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  Geebo 9:00 am on February 7, 2024 Permalink | Reply
  Tags: bitcoin atm ( 25 ), cryptocurrency, impersonation scam ( 146 ), robbery ( 11 ), Scams ( 1,366 )   

  Store manager accosted during scam 

  

  By Greg Collier

  Many scammers often operate from overseas, however, sometimes they can be right next door.

  Recently, a store manager in Maryland was targeted in a scam. The store she works for is a popular convenience store chain from the Northeast that’s famously open 24 hours a day. The scammer called the store at 3:30 in the morning. The caller claimed to be from the store’s corporate office and told the manager that the store had an overdue bill that needed to be paid right away. The manager was instructed to take the money from the store safe and make a deposit at the Bitcoin ATM at the gas station next door.

  When the manager took the money to the gas station, the cashier informed her that the call she received was likely a scam. The manager must have been relieved as she was exiting the gas station, but unfortunately, the story didn’t end there. The scammer must have been monitoring her closely because as she left the gas station, a man described to be a heavy-set man in his 40s allegedly grabbed the manager’s arm and tried to take the money from her. Thankfully, she was able to flee to safety.

  This is not the first time we’ve heard of a scam like this. Scammers frequently target store chains that tend to have a younger workforce. By posing as the police or the stores’ corporate offices, they’re often trying to get store employees to drop off the store’s money to them. We suspect the scammers target younger employees, as they may not be familiar with how payments from the store actually work.

  Anytime someone mentions making payment to a Bitcoin ATM, they’re trying to scam you. No legitimate company or agency will ever ask for payment through a Bitcoin ATM, or any other type of cryptocurrency exchange. Also, we doubt many corporate offices are doing any kind of financial business at 3:30 in the morning.

  If faced with such a situation, verify the call’s authenticity before acting. If unable to reach a supervisor, contact the purported office directly. And remember, any payment demand at odd hours should raise suspicion and can wait until proper verification during business hours.

   

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  Geebo 9:00 am on February 6, 2024 Permalink | Reply
  Tags: cryptocurrency, pig butchering scam ( 14 ), romance scam ( 70 ), Scams ( 1,366 )   

  Inside the world of romance and crypto scams 

  

  By Greg Collier

  In the digital age, where connections are made with a swipe or a click, the promise of love and wealth can often be just a facade. Behind the screen lurks a growing threat – the pig butchering scam. One man’s story is a chilling reminder of how easily trust can be exploited, leaving lives shattered and savings decimated.

  The man’s journey began innocently enough through a virtual encounter with a woman on social media. What started as casual chatting soon spiraled into a whirlwind of emotions, with promises of romance and financial prosperity. The woman’s tale of a vast fortune held captive by familial ties tugged at the man’s heartstrings. Little did he know, he was being reeled into a meticulously crafted scheme.

  As the relationship deepened, so did the demands. Driven by love and the allure of significant returns, the man emptied his savings, liquidated assets, and even considered taking out loans to fulfill the woman’s requests. The facade began to crack when an unexpected call from the FBI shattered the illusion. The man was just one victim among thousands, ensnared by the promise of love and wealth, only to find himself on the brink of financial ruin.

  The pig butchering scam, aptly named for its ruthless exploitation of victims, is a sophisticated operation orchestrated by organized criminal groups primarily based in Southeast Asia. These criminals meticulously research their targets, exploiting vulnerabilities and manipulating emotions to gain trust. Victims, from all walks of life, find themselves entrapped in a web of deceit, their dreams turned into nightmares at the hands of heartless fraudsters.

  The scale of this deception is staggering, with losses surpassing billions of dollars and leaving behind a trail of shattered lives. Victims are left grappling with the harsh reality of their circumstances, their hopes dashed, and their futures uncertain. The toll extends beyond financial hardship, with emotional distress and physical ailments plaguing those who fall prey to these schemes.

  However, amidst the darkness, there is a glimmer of hope. Law enforcement agencies, armed with advanced cyber techniques, are waging a battle against these fraudulent operations. Through proactive intervention and collaboration with financial institutions, some victims have been spared from further devastation, and stolen funds have been recovered.

