Waterford Police has launched a fraud alert program at 19 local cryptocurrency-ATMs to prevent scams. The initiative aims to inform potential victims about common schemes, where scammers mislead individuals into thinking their bank accounts are compromised, compelling them to transfer cash into cryptocurrency. By proactively posting warnings, police hope to mitigate losses and improve victim protection against elusive fraudsters.
The Waterford Police Department has initiated a cryptocurrency fraud alert program targeting scams involving cryptocurrency-ATMs across 19 local businesses. This initiative, described by Police Chief Scott Underwood as a “community-based approach,” involves placing warning signs near each of the ATMs. The local police had previously liaised with business owners to implement these alerts before the programme’s official launch this week.
The purpose of these alerts is to safeguard community members from scams perpetrated by “digital predators”. These scammers typically claim that victims’ bank accounts have been compromised, instructing them to withdraw cash and feed it into cryptocurrency-ATMs. Subsequently, the victims are advised to download an application that provides the scammers access to their newly purchased cryptocurrencies and even control over their mobile devices, as explained by Underwood.
Scammers reach potential victims via unsolicited communications including emails, texts, and phone calls from distant locations, targeting individuals in the hopes of exploiting them. Often, the financial repercussions can be devastating, with some victims losing their entire life savings due to these schemes, Underwood remarked.
Identifying and prosecuting these scams is exceptionally challenging, primarily due to the remote locations from which the scammers operate. The proactive measures provided by the newly posted alerts are designed to reduce victimisation before it occurs, rather than responding post-factum when recovery of funds and prosecution of the fraudsters proves difficult, Underwood assured.
