Cryptocurrency is the new fad, with it’s popularity rising in recent years thanks to mobile trading and the emergence of things like BitCoin. According to Iowa Attorney General Brenna Bird, there’s also a rise in cryptocurrency scams that Iowans should be aware of.
“Remember to never send money to someone you met online. And if someone sends you to a cryptocurrency ATM, it’s a scam.”
One example is an Iowa woman who befriended a scammer on Facebook. The scammer tricked her over time into trusting him as they bonded over common interests such as music and art. Once they had established a friendship, the scammer asked the woman for money to help pay for a certificate he claimed he needed from Turkey to return to the United States. To help her supposed friend, the woman maxed out her credit card and sent more than $10,000 to the scammer through a Bitcoin ATM. She continued sending money, relying on the scammer’s promise that he would soon be home, but the scammer kept delaying. When the woman received a phone call from the Iowa Attorney General’s Office, she realized she was tied up in a scam.
Scammers will connect with you through text, email, social media, dating apps, or phone calls.
Scammers build a relationship with you to gain trust and they use aggressive tactics to pressure and manipulate you into sending money into their accounts through a cryptocurrency ATM.
Remember that if someone sends you to a cryptocurrency ATM, it’s a scam. Hang up or do not respond to any unsolicited call or message. Never provide personal information, such as your Social Security or bank-account number, or access to any financial accounts to someone you met online. Report suspicious activity to the Iowa Attorney General’s Office or local law enforcement.
If you or someone you know has been targeted by a cryptocurrency ATM scam, contact the Iowa Attorney General’s office at 888-777-4590 or file a complaint online: https://www.iowaattorneygeneral.gov/for-consumers/file-a-consumer-complaint.