  This cautionary tale serves as a stark reminder of the dangers lurking in the digital realm. The words of warning echo loud and clear – if it seems too good to be true, it probably is. Behind the veil of promises lies a harsh reality, one where trust is exploited, and lives are shattered. As we navigate the virtual landscape, let us remain vigilant and wary of the wolves in sheep’s clothing, lest we too fall victim to the costly deception of romance and crypto scams.

   
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  Geebo 9:00 am on February 1, 2024 Permalink | Reply
  Tags: bitcoin atm ( 25 ), cryptocurrency, mental health ( 3 ), pop-ups ( 26 ), Scams ( 1,366 )   

  The hidden mental toll inflicted on scam victims 

  

  By Greg Collier

  When discussing scam victims, it’s crucial to avoid questioning, “How could anyone fall for this?” Such judgmental language hinders victims from openly sharing their experiences. The reluctance of scam victims to come forward contributes to a growing pool of potential targets for scams. Often burdened by a sense of shame and embarrassment, these individuals already grapple with the aftermath of losing their money to scammers. Ridicule only exacerbates the mental toll on victims, pushing them to a point of extreme distress with no easy return.

  For instance, a recent incident involved an elderly woman from Arizona who suffered a loss of $204,000 to scammers employing the pop-up window tactic. The fraudulent message claimed her computer had been compromised and provided a customer service number to address the issue. Upon calling the number, the scammers fabricated a story about someone attempting to withdraw $14,500 from her bank account. They instructed her to withdraw the money and deposit it into a Bitcoin ATM for enhanced security. She followed this procedure for 13 consecutive days, despite her bank’s attempts to caution her against the scam. The scammers manipulated her by forewarning that such warnings would come from her bank and insisted she keep the situation confidential due to an alleged hacking of ‘everything’.

  Upon realizing she had fallen victim to the scam, the emotional toll on the victim was profound, leading her to a dark and challenging place. Struggling in silence for months with the weight of her secret, she reached a point where she contemplated taking her own life. It was only after reaching out to a crisis hotline that she found a lifeline. Eventually, she summoned the courage to confide in her son and a few trusted friends about the distressing ordeal.

  Scam victims should take several crucial steps when faced with such a distressing situation. It’s essential to connect with friends, family, or a support network. Sharing the experience can provide emotional relief and valuable perspectives. Report the scam to the local authorities or the relevant law enforcement agency. Providing details can contribute to ongoing investigations and help prevent further scams. Share your experience to raise awareness and prevent others from falling victim to similar scams. Awareness is crucial in combating fraud.

  Supporting scam victims is crucial, and there are several ways others can provide assistance. Be empathetic and understanding. Scam victims often experience feelings of shame and embarrassment, so providing a non-judgmental and supportive environment is essential. Encourage the victim to report the scam to law enforcement, relevant authorities, and consumer protection agencies. Reporting helps in tracking and preventing future scams. Share the victim’s experience (with their consent) to raise awareness about common scams. This can help educate others and prevent them from falling victim to similar schemes. Help the victim find support groups or online communities where they can share experiences with others who have faced similar situations. This can provide a sense of camaraderie and understanding. If the victim is experiencing severe emotional distress, encourage them to seek professional help from mental health professionals or crisis hotlines.

  By offering practical assistance, emotional support, and raising awareness, individuals can play a vital role in helping scam victims recover and preventing others from falling victim to similar schemes.

  Be part of the solution and not part of the problem.

   
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  Geebo 9:00 am on January 5, 2024 Permalink | Reply
  Tags: cryptocurrency, investment scams ( 10 ), pig butchering scam ( 14 ), Scams ( 1,366 ), stock market   

  Victim loses $90K in new version of infamous crypto scam 

  

  By Greg Collier

  One of the more egregious scams that has proliferated in the past year or so is the so-called pig butchering scam. It’s known as the pig butchering scheme due to the way scammers ‘fatten up’ their targets through emotional manipulation before ultimately guiding them to the financial slaughterhouse.

  Typically, pig butchering scams are a form of the romance scam. Once trust is established, scammers persuade their victims to invest in cryptocurrency. They steer the victims towards a fraudulent cryptocurrency exchange under their control, creating the illusion of rapid investment growth. However, when the victims attempt to withdraw their alleged profits, they are informed that additional payments are required before they can access their earnings. Regardless of the amount paid, the victims never receive any returns.

