The Naperville Police Department (NPD) is warning the public to be on the lookout for cryptocurrency scams, after seeing four reported cases since February 29, resulting in nearly $750,000 in losses.
The NPD said in a news release this is a higher number of cases than the norm, as they typically only see two or three fraud reports involving cryptocurrency each month.
Cases unrelated but all involved cryptocurrency as payment method, say authorities
The recent cases are not related to each other, authorities said, but did have two things in common: cryptocurrency as the payment method, and no in-person meeting with the offender.
“It’s unnerving to think about how convincing these scammers can be. They really play on people’s emotions, whether that’s love or fear or something else,” said Naperville Police Chief Jason Arres in the news release.
Different scam tactics were used in each case: romance, hacking, arrest, and sextortion, police said.
The victims ranged in age from 45 to 83 years old. Two were men and two were women.
Cryptocurrency difficult to track
Cryptocurrency is a digital currency that exists electronically. That makes tracking it a challenge, says the NPD.
“Unfortunately, when money is converted to cryptocurrency and transferred to a scammer, it’s very difficult to track that money and the odds of getting it back are very small,” said Chief Arres. “We want people to remember that if someone you haven’t met is asking or demanding that you immediately pay them with cryptocurrency, a wire transfer or a gift card, don’t do it.”
How to protect yourself from scams
The NPD said there are a number of tips from the Federal Trade Commission which can help protect the public from getting scammed.
- Don’t give out your personal or financial information for any request you receive that you weren’t expecting. Legitimate businesses usually won’t request those via phone, email or text.
- Avoid clicking links or calling unknown numbers. If you are feeling unsure, look up the company information online and contact them directly.
- Don’t succumb to the pressure to “act immediately.” Trusted organizations allow time for decision-making: if you are being pressured, it’s likely a scammer.
- Be suspicious about typical types of payment requests made by scammers. Those usually involve cryptocurrency, a wire transfer service, a gift card, or a payment app. Another tactic used is asking the scam target to deposit a check, then send the money.
- Stop and ask a trusted figure before proceeding with any payments. Sometimes chatting with a family member or friend before acting will help you better spot a scam.
Arres said if you have any suspicion, it’s better to be safe than sorry.
“I hate to suggest that people not trust others, but that’s exactly what you should do when someone you’ve never met in person wants you to send them money. No matter how convincing they are or how well you think you know them, if you haven’t met them in person, that should be a red flag,” Arres said.
Anyone who suspects they were the victim of a scam should call the NPD at (630) 420-6665.
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