Cryptocurrency scams are an increasingly common threat to many Americans, especially the elderly. The Ohio Department of Public Safety and the Ohio Department of Aging have recently issued a warning to Ohioans about these scams in response to the growing trend of scammers targeting older adults for their investments in cryptocurrency.
The con artists are using a variety of methods to trick individuals into paying with cryptocurrency or utilizing cryptocurrency automated teller machines (ATMs). These scams come in many forms and can be as simple as demanding payment in cryptocurrency before any purchase or requesting payment for services that do not exist.
What is particularly alarming about this trend is the way that the scammers are targeting individuals on dating sites, requesting cryptocurrency payments to continue conversations or to meet in person. This tactic can be particularly effective because it preys on individuals who may be more vulnerable and who may not have a lot of experience with cryptocurrency transactions.
As this trend continues, the Ohio Department of Public Safety and the Ohio Department of Aging have urged Ohioans to use caution when responding to unexpected messages and to research online any company or individual associated with cryptocurrency. Such scams can be damaging to financial security, particularly when money is taken from those who can’t afford it.
While cryptocurrency can be a useful tool for individuals looking to invest or make purchases, the departments advise that Ohioans should be vigilant and take steps to protect themselves against such fraudulent activities. Always read and research before investing in or using cryptocurrency or before sending any payments via cryptocurrency.
In the event that you do fall prey to such a scam, it is important to take action and report the incident to the Ohio Attorney General’s Office. This will help to prevent others from becoming victims of the same scam.
These warnings are particularly important in the wake of the COVID-19 pandemic, which has led many individuals to turn to online financial transactions and cryptocurrency as a means of making money or investing. As such, it is more important than ever to be vigilant, exercise caution, and take steps to protect yourself from becoming a victim of financial fraud.
