Troy Police Fight Crypto Scams With ATM Warnings as Local Losses Mount

Troy police warn residents about rising cryptocurrency scams

  • Troy Police Department is installing warning signs at cryptocurrency kiosks to combat Scams that cost residents thousands of dollars.
  • Local victims are losing significant sums after being contacted by scammers who claim they owe money to the government or need to pay fines.
  • Once cryptocurrency is deposited, the funds are immediately transferred through multiple exchanges, making recovery virtually impossible.

Troy Police Department has launched a new initiative to combat cryptocurrency scams by placing warning signs at Bitcoin kiosks throughout the city. Officers are responding to approximately two to three scam cases weekly, with victims often losing substantial amounts of money after being deceived into making cryptocurrency payments.

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“Our goal is to just stop anybody falling victim to these scams,” said Lt. Ben Hancock of the Troy Police Department. On Tuesday, Hancock and Detective Carlo Pizzorni visited local businesses to install warning fliers near cryptocurrency machines where previous scams had occurred.

The warning signs clearly state: “STOP. Is someone pressuring you to make this deposit immediately? Are you on the phone with someone right now who is telling you what to do? Were you told to lie to anyone about the reason for sending money? If yes, you are being scammed.”

Common Scam Tactics Target Local Residents

According to police, these scams follow a predictable pattern. Victims receive unsolicited communications via text message, email, or phone calls claiming they owe money to the government or need to pay a fine. They’re then directed to cryptocurrency kiosks where they’re instructed to deposit cash.

“People are getting contacted in many different ways… and then they’re being told that they owe money for bond or owe money to the government for a fine, and then they’re being instructed to show up to any of the cryptocurrency machines,” explained Hancock.

In one recent case, a victim was convinced they owed $12,500 and never recovered their funds after making the payment through a cryptocurrency kiosk.

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Recovery Nearly Impossible Once Funds Are Sent

Detective Pizzorni highlighted the permanent nature of these losses: “So everything they worked hard for throughout their lives. It’s their investment funds, their life savings, it’s all gone.”

The cryptocurrency transactions are designed to be untraceable. “Once they’ve deposited the money, within seconds, it has gone to an exchange, and it bounces around so much that we can’t trace it anymore,” Pizzorni added.

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Local business owners have witnessed the problem firsthand. Ghazwan Abdal, owner of Troy Original Buscemi’s, reported seeing seven or eight customers fall victim to these scams at his store. He welcomes the new warning signs: “You know, I’m feeling better and more comfortable because that’s going to help people not get scammed about those kinds of things.”

Troy police encourage residents to contact them immediately if they suspect they’re being targeted by a scam. “We’ll send an officer out to you to make sure that what you’re doing is legitimate or we can help you over the phone if that’s what you prefer,” said Hancock.

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