  However, more recently, a man from Missouri recently lost $90,000 to a similar scam except no romance was involved. The man had been successful investing in the stock market and wanted to get a jump on the next wave of investing. It was his belief that AI would be the next hot ticket in the investment market. So, he took an online class he thought was using Elon Musk’s Quantum AI technology to predict the stock market.

  The instructor of the class told his students the stock market was about to crash, and suggested they should sell their investments and invest the money into a cryptocurrency exchange. This is where the usual pig butchering takes place, and this story is no exception.

  After the Missouri man invested his $90,000 into the crypto exchange, he was told his investment garnered him a $2.5 million windfall. When the man tried to get his money out of the exchange, they told him he would need to upgrade to VIP status to withdraw his profits, and that would cost another $50,000. That $50,000 application fee couldn’t be taken out of his profits either, he would have to wire an additional $50,000. That’s when the man realized he had been scammed.

  While online investment classes can provide valuable education and insights into financial markets, there are potential dangers associated with them. Some online investment classes could be fronts for scams or fraudulent schemes. Participants may be persuaded to invest in fake or non-existent opportunities, resulting in financial loss.

  Unlike traditional financial institutions and educational programs, online investment classes might not be subject to the same level of regulatory oversight. This makes it easier for unscrupulous individuals to take advantage of unsuspecting participants.

  Some classes may create a sense of urgency to invest quickly or capitalize on time-limited opportunities. This pressure can lead participants to make impulsive decisions without proper research or consideration.

  To mitigate these risks, individuals interested in online investment classes should thoroughly research the course provider, check for reviews and testimonials, and approach any promises of guaranteed returns with skepticism. Additionally, seeking education from reputable financial institutions, universities, or well-known industry experts may offer a more secure learning experience.

   
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  Geebo 9:00 am on December 28, 2023 Permalink | Reply
  Tags: cryptocurrency, Facebook ( 178 ), hacking ( 31 ), Scams ( 1,366 )   

  Deceased man’s social media used in crypto scam 

  

  By Greg Collier

  In today’s technological world, social media is crucial in helping us keep in touch with friends and family, even if they’re scattered across the globe. In some cases, social media also helps us keep the memories alive of a loved one that we’ve lost. However, with almost all things digital, not only can those memories be taken from us in an instant, but they can also be used to harm others, as today’s story shows.

  A US Army veteran from California passed away around this time last year. Since then, hackers hijacked one of his social media accounts and blocked the accounts of his relatives. While posing as the deceased vet, the hackers started using the account to ask people to send money through a cryptocurrency scam. To make matters worse, the hackers have also erased all previous posts made by the veteran.

  The veteran’s brother has tried contacting the platform where his brother’s account was, but so far, has not had any kind of official response. Now, the brother has filed a lawsuit against the platform since they allegedly haven’t responded to his requests.

  Preserving a deceased family member’s social media presence can be a meaningful way to honor their memory. Here are some general steps you can take, but keep in mind that specific processes may vary depending on the platform.

  Reach out to the social media platform’s support or customer service. Many platforms have a process for handling accounts of deceased individuals. This might involve providing proof of death, your relationship to the deceased, and other relevant information.

  Facebook allows you to memorialize an account, turning it into a memorial page where friends and family can share memories. To do this, you can submit a memorialization request on Facebook.

  Consider saving and archiving content from the deceased person’s social media accounts, such as photos, posts, and messages. This can be done by taking screenshots or using specific tools designed for this purpose.

  The specific steps and features may change over time, so it’s a good idea to refer to the latest guidelines provided by the social media platforms in question.

   
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  Geebo 8:00 am on September 28, 2023 Permalink | Reply
  Tags: bank collapse ( 2 ), banks ( 6 ), cryptocurrency, pig butchering scam ( 14 ), Scams ( 1,366 )   

  Bank closes after falling to crypto scam 

  

  By Greg Collier

  A small but successful bank in Southwestern Kansas recently closed its doors after losing $12 million to a cryptocurrency scam. It was one of only two banks in its rural Kansas town, and its loss could be devastating to the local community’s economy. The bank was known for working with farmers in the community who may no longer have that resource available to them. Thankfully, the bank’s customers are protected mostly by the Federal Deposit Insurance Corporation (FDIC), bank shareholders are left holding the bag. So, what scam caused the bank to collapse? It’s believed to have been the pig butchering scam.

