PA State Police Warn Of Growing Bitcoin Scam Targeting Retirees

A Pennsylvania State Police SUV. File photo.

The Pennsylvania State Police are issuing a warning about a sophisticated Bitcoin scam that’s specifically targeting older residents in the state.

Troopers report an increase in incidents where scammers, who are posing as financial institution representatives, are duping victims into transferring money to Bitcoin kiosks under the guise of protecting their assets.

Victims receive initial contact through emails, phone calls, or other electronic communications, claiming fraudulent activity involving their personal information. The scammers then instruct the victims to contact supposed representatives of federal agencies like the FBI or the Federal Trade Commission, state police said.

According to the state police, the fake investigators then persuade victims to withdraw large sums of cash from their bank accounts. The victims are directed to deposit this cash into local Bitcoin kiosks to “safeguard their money” from further fraudulent activities. After the deposit, victims are tricked into providing a receipt or scanning a QR code, which gives the scammers access to the transferred funds.

Officials have noted that the scammers often use “spoofing” techniques to make their phone numbers appear as if they are legitimately calling from a victim’s financial institution.

The incidents have primarily targeted individuals of retirement age, who are more likely to have substantial savings, state police said.

State police said in a statement that there is typically no recourse once the funds are transferred, as the nature of Bitcoin allows for anonymous and untraceable transactions.

Victims of such scams are urged to report the incidents to the Federal Trade Commission at spam@uce.gov or call the Federal Trade Commission at 877-382-4357. Additional resources for reporting can be found through the National Do Not Call Registry, Better Business Bureau, National Center for Disaster Fraud, IRS’s database of Charity Organizations, US Postal Inspection Service, and the Pennsylvania Attorney General’s Office.

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