Bitcoin ATM Scam Uncovered by Texas Police Officer, Elderly Woman Saved From Losing $40,000 to Chase Bank Imposter
In a heroic act, a Texas police officer thwarted an elaborate scam and rescued an elderly woman who was tricked into depositing $40,000 into a Bitcoin ATM by someone pretending to be from Chase Bank.
On June 19, the White Settlement Police Department (WSPD) received a report that officers had successfully intervened in a Bitcoin ATM scam that was in progress. A vigilant citizen had alerted the dispatch center after noticing the elderly woman depositing a large sum of cash into the Bitcoin ATM.
Chief of Police Christopher Cook praised the quick thinking of the citizen for recognizing the signs of a scam during the woman’s phone conversation. The suspect had threatened the victim with arrest if she did not send the funds, a common tactic used in various scams.
The scammer had cleverly used a caller ID showing “Chase Bank” to deceive the victim. This was part of a well-planned scheme to make the scam appear legitimate. The perpetrator even arranged for a ride service to take the woman to a local Chase Bank to withdraw the money before leading her to a convenience store with a Bitcoin ATM to deposit the funds.
In the dashcam footage released by the police department, an officer intervened and prevented the completion of the transaction. Despite this, the imposter from Chase Bank tried to continue the conversation with the “Customer” and instructed the woman to take the phone from the officer.
Although the intervention was successful, the victim had already deposited $23,900 into the ATM. Authorities are working with government officials to recover and return the funds to the victim.
Bitcoin ATM Numbers Recovering After Sharp Decline
After a significant decline in May disrupted a 10-month trend of expansion in Bitcoin ATMs, the global numbers are rebounding. The decline was mainly due to the removal of over 300 ATMs in the United States, which account for more than 80% of the global market.
As of June 20th, 93 new ATMs have been installed across the US, reversing the previous decline according to Coin ATM Radar data. While this growth does not fully offset the losses from the decline, it signals a positive trend.
Bitcoin ATM scams have been on the rise in recent years, coinciding with the increasing use of Bitcoin. Law enforcement agencies in the US have been actively targeting ATMs used for illegal activities like extortion and scams. In a major security breach last year, General Bytes, a leading ATM manufacturer, experienced a theft of $1.5 million worth of Bitcoin from its operators.
For guidance on using Bitcoin ATMs, consult our 2024 Bitcoin ATM Guide. Stay updated by following us on Google News.