  The pig butchering scam is when a scammer convinces their victim to invest in cryptocurrency through a phony exchange. The victim will be led to believe their initial investment has exponentially grown. However, when the victim tries to withdraw their money from the exchange, they’ll be told they need to pay an additional fee, which can be as much as the initial investment.

  Typically, we discuss the pig butchering scam as a version of the romance scam, but it doesn’t have to always be so salacious. It can be as simple as someone you’ve recently met suggesting you should invest in cryptocurrency.

  It’s unclear if that’s what happened in the Kansas town, since the bank’s collapse is still under investigation. However, what is known is that the bank’s CEO allegedly asked a client for a $12 million loan, so he could get his money out of a cryptocurrency investment. The client was said to be assured that the investment wasn’t made with the bank’s money. The CEO is said to have told his client he ‘knew someone’ who was helping him invest in crypto, but there was an issue with the payment, and he needed to put more money back in. Again, we can’t say for sure, but this sounds like the typical script for the pig butchering scam.

  The bank CEO was no shady dealer either. He was a known pillar of the community who was trusted by clients and customers alike. If we had to hazard a guess, it sounds like someone got into his ear and tricked him into the scam. Unfortunately, it was to the tune of $12 million.

  The point to this blog post is twofold. The first is, no matter who you are and how experienced you are in your respective field, anyone can fall for a scam. The second is that scams can not only have a devastating personal effect, but can devastate a community if someone isn’t careful.

  The crypto world is crazy enough without scammers trying to take your money. Only dive into crypto if you’ve done your homework. If someone you’ve never met face-to-face starts pushing you to invest with their so-called “expert” advice, chances are they’re not legit.

   
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  Geebo 8:00 am on September 27, 2023 Permalink | Reply
  Tags: cryptocurrency, pig butchering scam ( 14 ), romance scam ( 70 ), Scams ( 1,366 )   

  Widow strung along for years in ‘pig butchering’ romance scam 

  

  By Greg Collier

  You might think it was Valentine’s Day with all the recent news about romance scams lately. However, the recent spate of romance victims coming forward not only shows that romance scams can happen at any time, but also how nefarious they really are. Yet, there is a romance scam that stands above all the others, as it has claimed tens of thousands to upwards of a million dollars from its individual victims.

  It’s called the pig butchering scam because the scammer ‘fattens up’ their victims using emotional manipulation before leading their victim to the financial slaughterhouse. While it may sound violent, it’s not, but can be just as devastating and traumatic.

  After gaining the victim’s trust, scammers convince them to invest in cryptocurrency. They guide the victim to a fake cryptocurrency exchange they control, making it seem like the investment is growing quickly. But when the victim tries to take out their supposed profits, they’re told they need to pay more money before they can get their earnings. No matter how much they pay, the victim never gets any returns.

  A widow from Baltimore recently came forward with her story about falling for this scam. She was just playing the online game Words with Friends when she was approached by her scammer. This is a good example of the innocuous places where scammers can lie in wait for their victims. Who expects to run into a scammer in such an innocent game?

  The scammer claimed to be a man named Micheal who was working overseas in Turkey. He claimed to be a widower with children around the same age as the victim’s children. Romance scammers will often assume the identity of someone who closely resembles their victims.

  After striking up a relationship with the victim, the scammer moved the conversation away from the game and on to the WhatsApp messaging app. This is another red flag, as scammers will try to get their victims away from the platform where they first met so no one will see their messages to their victim.

  While some scammers can wait months before asking their victims for money, this scammer waited an entire year before asking his victim for money. In that year, he was showering the victim with affection, talking about how they were going to get married and buy a home together. This is known as ‘love bombing’.

  Then the scammer convinced the woman to invest $35,000 into cryptocurrency. He directed her to a phony cryptocurrency exchange that was supposedly based in the UK. After sending in her $35,000, the phony exchange made it appears as if she made close to a million dollars. Except, she couldn’t take the money out of the exchange without paying a $17,000 ‘processing fee’. All the while, the scammer kept convincing her the money was real. The victim even paid money to ‘Michael’ to help pay the bills for a car accident Michael’s son was in. Once scammers know they have hooked their victim, they’ll keep asking for money until there’s no money left, and will still keep asking. Other victims of romance scams have taken out loans and even embezzled to send money to who they think is their romantic partner. The victim in today’s story kept giving money to the victim even after a friend warned her this could be a scam.

