Waterford Township police have initiated a campaign against cryptocurrency ATM scams, placing large warning signs at local businesses to alert residents. The initiative addresses the rise in scams exploiting Bitcoin ATMs, particularly targeting the elderly. Detective Moll has intervened in multiple cases, recovering significant sums for victims. They advise vigilance, recommending that individuals never respond to unexpected communications or make cash withdrawals at the scammer’s behest.
In Waterford Township, Michigan, a new campaign is aimed at curbing cryptocurrency ATM scams by installing prominent warning signs at nearly 20 local businesses. The initiative serves to inform customers about the risks associated with sending substantial amounts of money, particularly to scammers who exploit Bitcoin ATMs due to their untraceability.
Local business owner Tony Attisha shared an experience involving an elderly customer who entered his store with significant cash. Concerned, he observed her visiting the Bitcoin ATM to make a deposit, prompting him to suspect a scam. When he attempted to warn her, she was instructed not to communicate with anyone, which heightened his concerns.
Attisha contacted the Waterford police, and Detective Austin Moll intervened quickly, managing to recover $7,000 before the victim deposited over $16,000. Moll highlighted that such incidents are prevalent, occurring weekly, often targeting elderly individuals who are misled by scammers.
These fraud schemes can involve victims being told their bank is complicit in a criminal operation, pressuring them to make withdrawals. Moll’s experiences reveal the substantial sums lost, with the amounts ranging from $500 to $500,000, further perpetuated by the difficulty in tracing cryptocurrency transactions.
The Federal Trade Commission reports that scams involving Bitcoin ATMs surged tenfold in 2023, with losses reaching $114 million. Moreover, individuals aged 60 and above are more than three times likely to fall prey to such scams. To raise awareness, Moll initiated the installation of bold signs at every Bitcoin ATM in Waterford, with business owners expressing their support.
To help combat such scams, experts recommend several precautions: avoid clicking on unexpected links, take your time when processing requests, never withdraw cash based on unexpected calls or messages, and verify that legitimate businesses will not solely request payment in Bitcoin or gift cards. Overall, the objective is to protect vulnerable populations and discourage scammers from preying on unsuspecting individuals.
