The Lone Tree Police Department would like to inform residents of a type of fraud directed specifically at our older population, though anyone could fall victim to this scam. You have likely seen cryptocurrency scams in the headlines of our local news stories and we want you to be aware before falling victim to them. To date, the Federal Trade Commission states there have been more than 46,000 victims of cryptocurrency fraud, resulting in more than $1 billion in personal losses.

Be vigilant and protect yourself from fraud

The FBI states that victims in these cases are usually contacted through social media, a dating app, or through a discussion forum. While these are some of the traditional methods of initial contact, people should be aware that they can also be contacted via phone, text messages, or email as well.

  • The first type of this fraud will typically start as a cryptocurrency investment opportunity with the promise of large returns on your investment. The victim will be directed to a link or a phone number to setup up a financial account.  This supplied link or phone number is controlled by the fraudster, who has already setup a fake site.  Once the victim transfers the money to this account, the fraudster will shut down and disappear with the money.
  • The second type of fraud we are seeing involves the online “love interest” scheme. This usually takes place after meeting someone on a dating app. The victim is asked to send money or cryptocurrency to the fraudster with the promise that they will help you invest, again with the promise of large returns on your investments. Once the transfer is made, the suspect and money disappear.

Learn more

If you would like to learn more about this type of fraud, tips on how you can protect yourself, or are seeking information on other types of crimes that may affect you or your family, please contact us at [email protected] and we will be happy to assist you.