Authorities warn of rising Bitcoin scams in Eastern Idaho
Maile Sipraseuth
IDAHO FALLS, Idaho (KIFI) – Authorities are warning residents to be cautious as Bitcoin-related scams become more common in the area. Victims are reportedly being tricked into sending money to fake investment sites or scare tactics, often losing thousands of dollars with little chance of getting it back.
National Rise in Crypto Scams
According to CNN, dozens of victims have been affected by this scam and have lost a total of $118,000. The Federal Trade Commission found fraud losses involving crypto ATMs jumped from about $12 million in 2020 to $114 million in 2023. FBI data suggests the rate of the losses is only increasing.
These scams often begin with a familiar tactic: a caller threatens an elderly person with arrest unless they transfer their savings. But instead of requesting payment through Visa gift cards, scammers are now directing victims to use Bitcoin ATMs, making the funds nearly impossible to trace.
Bitcoin Scams in the Gem State
Unfortunately, Idaho is facing this scam as well. In September, Attorney General Raul Labrador warned families of this scam which predominantly target seniors through fake tech support calls and government imposter schemes that have costed victims tens of thousands of dollars.
“Criminals are calling Idaho seniors pretending to be from a legitimate business or government agency, then directing them to deposit thousands of dollars into cryptocurrency machines at gas stations to supposedly fix computer problems or pay fake fines,” said Attorney General Labrador. “If anyone demands you put cash into a cryptocurrency ATM for any reason, it’s more than likely a scam and you should report it immediately. It’s always better to be safe than sorry.”
People who have been affected by this scam can report it here.