The Wood County Sheriff’s Department recently issued a Scam Alert, warning of a scam involving victims being asked to put US Currency into Cryptocurrency Machines in exchange for bitcoin or other digital currency. If the purchase is made, the scammers take control of the digital wallet and the money is lost.
Cases of this type of scam have been on the rise in the past week, with the elderly and individuals on the sex offender registry being targeted. No bank, business, or government agency should ever contact you and ask you to exchange funds for cryptocurrency.
Cryptocurrency machines can be found in gas stations and convenience stores. They allow customers to buy cryptocurrency such as Bitcoin for a fee by inserting U.S. currency into the machine and receiving cryptocurrency in a digital wallet. Unfortunately, transactions with these machines are not protected or regulated, making them attractive to scammers.
The Wood County Sheriff’s Department is trying to retrieve US Currency lost to these scams, but, as cryptocurrency transactions are not federally insured like those conducted through a bank, there is no guarantee.
If you have been a victim of this scam, report it to your local law enforcement agency immediately. This gives investigators the best chance of retrieving the lost funds.
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