State police warn residents of cryptocurrency scams

CONN. (WTNH) – State police are issuing a warning to residents to be weary of cryptocurrency scams.

According to the police, the most common scam types begin with a strange text message, phone call, or email.

Police say scammers often lure victims to cryptocurrency ATMs, web-based investment sites, or exchange platforms where U.S. Dollars can be converted into cryptocurrencies such as Bitcoin, Ethereum and Solana.

State police say victims are often led to believe their bank account systems are under attack. Victims are usually promoted to convert those assets to cryptocurrency and send them to a secure account, controlled by the scammer.

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Scammers can also tempt victims with “get rich quick schemes” and entice people to invest in a new cryptocurrency coin, which is a fake investment.

State police created a list of red flags to look out for:

  • No legitimate bank, business, or government agency will direct you to withdraw money from your bank account.
  • If a third party is sending you to a cryptocurrency ATM, it is almost certainly a scam.
  • Be aware of text messages from unknown numbers that appear to be making an attempt to gain familiarity with you or your business. These texts often begin with something low threat such as, “Hi friend” or “Didn’t we meet last week?”
  • If you own cryptocurrency, no legitimate entity will ever ask you for your private keys or account passwords. Never share those items.
  • If you decide to invest in new cryptocurrency coins, always check to see if they are listed on a trusted, major exchange and research the “initial coin offering” paper. Never trust coin endorsements on social media, through email, or any source promising unrealistic profits.

State police say if you have been scammed or are currently being scammed to report the incident to your local police department or state police troop.

State police say they were recently able to recover stolen Bitcoin on behalf a state resident who fell victim to an ATM scam. Police say the sooner you report an incident the better your chances are of making a recovery.