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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.)
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