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Friday, June 28, 2024
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New Cryptocurrency Warning On North Shore: Essex County DA
This information is being shared by Peabody TRIAD. The Peabody TRIAD Council consists of Seniors and Law Enforcement working together to develop and implement policies and programs to reduce criminal victimization, promote crime prevention and safety awareness, and serve the needs of the senior community in Peabody. In addition, the Council designs and supports programs to improve the quality of life for our senior citizens. The Peabody TRIAD Council believes they have the ability to make a difference in our community and are dedicated to serving our city and its residents.
>>Click HERE to link to the Essex County District Attorney's Office>>
>>Click HERE to link to the PCOA YouTube Channel>>
New Cryptocurrency Warning On North Shore: Essex County DA
District Attorney Paul Tucker said about $10 million in financial fraud was reported in Essex County last year.
SALEM, MA — Escalating fraud schemes involving Bitcoin and other forms of cryptocurrency sold through ATMs have spurred a widespread warning to residents from Essex County District Attorney Paul Tucker.
Tucker's office said about $10 million in fraud schemes were reported across Essex County in the last year and that a common scheme includes citizens being contacted for payment and urged to make it via cryptocurrency through these ATMs or crypto kiosks. These machines allow people to acquire cryptocurrencies using cash, debit cards, credit cards or bank transfers — often with high transaction fees.
"In many of these scams, users are directed to send the cryptocurrency to the scammer's digital wallet, and because these transactions are instantaneous, there is no clawback period and perpetrators can instantly transfer funds," Tucker said in the warning issued Tuesday morning. "The nature of these scams varies, from romance-based schemes and lottery-themed schemes to impersonation schemes."
He said warning signs include directions to make the transactions while on the phone with the person requesting it, suggestions that the transaction should be kept secret from bank tellers and family members, and an instance that crypto is the best or only form of payment.
"Legitimate entities won't say cryptocurrency like Bitcoin is the only payment option," Tucker said.
Tucker said the total amount of money lost across Essex County is likely much greater than $10 million since many victims do not report it.
Tucker encouraged citizens to know the warning signs and urged victims of scams to immediately contact their local police department to report the crime.
(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. Twitter: @Scott_Souza.)
Essex DA Tucker Warns Residents of Rising Cryptocurrency Schemes
This information is being shared by Peabody TRIAD. The Peabody TRIAD Council consists of Seniors and Law Enforcement working together to develop and implement policies and programs to reduce criminal victimization, promote crime prevention and safety awareness, and serve the needs of the senior community in Peabody. In addition, the Council designs and supports programs to improve the quality of life for our senior citizens. The Peabody TRIAD Council believes they have the ability to make a difference in our community and are dedicated to serving our city and its residents.
>>Click HERE to link to the Essex County District Attorney's Office>>
>>Click HERE to link to the PCOA YouTube Channel>>
Becky Christie relates how she lost $13,000 after being scammed. (Video capture.)
Essex DA Tucker Warns Residents of Rising Cryptocurrency Schemes
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With cryptocurrency scams becoming more prevalent, Essex County District Attorney Paul F. Tucker is advising citizens to beware of schemes that involve payments in cryptocurrencies at special ATMs.
In a public service announcement, Tucker presents an unnamed victim’s own story where the woman relates how she received a pop-up message on her laptop, instructing her to call Microsoft. She ultimately lost $13,000 after being told to make a deposit at a cryptocurrency ATM. Tucker says in his public service announcement she is not alone.
“In Essex County, in the last calendar year 2023, we estimate that we’ve had about $10 million worth of reported fraud due to all different types of schemes,” says Tucker in his video
Cryptocurrency ATMs—also referred to as “crypto kiosks,” “bitcoin ATMs” or “BTMs”—look like traditional ATMs but allow customers to purchase cryptocurrencies, such as bitcoin, litecoin, dogecoin and Ethereum, using cash, debit or credit cards or bank transfers. With high transaction fees, cryptocurrency ATMs convert the user’s physical cash into cryptocurrency and send it to the user’s “digital wallet.”
Transactions are instantaneous, and criminals can immediately transfer payments, preventing recovery of the funds. These scams take various forms, including romance, lottery and impersonation schemes. Warning signs of a scam include directions to make financial transactions at a cryptocurrency ATM while still on the telephone with the scammer, demands to keep the nature of the transaction secret from bank tellers, law enforcement and others, and insistence that cryptocurrency is the only form of acceptable payment. Tucker warns residents should keep in mind legitimate businesses and entities would not mandate cryptocurrency as their only form of payment.
“And so many people say, ‘well I wouldn’t fall for that.’ And my reply is: ‘You would be surprised at the people who have been victimized.’”
Tucker encourages citizens to learn the warning signs of a scam, be alert and contact their local police department if a scam has taken place.
Friday, June 21, 2024
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