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Bitcoin ATMs are becoming more common, and in this wave, investigators warn that they can be exploited by fraudsters. Victims have lost $3 million this year in Essex County alone.
Bitcoin ATMs, which were once a rarity, are now appearing in more and more places. They seem to be growing in popularity because they offer an easy and quick way to purchase cryptocurrencies. However, as the number of these devices grows, so does the number of scams associated with them. This year in Essex County alone, victims have lost a total of $3 million. Investigators warn that fraudsters are using these devices to carry out premeditated and organized attacks, swindling people out of large sums of money.
Nearly a year after she was defrauded into depositing tens of thousands of dollars to Bitcoin ATM, a Massachusetts woman has recovered all her money.
The woman who fell victim to the scam fought for almost a year to get her money back. She was persuaded by scammers to deposit tens of thousands of dollars to Bitcoin ATM, thinking that she was acting to protect her bank account. Thanks to the intense efforts of investigators and the cooperation of various law enforcement agencies, the entire amount was recovered. Fortunately, this success shows that despite the difficulties, it is possible to recover stolen funds, as long as the case is quickly reported and properly handled.
Our team was on the scene when the Winthrop police returned $34,400 to Peggy Herbert, an 83-year-old woman. It was a touching moment, full of emotion for both the victim and the officers who worked on the case. For Peggy Herbert, it was a special moment that restored her faith in justice and people. Thanks to the tenacity of the police and their determination to seek justice, she was able to restore her lost resources.
Peggy Herbert confessed that all along she had been praying for the recovery of her money. Her words convey the deep gratitude and relief she felt when the money returned to her hands. For months she lived in uncertainty and fear, not knowing if she would ever see her savings. Her prayers and hopes were finally answered, which was a wonderful and emotional experience for herself.
Herbert received an alert that her credit card account had been hacked, and called a number she thought was the company's fraud department.
One day Peggy Herbert received a disturbing alert on her phone, informing her that her credit card account had been hacked. Without a second thought, she grabbed her phone and called a number that appeared to be the number for her company's fraud department. Unfortunately, it turned out that the number belonged to fraudsters who skillfully impersonated bank employees. Trusting the fake number cost her a great deal, both financially and emotionally.
"He said: 'Okay, go to your bank immediately,'" he recalls. "'Don't answer any incoming calls and go to the bank and withdraw the money.'"
Peggy Herbert remembers exactly how the scammer, posing as a bank employee, told her to go to the bank immediately. He insisted that she not answer any incoming calls and focus on withdrawing the money. His instructions were precise and left no room for doubt, further reinforcing her belief that she was talking to a real bank employee. This conversation was the key moment that prompted her to follow up on his recommendations.
"He said: 'If you want your children to be safe, do what I tell you,'" Herbert continued, saying she felt scared.
Herbert continued her story, saying that the scammer even went so far as to threaten the safety of her children. He told her that if she wanted her children to be safe, she had to follow his instructions. This left her terrified and in no doubt that she must do everything she was told. Fear for the safety of her loved ones caused her to submit to his instructions without question.
The man's instructions? To go to Bitcoin ATM - she went to one at a gas station in nearby Revere - and deposit a lot of cash, which she did: "I was shaking all over, clutching an envelope in my hand with a lot of money inside."
The instructions she received were clear: she was to go to the nearest Bitcoin ATM. Peggy obeyed and went to the device located at a gas station in Revere. The whole time she was terrified and shaking with fear. She was carrying an envelope filled with a large amount of cash to deposit in the machine. She followed all instructions exactly as she was told, unaware that she was falling victim to a perfidious scam.
Peggy Herbert is not the only person to fall victim to this kind of fraud. Unfortunately, many other people have not been as lucky as her. Last year, Massachusetts residents reported losing a total of $2.7 million in more than 100 complaints filed with the FBI. This shows how widespread and devastating these scams can be, affecting large numbers of people and causing huge financial losses.
