Crypto scams prey on vulnerable people. Many victims are cheated online, including an elderly woman who has lost thousands of people.

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Bitcoin scams are becoming more and more common. Jakub Porzycki / NurPhoto via Getty Images

Cryptocurrency scams are on the rise, with victims often trapping thousands of dollars.

This is corroborated by recent data from the FTC, which shows that since October 2020, consumers have reported losing more than $ 80 million to cryptocurrency scams. This represents an increase of more than ten times in a year.

In one such case, a 77-year-old woman lost more than $ 12,000 after being lured into a bitcoin scam, the Chicago Tribune reported. The incident occurred after the Indiana-based woman received an email alert last month purporting to warn her of fraudulent activity on her PayPal account.

She was advised to buy $ 3,500 in bitcoin on the cryptocurrency trading platform, Coinbase, and was then asked to share her banking information, the outlet reported. This led to six withdrawals totaling $ 8,800 and the scammer ultimately stole more than $ 12,000 from him.

The incident is part of a recent wave of scams or accusations of cryptocurrency-related wrongdoing.

Members of esports organization FaZe Clan were suspended on Thursday over allegations their Save the Children cryptocurrency may have been a scam, according to Insider’s Steven Asarch.

Kotatku reported that tons of fans “poured money into this program, believing their investment was protected by the high profile of those who approved of it, only to see their money disappear almost overnight.”

“FaZe Clan had absolutely no involvement in the activity of our members in the cryptocurrency space and we strongly condemn their recent behavior,” said a statement posted on Twitter by FaZe Clan.

In another incident, an online dating user found himself embroiled in a cryptocurrency scam that lost him 20,000 in May, The Guardian reported on Saturday. The user, who was given the James Evans screen name through the outlet, said he felt like he had made a “real connection” with a man on Grindr, but soon realized that he had been manipulated into a scam.

The story continues

Crypto scammers often go to great lengths to lure their victims. In the Indiana case, the Chicago Tribune reported that the woman had received an email stating that nearly $ 500 had been taken from her account and that she should call a specific number to rectify the problem.

Once online, a man convinced her to invest in the currency. He offered to walk the woman through the complicated purchase by accessing her phone through a screen sharing feature.

On instruction, she shared her banking information and even provided the scammer with state photo ID of herself.

“It seems that at a certain age too many people can be susceptible to these types of scams,” Chesterton Police Sgt. Dave Virijevich told the Chicago Tribune. “These types of criminals prey on the genuine goodness of people. They prey on their trusting nature,” he added.

Eventually, her bank helped the woman recover a small fraction – $ 2,000 – of the money she had lost.

Read the original article on Business Insider

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