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Deputies in Van Buren County are alerting residents to a surge in cryptocurrency scams that have resulted in the loss of nearly $100,000 in funds. The Van Buren County Sheriff's Office (VBCSO) issued a statement cautioning the public about a deceptive scheme exploiting email communication.
Deceptive Emails Posing as Legitimate Companies
The scam takes the form of emails, cleverly crafted to appear as official correspondence from reputable companies. The emails claim that the recipient has successfully renewed their account or signed up for a new one.
Some even go so far as to assert the presence of viruses threatening the security of the recipient's accounts.
According to Fox 17, upon receiving these emails, victims often initiate contact by calling the provided phone numbers. A professional-sounding individual on the other end of the line then provides their name, the fake company they claim to represent, and a badge number, creating an illusion of legitimacy.
The fraudster, posing as a representative, informs the caller of a supposed issue with their bank. They assert that the victim's balance has been compromised and insist on an urgent need to send money via cryptocurrency or a cash app.
Subsequently, the victim is transferred to an imposter posing as a bank fraud department member, instructing the caller to withdraw cash and deposit it at a nearby ATM.
Elaborate Scam Tactics
Deputies emphasize that the scam doesn't conclude there. In a manipulative twist, the perpetrators inform the victims that they failed to deposit the correct amount, compelling them to deposit more money repeatedly until they catch on to the deception or exhaust their cash reserves.
Authorities stress the importance of in-person verification at the bank if there are doubts about the legitimacy of the individual on the other end of the line.
According to Wallstreet Journal Magazine, VBCSO underscores a crucial point: legitimate banks will never request individuals to move cash through cryptocurrency, cash apps, or gift cards. Individuals are advised to check the bank's website and call the provided phone number to confirm authenticity.
Dealing with suspects in such scams proves challenging, as they often operate outside the country. Deputies wrap up their warning by urging the public to exercise caution when clicking on emailed links and sharing sensitive information unless they are certain they are communicating with a genuine banking representative.
Photo: Clint Patterson/Unsplash
