Lubbock police in Texas have reported a notable increase in bitcoin scams, with victims losing significant amounts of money.
Over the last few months, 20 to 30 individuals have come forward to report scams involving gift cards and bitcoin transactions.
Scammers typically target the elderly, claiming their accounts have been compromised and require verification.
Victims are instructed to write checks, withdraw money, and deposit funds into bitcoin machines. Sgt. Brandon Stewart recounted a case where a victim transferred $25,000 followed by another $30,000.
He cautioned that once the money is sent, it is usually unrecoverable due to the scammers often being overseas. Stewart advised the public to trust their instincts and recognize red flags, such as being told to stay on the phone during financial transactions.
Key tips include knowing that the police will never demand money, recognizing the warning sign of staying on the phone while making purchases, and verifying claims with the purported organization.
LPD aims to prevent substantial financial losses through these guidelines.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.