Crypto scams target seniors – The Tribune

COLUMBUS – The Ohio Narcotics Intelligence Center (ONIC) and the Ohio Department of Aging are warning Ohioans about a growing trend of cryptocurrency scams targeting older adults.

In the course of drug-related investigations, ONIC became aware of this type of financial exploitation of older adults and worked in partnership with the Ohio Department of Aging to create awareness by issuing a public bulletin today to encourage older Ohioans, family members and caregivers to be vigilant .

Cryptocurrency is a form of digital or virtual currency that functions like coins and paper money and can be used for payment methods or sending and receiving money.

Two of the most popular forms of cryptocurrency are Bitcoin and Ethereum. These scams ask individuals to pay in cryptocurrency or through automated teller machines (ATMs).

Fraudsters are often in constant communication with their targets, guiding them through the process until the payment is made.

Some common types of scams targeting older adults include:

• Romance Scams: The scammer “hits” the target either online or over the phone, develops a relationship and then asks for a loan or financial help.

• Government Impersonation Scams: The scammer pretends to be from a government agency, calls the target and threatens arrest if payment is not made immediately.

• Grandparent scams: The scammer pretends to be a grandchild of the target, says they are in trouble and need money immediately.

“Recently, ONIC has assisted several local law enforcement agencies with their investigations into cryptocurrency scams,” said Andy Wilson, director of the Ohio Department of Public Safety. “Our agencies issued this bulletin to raise awareness of the dangers of these new scams targeting older Ohioans. We are working closely together to make resources available to consumers who believe they have been targeted.”

ONIC’s analysts and digital forensics personnel have highly specialized training and expertise that enables them to assist law enforcement in connecting the dots in these complex cases.

The Federal Trade Commission has information on how to best avoid cryptocurrency scams:

Cryptocurrency Scam Indicators:

• No legitimate business is going to require you to send cryptocurrency in advance of a purchase or to protect your money. If the individual does, this could be an indicator of a scam.

• If you meet someone on a dating site or app and they want to show you how to invest in cryptocurrency or ask you to send them cryptocurrency, this could be an indicator of a scam.

Prevention tips:

• Before investing in cryptocurrency, search the web for the name of the company or person and the cryptocurrency name, and also include words such as “review”, “scam” or “complaint” to see what others are saying.

• No legitimate business or government will ever email, text or message you on social media to ask for money, and they will never require you to buy or pay with cryptocurrency.

• Never click on a link from an unexpected text, email or social media message, even if it appears to be from a company you know.

“Despite the fact that older adults are more likely to report suspected fraud than younger adults, fraudsters are finding new and sophisticated ways to trick people, like these new cryptocurrency scams,” said Ohio Department of Aging Director Ursel J. McElroy. “I encourage older Ohioans and their loved ones to make it a point to stay informed as these threats evolve; Learn about the latest types of fraud, share this knowledge with friends and family, and always check your accounts to ensure there are no unauthorized charges.”

Older Ohioans and their caregivers can find more information and resources about protecting themselves from scams by visiting: Scams Targeting Older Adults and Stop Scams Before They Start.

For local services and support for older adults and caregivers, call 1-866-243-5678 to be connected to the area agency on aging serving your community.

If you feel you have been the target of a scam, report it to the Ohio Attorney General’s Office.

If you have lost money or feel unsafe due to a scam, contact your local police.

Governor DeWine signed an executive order in July 2019 creating ONIC, a specialized criminal intelligence unit to assist local law enforcement in conducting intelligence-driven drug trafficking investigations.

Operated as part of the Ohio Department of Public Safety, ONIC has locations in Columbus, Cleveland, Toledo and Cincinnati. ONIC’s criminal intelligence analysts and computer forensics specialists provide investigative, analytical and digital forensic support to local law enforcement agencies and drug task forces throughout Ohio.