Ohio Authorities Warn of Surge in Cryptocurrency Scams Targeting Older AdultsThe Ohio Narcotics Intelligence Center (ONIC) and the Ohio Department of Aging have issued a public warning regarding a surge in cryptocurrency scams targeting older adults. The ONIC discovered these exploitations while conducting drug-related investigations, prompting them to collaborate with the Ohio Department of Aging in raising awareness on this issue.
Cryptocurrency is a form of digital currency that operates like coin and paper money, and scammers are using it as a payment method or to send and receive funds. Bitcoin and Ethereum are among the most widely used types of cryptocurrency. Scammers typically establish constant communication with their targets, guiding them through the process until payment is made.
Older adults are particularly susceptible to cryptocurrency scams. Scammers often use different tactics, including romance scams, government impersonation scams, and grandparent scams. In romance scams, the scammer builds a relationship with the target either online or by telephone before requesting financial assistance.
In government impersonation scams, the scammer pretends to be from a government agency and threatens arrest if immediate payment is not made. Meanwhile, in grandparent scams, the scammer impersonates the target’s grandchild and asks for immediate financial assistance.
The Ohio Department of Public Safety’s Director, Andy Wilson, emphasized the danger of these scams targeting older Ohioans. ONIC’s analysts and digital forensic personnel are highly trained and experienced in helping law enforcement connect the dots in these complex cases. They recommend that anyone who believes they have been targeted by these scams should seek help and resources immediately.
Ohio Department of Aging Director Ursel J. McElroy urged older Ohioans and their loved ones to stay up-to-date with the latest types of scams, learn about their evolving tactics, and share that knowledge with friends and family to prevent them from falling victim to such fraudulent schemes. She also advised checking financial statements regularly to ensure there are no unauthorized charges.
One key indicator of a cryptocurrency scam, according to McElroy, is when a legitimate business or government asks for money through cryptocurrency. She emphasized that no legitimate entity will ever demand that customers buy or pay with cryptocurrency, or email, text, or message them on social media to ask for money.
Moreover, if someone on a dating site or app tries to show you how to invest in cryptocurrency or asks you to send them cryptocurrency, it could be a warning sign of a scam. McElroy encouraged Ohioans to conduct thorough research online before investing in any cryptocurrency, using keywords such as “review,” “scam,” or “complaint” in conjunction with the name of the cryptocurrency and the company or person offering it.
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