Scam phone calls pretending to be from legitimate services are on the rise for residents in Westlake, Ohio. Moreover, tech support scammers are exploiting cryptocurrency’s anonymity and irreversibility by instructing their victims on how to deposit money into Bitcoin ATMs. Rest assured, the Westlake Police Department has made an announcement about these concerning scams, asking for public awareness regarding the scams and for be vigilant.
A Narrow Escape: Bank Manager Averts $17,000 Loss
An arresting episode that occurred at a Chase Bank located on Detroit Road serves as an example of financial devastation that leads through the account of an unsuspecting couple. A couple entered the bank looking extremely stressed, wanting to withdraw a massive sum of $17,000 in cash. Their reason: To fulfill a phantom warrant for their arrest issued by the Cuyahoga County Sheriff’s Office. Luckily, the bank manager’s intuition kicked in. With a couple of straightforward questions, he was able to figure out that there was something not right. This is a smart move from the manager who had a handful of his hunches, which prevented him from taking charge of the suspicious couple’s habitual transactions in a flash. Instead of simply letting this couple walk away with a loaded bank account, the manager contacted the authorities and indeed stopped a potential $17,000 loss from the couple’s perspective.
Tech Support Scams: Bled $20,000
Regrettably, not all members of our community are as fortunate. One Westlake woman fell for a trap after searching for Microsoft’s tech support contact online. She picked a number that popped up among the search results only to be patched by non-existent Microsoft.exe scammers. The person who picked up the call convinced her that her computer was infected with several viruses emanating from China. For her “protection,” they told her to withdraw $40,000 to safeguard. Out of panic, the woman deposited $20,000 in a Bitcoin ATM at a nearby gas station. It was only when the clerk was concerned about the woman’s actions that the woman realized her entire savings had been drained in a matter of seconds. At that point, half her savings were already spent in the digital world.
Social Security Scams Continue to be an Ongoing Problem: Another Westlake Resident Loses Thousands
Another Westlake resident has fallen victim to a fraudulent Social Security Administration scheme. The scammer adeptly crafted a story where the victim’s identity had already been stolen and their bank account was at great risk. The only way out, they maintained, was to first deposit the funds into a Bitcoin ATM for safekeeping. Two weeks ago, Sam’s Convenience Store Bitcoin ATM saw a transaction of $5,500. Victims of such fraud, unfortunately, stand to lose much more than their funds. In an attempt to avert further damage, the shop owner took down the Bitcoin ATM to safeguard other potential victims.
What People Need to Remember to Protect Themselves: A Simple List of Guidelines to Avoid Crypto Scams
Such cases highlight the gaps in public knowledge and the drastic need for the education of the masses in fighting the upsurge of cryptocurrency scams. To help protect yourself and those close to you, refer to the following guidelines:
- Unsolicited Calls: Treat Them as Potential Scams: Be extremely wary of unrecognized numbers requesting payment.
- A Unified Statement by Government Agencies: No agency requires such payment in crypto: No government body such as the IRS, Social Security Administration, or law enforcement would ever require such payment in Bitcoin, gift cards, or any form of crypto.
- Verify Tech Support Numbers: Be very careful when searching for tech support numbers online. Check the official website of the company for correct contact details.
- Resist Urgency Tactics: Taking advantage of someone’s emotions causes them to make hasty decisions: Scammers are good at creating a sense of urgency so that you cannot think clearly. Take a more tactical approach by simply pausing and exhaling; evaluation is needed before implementing action.
- Hang Up and Verify: In case you receive suspicious calls, cut the call and reach out to an organization using a verified number.
- Avoid Bitcoin ATMs and Gift Cards: Unknown persons and organizations should never be paid to via Bitcoin ATMs or gift card purchases.
- Trust Your Gut: Often, people tend to ignore their instincts, but if a situation feels suspicious, then it is more than likely true.
- Awareness of the subject, reluctance, and informing others is vital in preventing our communities from the financial threats that arise from cryptocurrency scams.