  While you may recognize a romance scam, someone you know may not. If you think someone you know is being scammed, don’t be judgmental, but show them this blog post or other news articles about the scam. Recognize that it may take time for your friend to come to terms with the possibility that they’re dealing with a scam. Be patient and continue to provide support. Ultimately, your role is to provide guidance and support while respecting your friend’s autonomy. It’s essential to strike a balance between offering assistance and allowing them to make their own decisions.

   
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  Geebo 5:28 pm on August 31, 2023 Permalink | Reply
  Tags: bitcoin ( 32 ), bitcoin atm ( 25 ), cryptocurrency, Scams ( 1,366 )   

  Does cryptocurrency automatically mean a scam? 

  

  By Greg Collier

  Ok, we admit that our headline asks a pretty loaded question we’re pretty sure will get some crypto-bros all riled up. We’re not talking about people who legitimately and knowingly invest and trade in cryptocurrencies. Instead, we’re talking about your average consumer, and for them, when someone asks for payment in cryptocurrency, it’s almost always a scam.

  Before cryptocurrencies like Bitcoin and Ethereum became somewhat mainstream, scammers would ask for payment in gift cards because the funds could easily be emptied from the card, and once that happens they’re virtually untraceable. For similar reasons, scammers have started demanding their payments be made in cryptocurrency. While cryptocurrency can technically be traced, the nature of cryptocurrency allows its users to remain pseudonymous.

  The problem for scammers used to be getting their victims to convert their own money into cryptocurrency. Depending on the scam, scammers could walk their victims through an online cryptocurrency exchange, but something easier has come along. Enter the Bitcoin ATM.

  Bitcoin ATMs are kiosks that allow anyone to either buy or sell Bitcoin. At one of these ATMs, someone could enter their Bitcoin wallet information and exchange their Bitcoin for cash. Conversely, someone could purchase Bitcoin by depositing cash into the machine, and that’s where scammers come in.

  For the average consumer, anyone who asks for some kind of payment or transfer in cryptocurrency is a scammer. Businesses won’t ask you to pay your bills in cryptocurrency. Banks will not tell you your money needs to be protected by exchanging it for cryptocurrency. Neither, will the police, the government, or any tech giant like Apple or Microsoft.

  These scams tend to target the elderly due to their perceived lack of knowledge about modern technology. In just the past 24 hours, we found three stories involving elderly victims putting their money into a Bitcoin ATM, which went straight to the scammer’s digital wallet.

  In Kansas City, a man was dumping thousands of dollars of cash into a Bitcoin ATM at a gas station. Thankfully, the clerk noticed what the man was doing and contacted the police. When the police arrived, the man was still on the phone with the scammer. The scammer hung up once the police officers introduced themselves. The man thought he was talking to his bank, who told him to move his money to keep it safe. Again, that’s not a thing banks do.

  In the Reno area of Nevada, an elderly man almost lost $15,000 to scammers. This victim was told their bank account had been connected to criminal activity. Once again, the victim was told to move their money to protect it. In this instance, the scammers could have impersonated law enforcement officers, his bank or both. This man was lucky, as local police got a search warrant for the Bitcoin ATM, and were able to recover his cash. However, that is the exception and not the norm.

  Lastly, a victim from New Jersey lost $25,000 to a Bitcoin ATM scam. This victim received an email that appeared to come from his bank about a transaction they didn’t make. He was also probably asked to deposit the money into a Bitcoin ATM to protect his bank account.

  Scammers are the only ones who insist on receiving payments in cryptocurrency. Any reputable business will never ask you to send cryptocurrency as a prerequisite for making a purchase or ensuring the safety of your funds. Such requests are always indicative of fraudulent activity.

