With cryptocurrency adoption increasing over the years, the number of both attempted and successful crypto scams have simultaneously increased.
Similar to many scams, elderly individuals find themselves to be targeted the most – however, with the average elderly individual lacking in knowledge about crypto, these scams pose a much higher threat.
A new survey from BanklessTimes.com has found that American senior citizens lost over $1-billion US dollars to crypto scams in 2022 – a 78% increase since the previous year.
Over the past 12 months, there has been a massive four-fold increase in crypto crime. In 2022, the most common of these was investment-related, causing a combines loss of $ 716 466 087 for the 3 292 Americans targeted.
The survey has identified a number of red flags to help determine if senior citizens are being targeted.
They urge caution if the elderly individual:
* Opens an account at a cryptoasset exchange, despite demonstrating minimal or no knowledge of cryptocurrency.
* Begind making numerous transfers to an associated crypto wallet for no clear reason.
* Starts using their debit or credit card to make frequent and/or high value purchases of cryptoassets.
* Funds their purchase of cryptoassets with substantial savings from a retirement account.
* Starts making large cash withdrawals from their bank account and indicates that they intend to deposit the funds at a Bitcoin ATM.
* Starts trading cryptoassets in inexplicably large amounts that appear to be beyond caregiver’s own means.
Jonathan Merry, CEO of BanklessTimes.com comments: “Beware of any unsolicited messages, emails or social media contacts, particularly if they’re promoting investment opportunities or giveaways. Scammers will often use these methods to target unsuspecting individuals. Always verify the legitimacy of such offers through independent sources or discuss them with a relative before you take any action”.