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Police shared the alert on Tuesday, Aug. 30, saying scammers often use texts, phone calls, or emails to lure victims to cryptocurrency ATMs, web-based investment sites or exchange platforms to get them to convert dollars into cryptocurrency.
"A victim is often led to believe that their bank account or investments are under attack," police said. "The victim is then prompted to convert those assets to cryptocurrency and send them to a 'secure' account, which is controlled by the scammer."
Police said scammers also attempt to convince victims to invest in a new cryptocurrency coin that is actually a fake investment.
State Police said residents should be aware of the following red flags:
- NO LEGITIMATE business or government agency will direct you to withdraw money from your bank account or direct you to deposit funds at a cryptocurrency ATM machine.
- Text messages from UNKNOWN NUMBERS attempting to gain your trust by beginning 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, nor should you share, your private keys or account passwords.
- If you plan 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 posted on social media, through email, or any source promising unrealistic profits.
Authorities advised residents to report scams to the local police department or State Police troop, adding that investigators could potentially recover stolen funds.
"Earlier this month, CSP was able to recover stolen Bitcoin on behalf of a CT resident who fell victim to an ATM scam," police said "Scammers are looking to cash out quick, so the sooner you report an incident, the better the chances of making a recovery."
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