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Arizona AG warns seniors of bitcoin scams

Posted 9/10/23

Fraudsters are calling Arizona seniors in a new wave of bitcoin scams, state officials said.

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Arizona AG warns seniors of bitcoin scams


Fraudsters are calling Arizona seniors in a new wave of bitcoin scams, state officials said.

Attorney General Kris Mayes is warning that vulnerable people are being targeted, and seniors should be on “high alert.”

Scammers sometimes have a senior’s personal information when making calls to deceive them into believing their financial accounts have been compromised, according to a release from the Arizona Attorney General’s Office.

They then urge quick action, instructing victims to withdraw money from their accounts and wire the cash as bitcoin. They discourage contacting law enforcement or telling anyone about the ongoing “investigation,” the release stated.

“Scammers are taking advantage of vulnerabilities among some senior citizens like trust in others and a lack of familiarity with digital currencies like bitcoin,” Mayes said. “It's crucial that our seniors take the time to verify information and consult with trusted advisors or family members before making irreversible financial decisions.”
Tips to Avoid Falling Victim to Scams:

  • Verify Information: Before taking any actions, hang up, and independently verify the legitimacy of the caller by directly contacting the organization they claim to represent. Never use the contact details they provide — call whoever they claim to represent directly. Scammers can mask numbers making it appear that a legitimate company or organization is calling.
  • Be Skeptical: Always be skeptical of unsolicited calls, especially those asking for immediate action involving financial transactions. A government agency will never ask you to remove money from accounts to send via bitcoin, wire transfer or gift cards.
  • Secure Your Personal Information: Never share personal information like Social Security numbers, bank account details or passwords over the phone with unknown callers or give anyone real-time access to a computer.
  • Consult Trusted Individuals: Always consult with a trusted family member or friend before making any substantial financial decisions, especially those involving digital currencies like bitcoin.
  • Report Suspicious Activity: If something feels off, it probably is. Report the call to local law enforcement and file a complaint with the Arizona Attorney General’s Office.

If you believe you or someone you know has been the victim of fraud file a consumer complaint by visiting www.azag.gov/consumer. If you need a complaint form sent to you, contact the Attorney General’s Office in Phoenix at 602-542-5763.