When something becomes mainstream, we have to expect that some people will abuse it in some shape or form. In the case of cryptocurrency, we have seen several crypto scams surface over the past two years. The latest is a Bitcoin scam, announced this week by the NYPD.

Here’s what we know.

Everything We Know About the Latest Bitcoin Scam

On Tuesday, April 30, the NYPD warned the masses of an ongoing Bitcoin scam, in which callers are impersonating government officials and requesting payments in Bitcoin.

According to the report, scammers are pretending to be from the Social Security Administration (SSA); they are using spoofing technology to manipulate caller IDs to show the numbers of the SSA. Scammers then tell victims that their Social Security number has been used either to open new accounts or in some kind of money laundering operation. To resolve this problem, the scammers are asking victims to send money. Most commonly they are asking for Bitcoin, which is why many are calling it the latest crypto scam. As for the NYPD, they are referring to it as a phone scam, as scammers have also asked to be paid in bank wire transfers or prepaid gift cards.

According to the department, these scammers have stolen more than $2 million in 2019 so far. “Victims of this type of phone scam are not limited to senior citizen,” said Chief of Community Affairs Nilda Hofmann. “If you even suspect a call to be fraudulent, don’t take a chance, just hang up.”

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Scams Won’t Stop

Financial and crypto scams will never go away. The upside is that the NYPD has warned the public of this phone and Bitcoin scam, and now we know how to protect ourselves with the information provided. And the department has the public’s back, with Hofmann saying the NYPD “will not rest until we bring those responsible for these crimes accountable.”

Takeaway

As the month progresses, this latest Bitcoin scam will be a story to keep an eye on. What do you think of everything that’s happening? Let us know in the comments below!