Police in Lubbock, Texas, have reported a significant rise in Bitcoin-related scams, with numerous residents losing substantial amounts of money.
Over the past few months, between 20 and 30 individuals have approached the police with reports of scams involving gift cards and Bitcoin (BTC) transactions.
These scams predominantly target elderly individuals, deceiving them into believing their accounts are compromised and need verification.
According to the Lubbock police, the scammers often instruct victims to write checks, withdraw money, and then deposit it into Bitcoin machines.
Speaking to the local press, Sgt. Brandon Stewart highlighted a particularly devastating case where a victim transferred $25,000, followed by another $30,000.
Another notable case reportedly involved a resident who was duped into transferring nearly $60,000 after being told his debit card was being fraudulently used in Florida.
In another incident, a victim was tricked into sending $4,400 worth of Bitcoin by scammers posing as Apple representatives. The victim was falsely told to convert his money into Bitcoin to avoid a supposed fraudulent transaction.
Stewart emphasized that recovery is almost impossible once the money is sent, as the scammers are frequently based overseas.
He also urged the public to stay vigilant and trust their instincts, identifying key warning signs of scams. For instance, being asked to stay on the phone during financial transactions is a significant red flag. He stressed that legitimate organizations, including the police, would never demand money or require continuous phone contact during a transaction.
The police sergeant noted that the scams often involve technology that spoofs legitimate phone numbers, making tracking the perpetrators extremely challenging. In addition, he emphasized the importance of reporting the crimes, even if recovery of the stolen funds is unlikely, as it helps raise awareness and prevent further victimization.
Stewart also advised anyone who suspects they are being scammed to hang up immediately and verify the call’s legitimacy by contacting their bank or the relevant authorities directly. Common red flags include being asked to stay on the line during transactions or being told not to contact their bank or law enforcement.
