (SPAM).

    To safeguard against these scams, there are some key precautions to take. If you receive a message from an unknown number, it’s best to ignore it. Delete and report it instead. Be wary of anyone promising quick and easy money with zero risk. Every legitimate investment comes with risks, and only scammers guarantee big returns with no effort.

     

  • Geebo 8:00 am on May 20, 2024 Permalink | Reply
    Tags: , , cryptocurrency, , ,   

    Couple loses $70,000 to social media crypto scam 

    By Greg Collier

    In the era of digital currencies and online investments, the allure of quick profits can sometimes overshadow the need for caution. This is a lesson painfully learned by a Durham, North Carolina, couple who found themselves scammed out of more than $70,000 over six months. The couple’s ordeal began innocently enough, with the hopes of funding home improvements and purchasing a new car, but it quickly turned into a financial nightmare.

    The story starts when they discovered a supposed investment opportunity through social media posts. These posts, which appeared to be from a relative, showcased luxurious purchases supposedly made through Bitcoin mining transactions. Intrigued and optimistic, they decided to explore this investment further, envisioning it as a pathway to achieve some of their financial goals.

    After clicking on a link in one of these posts, they were contacted via Instagram by someone claiming to be an investment coach. This individual guided them through the initial steps of investing, starting with a $3,500 investment. To their delight, the supposed profits appeared to skyrocket in a short period, jumping from $3,500 to an astounding $54,000. This seemingly successful outcome encouraged further investments.

    Throughout several months, 0they diligently deposited thousands of dollars into a Bitcoin ATM, all the while receiving messages from the investment coach indicating their funds were growing significantly. At one point, their account purportedly held over $159,000. However, when they attempted to withdraw the funds, the situation took a dark turn.

    They were informed that a cash carrier would deliver the funds in person, but this delivery never occurred. Suspicion grew, and a visit to the bank revealed even more alarming news. Scammers had gained access to the couple’s bank account, initiating numerous unauthorized transactions to Cash App accounts created in their names.

    The couple had never set up these Cash App accounts and were unaware of the transactions until the bank informed them. They traced the breach back to the information they had provided while setting up their online investment profile, which included sensitive personal and banking details. This data allowed the scammer to open the fraudulent Cash App accounts and siphon away their money.

    Despite reporting the fraud to both their bank and the police, the couple was informed that the stolen $70,000 was unrecoverable.

    They later discovered that the relative whose posts had initially inspired the investment was also a victim. Their social media account had been hacked, and the posts were part of the scammers’ strategy to deceive friends and family.

    This unfortunate experience highlights a crucial lesson: social media is no place to seek or take financial advice. The platforms are rife with misinformation, deceptive schemes, and fraudulent accounts designed to exploit the unwary. Investment opportunities touted through social media should be approached with extreme caution and thoroughly vetted through reputable financial advisors and verified sources. Always remember that if something seems too good to be true, it probably is. Protecting your financial well-being means staying informed, skeptical, and vigilant against the ever-evolving tactics of scammers.

     

  • Geebo 8:00 am on April 9, 2024 Permalink | Reply
    Tags: cryptocurrency, , ,   

    Unveiling the shadowy depths of the “Pig Butchering” scam 

    By Greg Collier

    In the interconnected landscape of the internet, where opportunities abound, so too do the darker facets of human nature manifest. One such shadowy phenomenon, known as “pig butchering,” has recently come under scrutiny as the Brooklyn district attorney’s office launched a concerted effort to dismantle its operations. This scheme, characterized by its deceptive tactics and devastating financial impact, highlights the urgent need for vigilance and collective action against online fraud.

    At its core, pig butchering is a scheme built on deception and manipulation. Scammers initiate online conversations with unsuspecting individuals, gradually gaining their trust before enticing them into fraudulent cryptocurrency investments. The promise of substantial returns serves as bait, luring victims into a web of deceit from which escape proves difficult.

    In pig butchering schemes, victims are derogatorily labeled as ‘pigs’ by the scammers. This dehumanizing term reflects the scammers’ intent to manipulate victims through intricate narratives, designed to emotionally ‘fatten up’ their targets, convincing them of a deep, often romantic connection.