Another man we spoke with, whom we call Derek to protect his identity, deposited more than $20,000 into Bitcoin machines after receiving a phone call from people impersonating federal agents who told him that his identity had been stolen and that there was a warrant for his arrest. This despite being on guard against fraud.
Another example is a man we call Derek to protect his identity. Derek lost more than $20,000 by depositing money into Bitcoin machines after receiving a call from scammers impersonating federal agents. The scammers claimed that his identity had been stolen and that a warrant had been issued for his arrest. Despite being aware of the fraud risks, Derek was successfully manipulated by the scammers' convincing and deliberate lies.
"They had an answer for everything," he said.
Derek recalls that the scammers were extremely convincing and had an answer to his every question or doubt. No matter what questions he asked, he always got logical and reassuring answers that reassured him that he had to follow their instructions. This versatility and confidence of the crooks meant that Derek had no reason to doubt their authenticity.
These scams are on the rise in Essex County - victims are depositing thousands of dollars into Bitcoin machines, and more and more machines are popping up, said Detectives Jim Carney of the Essex County District Attorney's Office and Shawn Desmond of the Beverly Police Department.
Scams linked to Bitcoin ATM are becoming more common in Essex County. Detectives Jim Carney of the Essex County District Attorney's Office and Shawn Desmond of the Beverly Police Department note that victims are depositing thousands of dollars into these machines, while the number of devices on the market is increasing. This is an alarming trend that shows that the problem is becoming more widespread and requires urgent attention and preventive action.
"Machines are flourishing. They're popping up everywhere, and we don't really know exactly how many machines are out there," Carney said.
Detective Carney stresses that the number of Bitcoin ATMs is growing at an alarming rate. These machines are popping up everywhere, and law enforcement agencies do not have full knowledge of their exact number. This poses a major challenge for investigators, as it is more difficult to monitor and control potential fraud sites.
"It's not just older people who are being scammed," Desmond said. "We have teenagers, professionals, highly educated people. That's the whole map. These people are just experts in fraud."
Detective Desmond adds that Bitcoin ATM scams affect people of all ages and backgrounds. Victims range from the elderly to teenagers, professionals and highly educated individuals. The scammers are extremely adept at their business, making it possible for them to successfully manipulate and deceive a wide range of people, regardless of their education or awareness of the risks.
Once money is deposited into a machine, it is difficult to recover. If the police are notified quickly, they may try to secure the machine to recover the cash before it is emptied.
Once the money has been deposited into Bitcoin ATM, recovering it becomes very difficult. Time is a key factor - if the police are alerted quickly to the scam, there is a chance they can secure the machine before the cash is taken out of it. This requires a quick response from both the victim and law enforcement to minimize financial losses.
Even if the police manage to secure the money, the final decision on its return rests with the judge. The judge must decide whether the funds will go back to the defrauded person, or whether they will be given to the bitcoin company that has already processed the transaction. It's a complicated legal process that can be lengthy and stressful for the victim, who is waiting to get his or her money back.
In the case of Peggy Herbert and Derek, the police managed to recover the cash deposited into the Bitcoin ATM. Thanks to quick action and effective cooperation between various law enforcement agencies, the money was secured and returned to the victims. This shows that despite the difficulties, it is possible to recover stolen funds if the case is reported quickly and handled properly.
"You feel very angry, knowing that these people are out there cheating innocent people," Derek said.
Derek is expressing his frustration and anger toward scammers who cheat innocent people with impunity. This feeling of helplessness and anger is understandable, given how ruthlessly and effectively scammers operate. Derek is angry that such individuals are free to deceive others, which underscores the need for greater awareness and protection against such crimes.
Asked what she wants the public to know, Herbert said: "Reject. Call a family member or a friend. Watch out for those elaborate schemes."
When asked what she would like to tell other people, Peggy Herbert urges caution. She advises that in case of suspicious phone calls, one should immediately hang up the phone and contact a family member or friend. She stresses the importance of being cautious and aware that scammers use very sophisticated and convincing schemes that can confuse even the most vigilant people.
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