Police departments are stepping up to intervene in cryptocurrency scams, recently helping a woman reclaim $23,000 after she nearly fell victim to the con. This situation was captured on bodycam footage shared by the Ohio Department of Employment and Family Services. In the video, a woman is shown at a gas station, attempting to deposit cash into a Bitcoin machine while she’s on a call with someone she believed was a representative from Chase Bank. Fortunately, a police sergeant arrived just in time, confronting the scammers on the other end of the line, and ensuring she retrieved her money from the machine.
“Heads up: Your bank will never ask you to withdraw a large sum of cash to deposit it into a Bitcoin machine at a gas station,” noted Heidi Turner Stone, a section chief at the Ohio Department of Employment and Family Services.
Detective Andrew Champagne from Campbell County, Kentucky, emphasized the necessity of reporting scams immediately. “If you find yourself a victim, the sooner you report it, the better chance you have of recovering any lost funds,” he stated. Unfortunately, many fraudsters operate from overseas, making legal action rather difficult.
He added that some individuals realize they’re being scammed early on, yet still end up losing significant amounts. “Our main aim is to recover as much money as we can for victims,” he remarked.
Scammers often guide victims in setting up cryptocurrency accounts, exploiting their lack of familiarity with the process. “It’s a bit of a joke that these scammers are essentially the best tech support you could have. They’ll walk you through everything—how to create an account, how to make a profit, etc.,” Champagne said.
However, the idea that once money is sent, it’s gone forever isn’t necessarily accurate. “The beautiful but complicated thing about cryptocurrencies is that all transaction histories are public. It can be tricky to analyze, but we can trace those funds,” he explained.
Champagne also brought attention to the embarrassment victims feel, making them hesitant to report scams, whether they involve fake relationships or investment schemes. “Embarrassment is a huge barrier. I get it; people feel ashamed. But it’s crucial to report these incidents quickly. Please, don’t let embarrassment stop you from reaching out,” he urged.
Campbell County is doing its part by establishing an account with Kraken, a cryptocurrency exchange that functions like a digital bank, allowing authorities to convert recovered crypto back into US dollars for the victims.
