News

Surging Cryptocurrency Scams Target Lower Mainland Seniors

  • Richard Marley
  • June 10, 2022
  • 3 minutes read
  • 659
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CARP of South Surrey/White Rock has found that the surge in cryptocurrency scams are a threat to every investor. The scammers use multiple ways to cheat such as calls and text messages for luring people, now they are targeting seniors for their illicit intentions. 

According to the president of CARP, South Surrey/White Rock, ​​Ramona Kaptyn, The older people are targeted by scammers and they often fall victim to cash-grab scams especially those who don’t have any technical knowledge of computers.

She stated in a news report, that multiple reports are received from the senior adults who receive phone calls, text messages, and even direct messages on social media sites to force them to invest their money. 

One senior mentioned: “I get calls from my members who are very concerned, they get telephone calls and email messages. The really awful ones are the telephone calls and even if you block them, they somehow manage to get through.”

To address this issue of increased scams, CARP will host a seminar to educate the seniors about the new disturbing trend. The event will be held on 22 June as a measure to prevent crypto scams. 

The reports from older adults have mentioned the use of fake social media profiles by scammers with a mutual friend who might have already fallen victim to their attacks. They contact unanimously to urge the investments on specific targets.

The scammers trap the targets by urging a person to invest in small amounts, i.e. around $100. If they were successful in convincing the person, the next thing will be increased value. According to Kaptyn, “next thing you know, they’ve got $500 and think it’s great,”

The issues usually start when a person wants to withdraw the investment. Scammers usually inform people of the fees and the complex procedures of withdrawal that seem almost impossible. So the person is forced to keep their investment on hold. Kaptyn said: “The next thing you know, you don’t get anything and you never hear from them again.”

There are other categories too by which the scammers target the older adults. In another attempt, the person is called and informed about the fake accident of the person they already know. These are termed accident scams to charge money to help the individual, they also adopt a fake identity of some government official to win the trust of the person on call.

For the prevention of these issues, the CARP seminar will be conducted which will include all the tips for the adults to tackle these situations. 

Suggested Read: Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA