The FBI is starting to see an increase in cryptocurrency being demanded by the scammers when they are targeting victims. Why? With the traditional money wire, victims had up to 72 hours to be able to stop payment on the wire. With the use of cryptocurrency, the scammers can escape with your money immediately leaving you with little hope of recovery. Is it happening here in El Paso? Yes, our office is seeing the sharp increase in this payment method and now there is a new scam scenario where victims are told to convert their monies into cryptocurrency in order to “protect it.”
Is there a legit reason for someone to send you to a Bitcoin ATM? The short answer is NO. Will someone from the government send you to a Bitcoin ATM? NEVER.
If someone calls and says you must act now because your money is at risk, you might listen if they’re convincing. They’ll scare you into keeping it a secret — even from your closest loved ones. Once they have you alarmed and alone, they’ll give you the solution to the problem they just created: “protect your money by moving it.” And that’s when they’ll send you to a Bitcoin ATM to “secure” your money. “Problem” solved? Not even close.
That’s because neither Bitcoin nor the ATM will protect your money. In fact, no cryptocurrency will. No matter what the caller says, there’s no such thing as a government Bitcoin account or a government digital wallet. There are no Bitcoin federal safety lockers. And only a scammer will give you a QR code to “help” you deposit your life savings in a Bitcoin ATM.
What they’re doing is trying to rush you into something you can’t reverse: giving your money to a scammer. So, if you get a call like this, remember:
- Never move or transfer your money to “protect it.” Your money is fine where it is, no matter what they say or how urgently they say it.
- Worried? Call your real bank, broker, or investment advisor. Use the number you find on your account statements. Don’t use the number the caller gives you. That’ll take you to the scammer.
- Report it. Tell your bank or fund right away. Especially if you moved money. Then tell the FBI at the FBI’s Internet Crime Complaint Center at www.ic3.gov.
I ask you all to share this information. If we all tell one person, and they tell one person, we can make sure more people know how to stop this scam. Their life savings will thank you.
John Morales
Special Agent in Charge, FBI El Paso
With El Paso so close to the Mexican border and Mexico in the throws of revolutionary struggle during the early 1900s, southwest Texas became a key focus of the Bureau soon after its founding in 1908. As the FBI heads into its second century, the El Paso Division remains committed to protecting the people and defending the nation while upholding the rule of law and the civil liberties of all.