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Forbes explains that cryptocurrency is “a digital, encrypted and decentralized medium of exchange.” This means:
There are thousands of different cryptocurrencies available, from the well-known Bitcoin to the lesser-heard-of Litecoin. Scammers like cryptocurrency because its encryption makes it difficult for law enforcement to steal it.
The FBI’s annual Elder Fraud Report revealed that older Americans lost over $3 billion to crypto fraud in 2022.
The scam often begins on social media with paid ads targeted at older adults offering amazing investment opportunities that, if not closely examined, really seem like good deals.
Other times, the imposter contacts the person directly by phone or email, claiming there’s an issue with their bank account and they must make a crypto investment in order to resolve the problem. The scammer instructs the target to convert cash to cryptocurrency and upload it to an unsecured account that the scammer can access.
For example, recently a scammer convinced an older adult to take $20,000 out of their bank account and put it into crypto assets. In another instance, an older adult withdrew $60,000 from their account, converted it to cryptocurrency and uploaded those assets to a digital wallet owned by the scammer.
If you think an older adult you care about may have been the target of a cryptocurrency scheme, follow these tips:
Keeping information and finances safe starts with ProtectMyID. Learn how AAA Members can use this important tool.
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