   
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  Geebo 8:00 am on July 17, 2023 Permalink | Reply
  Tags: bank robbery ( 3 ), bitcoin atm ( 25 ), craigslist ( 129 ), cryptocurrency, identity theft ( 107 ), job scam ( 79 ), Scams ( 1,366 )   

  Job scam uses victims to rob banks 

  

  By Greg Collier

  Recently, the city of Omaha, Nebraska, experienced a bank robbery and an attempted bank robbery with similar M.O.s. In both instances, a woman handed a phone to the bank teller. The person on the phone threatened the bank tellers into giving money to the person who handed them the phone. Except, the people standing at the teller’s counter had no idea they were being used in a bank robbery. So, how did this happen? We could just say ‘Craigslist’ and leave it at that, but we’ll give our readers a more in-depth explanation.

  According to a local news report, the women who entered the banks had replied to a Craigslist ad looking for someone to help with a sick and elderly relative. Once the women responded to the ad, they were told they would be helping with, “light housework, grocery store runs, and helping with finances.” Don’t you think classifying ‘helping with finances’ as bank robbery is a bit much? Anyway, the women were told they needed to go to the bank to withdraw money for the relative’s medical bills. The women handed the phones to the tellers, thinking their employer was discussing a withdrawal.

  Only one of the women was ‘successful’ and thought nothing of it when the teller handed her the money. That woman was instructed to deposit the money at a Bitcoin ATM.

  To make matters worse, the supposed employer obtained the women’s bank information, promising he would pay them through direct deposit. The scammer did try to steal from one of the victim’s accounts, but was unsuccessful.

  At the time of this writing, no arrest has been made.

  While a scam like this is unlikely to happen to the average jobseeker, it does highlight a couple of red flags when looking for a job online. If your employer only communicates through text messages, instant messaging, or phone call, and won’t meet you personally, there’s an excellent chance they’re a scammer. Also, if the position requires you to make any kind of payment involving cryptocurrency like Bitcoin, there’s an even grater chance the job is a scam.

   
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  Geebo 8:00 am on June 30, 2023 Permalink | Reply
  Tags: cryptocurrency, pig butchering scam ( 14 ), romance scam ( 70 ), Scams ( 1,366 )   

  Why this crypto-romance scam is more successful than others 

  

  By Greg Collier

  Romance scams predate the internet. But back in those days, the scammer had to at least be there in person to scam their victim. Since then, online and long-distance relationships have become more socially acceptable. That has made the romance scammer’s job easier. Now, the scammers don’t even have to leave their homes to scam someone who could literally be living somewhere on the other side of Earth.

  However, more and more people have become more educated on the typical romance scam. That’s when the scammer will target a victim, cultivate an online romantic relationship with their victim, before asking the victim for large amounts of money. Unfortunately, that hasn’t deterred scammers in the least. When one scam stops being profitable, scammers will move on to another scam. And as far as the romance scam goes, the scammers have really stepped it up with their latest version.

  We’ve discussed it before. It’s known as the ‘pig butchering’ scam. It’s called that because the scammers make the victim think they’re being ‘fattened up’ financially, before the scammers lead them to the proverbial slaughter. After successfully establishing trust with their target, scammers proceed to encourage the victim to invest in cryptocurrency. They direct the victim towards a fraudulent cryptocurrency exchange operated by the scammer group. This deceptive exchange creates the illusion that the victim’s investment is experiencing rapid and significant growth. Unfortunately, when the victim attempts to withdraw their alleged profits, they are informed that an additional payment must be made before they can access their windfall. It doesn’t matter how much the victim pays, they’ll never see any return.

  This recently happened to a man in the Boston area. The man was even fully aware of the typical romance scam. When the man’s online partner started bringing up cryptocurrency, the man even said, “I’m not giving you any money.” But as scammers always do, they had an answer for the man. They told him, “No, you don’t give it to me. You establish your own account, and I’ll guide you.”

  And that’s what makes the pig butchering scam so successful for scammers. Victims think they’re accessing a legitimate cryptocurrency exchange when, in reality, it’s part of the scam. Unfortunately, the Boston man lost $300,000 in the scam.

  The cryptocurrency market is volatile enough that people don’t need scammers to help them lose their money. Only invest in cryptocurrency if you’ve studied the subject yourself. If someone you’ve never met face-to-face starts suggesting you invest in it with their guidance, there’s a very good chance they’re not who they say they are.