    The scale of this scam is staggering, with victims scattered across multiple states, their collective losses totaling millions of dollars. What sets pig butchering apart is its insidious reliance on human trafficking victims to facilitate the scams, further underscoring the depths of exploitation involved.

    In the New York borough of Brooklyn, victims have been defrauded out of $5 million. Their dreams of financial prosperity shattered by the ruthless machinations of cybercriminals. The Brooklyn district attorney’s office has taken decisive action in response, seizing nearly two dozen web domains associated with the scheme and shutting down its online infrastructure. This aggressive approach aims to disrupt the operations of the perpetrators and stem the flow of illicit gains.

    The Brooklyn District Attorney’s Office, in a statement echoing the sentiments of many, emphasizes the critical importance of awareness and education in combating such schemes. By empowering the public with knowledge, individuals can better safeguard themselves against falling victim to fraudulent schemes that promise the impossible.

    The stories of victims paint a harrowing picture of the devastation wrought by pig butchering scams. Take, for instance, the case of a 51-year-old woman who lost $23,000 after being ensnared in online chat groups discussing crypto investments. Despite believing her investment had grown substantially, she found herself blocked from the chat group when attempting to withdraw her funds, left with nothing but shattered hopes and financial ruin.

    The investigation into pig butchering has unearthed victims not only in Brooklyn but also across state lines, with communities such as the Chinese and Russian populations particularly targeted. This widespread reach underscores the urgent need for collaborative efforts to combat online fraud and protect vulnerable individuals from exploitation.

    The cryptocurrency market’s inherent volatility already poses significant risks without the added threat of scammers. Before considering any investment in cryptocurrency, ensure you’ve thoroughly researched and understood the subject matter. Be cautious if someone you haven’t met in person advises you to invest in cryptocurrency, as there’s a high probability they’re not genuine.

     

  • Geebo 8:00 am on March 25, 2024 Permalink | Reply
    Tags: , cryptocurrency, ,   

    New Bitcoin scam accuses victims of being predators 

    By Greg Collier

    In the case of a recent incident in Blaine, Minnesota, scammers are leveraging fear tactics to manipulate individuals into parting with their hard-earned money. The Blaine Police Department recently issued a warning to residents about a Bitcoin scam that has resulted in significant financial losses for its victims.

    This scam involves a distressing pop-up appearing on the victim’s home computer, alleging suspicious charges on their bank account. What makes this scheme particularly alarming is the level of detail the scammers possess about their targets. In one reported instance, the scammers not only knew the victim’s exact balances across their savings and checking accounts but also provided a fabricated bank ID card featuring the victim’s name.

    The perpetrators capitalize on fear and confusion, falsely claiming that involving the bank’s fraud department or law enforcement would be futile and might even lead to punitive measures, such as being listed as a predatory offender for fictitious charges related to adult entertainment websites.

    To compound the deception, the victims are instructed to withdraw substantial sums of money from their accounts and deposit them into a Bitcoin ATM at a local gas station. Once the cash is converted into Bitcoin and transferred to the scammer’s digital wallet via a provided QR code, the transaction becomes irreversible, leaving the victims in a state of financial distress.

    In light of this alarming trend, it’s crucial for individuals to adopt proactive measures to safeguard themselves against scams. Before taking any action in response to unexpected messages or notifications, independently verify the legitimacy of the communication by contacting the purported sender through official channels. Refrain from sharing sensitive personal or financial information, especially in response to unsolicited requests or pop-up messages.

    It’s essential to understand that companies like Google, Microsoft, Apple, and Facebook are not in contact with your bank and have no access to information about potentially fraudulent transactions in your accounts. Legitimate entities, including companies, agencies, and law enforcement departments, will never instruct you to deposit money into a cryptocurrency ATM. If someone makes such a request, it’s almost certainly a scam.

    Moreover, if you’re coerced into keeping quiet about the alleged issue, it’s another clear indicator of a scam. There’s no legitimate scenario where you’re prohibited from speaking, at the very least, to your attorney. Threats of arrest or inclusion on any sort of list due to a banking matter are entirely fictitious.

    If you encounter a potential scam or fraudulent activity, report it promptly to local law enforcement authorities or relevant regulatory agencies to prevent further victimization.

     

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