Posted on Monday, December 1, 2025
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by AMAC, D.J. Wilson
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1 Comments
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This subject matter deserves much attention as scammers are upping their crimes through widespread cryptocurrency scams. Senior citizens, often targeted by scammers, remain vulnerable to Bitcoin scams and other forms of trickery that can ruin their lives.
Read some true stories and learn ways to stay protected.
Bitcoin scams
A story on the morning news grabbed my attention. The Good Morning America clip showed an 80-year-old man depositing upwards of $30,000 into a Bitcoin ATM while being scammed. It was a cryptocurrency scam caught in real time. The man thought that he was on the phone with his bank and was told to protect his money by putting it into the machine. The scammer on the phone remained unrelentless, and the policeman interfered by taking the phone. The policeman instructed the victim not to put any more money into the machine. The officer explained to the man being scammed, “No bank will ever, ever have you do this, Sir.” The elderly man being scammed lost a good portion of his lifetime savings that is impossible to get back. What’s scary is that he isn’t alone. In 2024 alone, people lost about $247 million in cryptocurrency ATM scams.
How it can start
It’s upsetting to know that there are so many scammers out there who steal from innocent elderly people, taking the very money older people earned and rely on to live. These scammers are willing to invest time into tricking victims. Sometimes scammers initiate contact and “groom” their victims by building a relationship to gain trust. In the case of a Pennsylvania man, the victim of a $50,000 scam, it all started with one small text, a wrong message text, from someone he didn’t know. Scammers use this method of sending wrong message texts to lure victims. Many times, they are scamming multiple victims at once.
Once trust is gained
In the $50,000 scam, the man (the victim) continued to communicate for more than a week via text with the stranger he thought he befriended. Little did the man know that the stranger was a scammer. The man ended up sharing many personal details of his life, including information about his health. Eventually, the man was asked if he wanted to invest in cryptocurrency. He agreed. Initially, the amounts he wired were small. The man received statements (made up by the scammer) that showed his money was growing, and he began investing larger amounts. After investing $50,000 in total, the scammer disappeared and the man realized he was scammed.
FBI warning
Per WGAL News 8 Today, “The FBI says this type of fraud is one of the most prevalent and damaging schemes out there today. We’ve told you about this before. Americans are losing billions each year by being tricked into making these fake wire transfers.” They explain that wiring money is just like sending cash, and it’s nearly impossible for victims to get their money back. The scammers get their money instantly and people are largely legally unprotected in cryptocurrency scams.
Repercussions
It’s common for victims to feel shame after being scammed. They may also feel scared or concerned or even hide what happened. However, by reporting scams in a timely manner, sometimes funds can be recovered. Even if funds are lost, when victims speak up, they sound the alarm and help spread the word to keep others from being scammed. Fortunately, these terrible experiences are catching the attention of lawmakers who seek to make a difference. State Rep. Joe Hogan (R – 142nd) plans to introduce a bill that acts against potential scammers. This bill will help hold scammers accountable by granting bank employees more authority to flag suspicious accounts, potentially freezing transactions such as a transfer for a few days, and alert law enforcement. Hopefully, this will enable scammers to be caught and stopped.
It’s widespread
In one case, a grieving California widower was lured into a fake romance and lost $1 million, his entire life savings. He may also lose his home. The Brentwood widower received a text message from someone named Tina. He replied, “You have the wrong person here.” She responded, “Aren’t you Caitlin, the owner of the LA Pet Store?” He responded, “No.” The messages continued with small questions and turned into daily conversations. Over time, the widower shared personal information with Tina, and the conversations began to turn romantic. Tina would never agree to meet in person but promised to meet the man in the future. She asked him to keep the relationship secret. Eventually she told him that she invested in real estate, ranches, wineries and Crypto. He was intrigued. They moved the conversation to WhatsApp. The conversation continued for months, but she wasn’t really Tina. Little did he know that Tina was a crypto scammer company out to get his money. Tina promised to make him rich in crypto trading and said that her aunt working the investment industry would help them. He wired $50,000 from his IRA and saw that he was making a profit, so he did it again. Tina encouraged him to apply for loans and ask family for money. One family member spotted the scam immediately. But it was too late. Not only did this wipe out his retirement savings, but he might be on the hook for $400,000 in taxes. He contacted the FBI, the FTC, and the Secret Service, but no one could help. They call this scam “Pig Butchering” because it’s so ugly. This story is sad, yet it teaches the importance of scam awareness and why you should never ever do business with anyone you haven’t met in person – no matter how convincing they are!
How to keep safe
Have a strict and simple policy. No matter what – never do business with people you have never met. In fact, go one step further. Do not correspond with strangers who reach out to you – even if they seem nice or innocent. If someone contacts you purporting to be from your bank (or from another institution like a credit card company or government agency) and tells you to wire money or buy Bitcoins – it is a scam. Banks and other reputable institutions will never ask you to do that. Scammers use all kinds of tactics, including making up different stories to try to get your money or personal information. They may use trickery to gain your trust and make false promises that they can help you fix a problem or get rich quickly. Additionally, scammers may pressure, rush, or threaten you to get you to act without thinking things through – before you realize it’s a scam.
Trickery
Scammers are experts at lying and hiding their true identities. They may do some of the following:
- Groom a person for weeks or months before asking for money (or for someone to invest).
- Make excuses or postpone meeting their victims in person.
- Declare their love for a victim to pull off the scam.
- Move the conversation to platforms where it’s easier to carry out their scam.
- Tell potential victims to keep their transactions or relationships a secret.
- Stay on the phone with victims while they do what they are told.
- Scare or threaten individuals with fines, arrests, or other negative consequences.
Each is a sign of a scam! Here are more classic signs of scams.
The conversation
No doubt about it. Scammers prey on innocent victims such as the elderly. Scammers know that older people are likely to have some form of savings for retirement. These bad actors also know that elderly people have the potential to be trusting or vulnerable due to age-related declines. Family members of elderly people facing health or memory declines that interfere with decision making are encouraged to have a direct conversation about steps to protect finances. This should never be done in a demeaning way but rather handled in a respectful manner. People concerned about being scammed, or those who fear being taken advantage of, should consult a trusted financial expert to learn how to secure accounts and protect against scams. People of all ages are encouraged to stay informed about the latest scams to avoid becoming victims. This is particularly important since we live in a world where sly scammers can get to us directly. Additionally, it is beneficial to promptly report fraud, scams, and bad business practices to Reportfraud.ftc.gov. If they are unable to help you, they will get you to the right place. Let’s work together to stop damaging cryptocurrency and other bad scams.
Disclosure: This article is purely informational and is not intended as a substitute for professional financial advice.
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