July 21, 2022

Cryptocurrency Scams on the Rise

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A near-perfect storm is brewing when it comes to the way scam artists are using cryptocurrency to target seniors.

First, virtual currency is nearly untraceable as it goes from person to person. Second, while both consumers and retailers are catching on to how scammers have used gift cards as a way to pass funds, they now have a new way to do so. And with so many people not having a full understanding of how the world of cryptocurrency works, it is a new avenue that crooks are looking to exploit.

Much like gift-card payment requests, however, no legitimate business will demand that you pay via crypto, so keep that in mind as Oak Hill Center for Rehabilitation and Nursing brings you these four popular scams that criminals are using involving cryptocurrency.

  1. QR Code

An email is sent to someone claiming to be from a legitimate company like PayPal. The email says that there was an incorrect charge on her account, and by using the QR code provided, they can go to an ATM that deals in crypto to deposit the money in their bank account. But the QR code converts the person’s cash to Bitcoin and sends the money to the scammers.

  1. Fake Email From Family

Another scam is one where someone will hack a family member’s social media page and then send a direct message to a relative saying that they doubled their money off of this investment and that they should do the same. But the link will convert money into crypto and send it right to the thieves.

  1. Online Love Scam

Criminals have been on online dating sites and posing as potential love interests. They eventually gain the trust of someone to invest in a legit cryptocurrency and then transfer the investment into the scammer’s platform. At that point, the money is gone.

  1. Fake Job Offer

With work-from-home jobs becoming more and more of the norm, there is an increase of fake job offers out there. The scammers will say that the person needs to send the fake company money in order to have equipment to perform the job sent to their home. The people are instructed to send the money via a Bitcoin ATM, which goes right to the scammers.

 

To learn more about Oak Hill Center for Rehabilitation and Nursing and all of the services they offer, visit https://oak-hill-center.facilities.centershealthcare.org.

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