Texas sees surge in Bitcoin scams targeting residents

Police in Lubbock, Texas, have reported a significant increase in Bitcoin-related scams, with many residents losing significant amounts of money.

Over the past few months, 20 to 30 people have contacted police with reports of scams involving gift cards and Bitcoin (BTC) transactions.

These scams often target older individuals, tricking them into believing their accounts have been compromised and need to be verified.

Lubbock police said scammers often instruct victims to write checks, withdraw cash, and then deposit that money into Bitcoin machines.

🚨🚨**FRAUD WARNING**🚨🚨

The Lubbock Police Department would like to inform you of the numerous scams occurring in the Hub City.

It covers everything from gift cards to Bitcoin, and there is no age limit on who scammers can target!

Remember the following tips… pic.twitter.com/aHw77oIKFd

— Lubbock Police Department (@LubbockPolice) August 2, 2024

Speaking to local media, Sergeant Brandon Stewart highlighted one particularly devastating case in which a victim first transferred $25,000 and then a further $30,000.

Another notable case reportedly involved a citizen in Florida who was tricked into transferring nearly $60,000 after being told his debit card had been used fraudulently.

In another incident, a victim was tricked into sending $4,400 worth of Bitcoin by scammers posing as Apple representatives. The victim was told he needed to convert his money into Bitcoin to avoid a fraudulent transaction.

Stewart stressed that once the money is sent, it is almost impossible to get it back, as the scammers are mostly based abroad.

He also urged the public to be vigilant and trust their instincts, and identified key warning signs of scams. For example, being asked to stay on the phone during financial transactions is a major red flag. He stressed that legitimate organisations, including the police, will never ask for money or require constant phone contact during a transaction.

The police sergeant noted that scams often involve technology that mimics legitimate phone numbers, making it extremely difficult to track down perpetrators. He also stressed the importance of reporting crimes, even if it is unlikely that the stolen funds will be recovered, to help raise awareness and prevent further victimisation.

Stewart also advised anyone who suspects they have been scammed to hang up immediately and verify the legitimacy of the call by contacting their bank or the appropriate authorities directly. Common red flags include being asked to stay on the line during transactions or being told not to contact their bank or law enforcement.