Elderly Residents of Ohio Targeted By Crypto Scams

Elderly Residents of Ohio Targeted By Crypto Scams

June 23, 2023

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Ohio law enforcement agencies are telling residents about several growing crypto scams in the area that are targeting members of the elderly community.

Ohio Is a Center of Crypto Fraud

There are many crypto scams out there that seek to take advantage of older generations given they don’t always understand how computers or modern technology work. For this reason, they’re less likely to question things that might appear suspicious to others. Many of them also have heavy retirements saved up that make them “richer” than other individuals in scammers eyes.

The Ohio Narcotics Intelligence Center (ONIC) is claiming that it became aware of these scams against elderly citizens through a string of recent drug-related investigations. Andy Wilson – director of the Ohio Department of Public Safety – explained in a recent statement:

Recently, ONIC has assisted several local law enforcement agencies with their cryptocurrency scam investigations. Our agencies issued this bulletin to raise awareness about the dangers of these new scams targeting older Ohioans. We are working closely together to make resources available for consumers who believe they have been a target.

He further mentioned that several of the scammers are in regular contact with their victims as a means of guiding them through the process of sending funds via bitcoin ATMs and similar tools. It’s often very difficult to track funds that are delivered this way, and about 90 percent of the time, once crypto is gone, it’s gone for good.

The Federal Trade Commission is now warning residents of Ohio – and the general U.S. population – about the growing number of scams and telling them about things to watch out for. For example, it said no legitimate business will ever ask that you forward crypto funds, as many of these companies are likely to operate through cash and even then, they’ll only ask you for payments if transactions occurred and you’ve bought products or services.

In addition, meeting people on dating sites or applications that request to show you how to invest in digital currency sites usually means they’re not who they say they are, and they’re looking to carry out theft.

Also, no business will engage in texting, emailing, or messaging on social media to try and get you to part with money, nor will they ever ask that you purchase anything with digital assets. Lastly, if you do wind up getting a social media message, text, or email from an entity you don’t recognize, and it contains a link of some sort, it’s best to avoid clicking on it.

Going After Old People Ain’t Cool

Ohio Department of Aging Director Ursel J. McElroy said:

Despite the fact that older adults are more likely to report suspected fraud than younger adults, scammers are finding new and sophisticated ways to deceive people, like these emerging cryptocurrency scams.

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